Appraisal Reviews

As said in an announcement by the Federal Reserve, "financial institutions must have effective, objective real estate appraisal and evaluation procedures," and that appraisers performing reviews are obligated to "have the proficiency and skillfulness to assess compliance with the Federal Reserves appraisal regulations and guidelines." Paige Appraisal Services, LLC provides appraisal review services that are impartial, efficient, professional and square with the Federal Reserve's regulations.

Appraisal reviews "must determine whether the appraisal or evaluation is pertinent for the transaction, the danger of the transaction, and whether the process by which the collateral valuation is acquired ensures independence and quality," according to the Federal Reserve. In addition, they "must show whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the capacity of the appraisal assignment." Last, The Federal Reserve notes that "some financial institutions reinforce typical reviews with post-funding surveys of appraisal quality for a number of their higher-liability or high-value transactions as a means to assist in uncovering valuation concerns."

In addition to adjusting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we'll prepare an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Paige Appraisal Services, LLC, we're experienced in all kinds of appraisal reviews, review processes and the requirements of review appraisers.