Appraisal Reviews

As said in an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, unbiased real estate appraisal and evaluation plan," and that appraisers doing reviews must "have the ability and skills to determine compliance with the Federal Reserves appraisal regulations and guidelines." At Mears Appraisals, Inc., we provide appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's regulations.

As stated by the Federal Reserve, appraisal reviews "ought to find out whether the appraisal or evaluation is well-suited for the transaction, the risk of the transaction, and whether the methods by which the collateral valuation is obtained guarantees independence and quality." They "must also show whether the appraisal or evaluation report matches the engagement letter, which sets forth the outlook of the appraisal assignment." Lastly, the Federal Reserve says that "some financial institutions add routine reviews with post-funding evaluations of appraisal quality for a number of their high-risk or greater-value transactions as a channel to aid in detecting valuation concerns."

In addition to adapting our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are generally 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 Mears Appraisals, Inc., we are trained in all kinds of appraisal reviews, review procedures and the obligations of review appraisers.