Expert Appraisal Reviews by Linda McComas

As said in a statement by the Federal Reserve, "financial institutions are required to have an effective, impartial real estate appraisal and evaluation plan," and that appraisers performing reviews have to "have the familiarity and expertise to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." If you need appraisal review services that are independent, expert, professional and square with the Federal Reserve's rules, contact Linda McComas.

Appraisal reviews "should find out whether the appraisal or evaluation is appropriate for the transaction, the risk of the transaction, and whether the procedures by which the collateral valuation is acquired ensures independence and quality," as stated by the Federal Reserve. They "should also demonstrate whether the appraisal or evaluation report is even with the letter of engagement, which describes the extent of the appraisal assignment." The Federal Reserve also says that "some banks supplement routine reviews with post-funding surveys of appraisal quality for some of their high-risk or higher-value affairs as a control to aid in revealing valuation dilemmas."

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 develop 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 McComas, we are skilled in all forms of appraisal reviews, review procedures and the obligations of review appraisers.