Appraisal Reviews by Elite Appraisal Services

As stated in an announcement by the Federal Reserve, "financial institutions must have an effective, unbiased real estate appraisal and evaluation program," and that appraisers fulfilling reviews are obligated to "have the knowledge and skillfulness to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Elite Appraisal Services provides appraisal review services that are independent, qualified, professional and in accordance with the Federal Reserve's rules.

The Federal Reserve says appraisal reviews "ought to find out whether the appraisal or evaluation is fitting for the transaction, the risk of the transaction, and whether the method by which the collateral valuation is attained ensures independence and quality." They "must also indicate whether the appraisal or evaluation report is compatible with the engagement letter, which describes the scope of the appraisal assignment." Last, The Federal Reserve says that "some banks add routine reviews with post-funding surveys of appraisal quality for a number of their higher-liability or greater-value dealings as a means to aid in identifying valuation concerns."

In addition to tailoring our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we'll produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Elite Appraisal Services, we are skilled in all forms of appraisal reviews, review processes and the requirements of review appraisers.