Appraisal Reviews by Linda Beard

As said in an announcement by the Federal Reserve, "financial institutions must have effective, objective real estate appraisal and evaluation procedures," and that appraisers completing reviews have to "have the ability and skills to assess compliance with the Federal Reserves appraisal rules and guidelines." Here at Linda Beard, we provide appraisal review services that are impartial, efficient, professional and square with the Federal Reserve's rules.

Appraisal reviews "must find out whether the appraisal or evaluation is appropriate for the transaction, the liability of the transaction, and whether the methods by which the collateral valuation is obtained guarantees independence and quality," as stated by the Federal Reserve. They "should also indicate whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the scope of the appraisal assignment." Lastly, the Federal Reserve states that "some institutions add routine reviews with post-funding surveys of appraisal quality for some of their higher-risk or large-value contracts as a way to help in exposing valuation complications."

In addition to adjusting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we'll formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Linda Beard, we're trained in all forms of appraisal reviews, review processes and the obligations of review appraisers.