Qualified Appraisal Reviews with Allatoona Appraisal

According to an announcement by the Federal Reserve, "financial institutions are obligated to have effective, impartial real estate appraisal and evaluation procedures," and that appraisers performing reviews should "have the proficiency and expertise to assess compliance with the Federal Reserves appraisal regulations and guidelines." Allatoona Appraisal provides appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's rules.

Appraisal reviews "have to determine whether the appraisal or evaluation is suitable for the transaction, the risk of the transaction, and whether the means by which the collateral valuation is accomplished guarantees independence and quality," the Federal Reserve says. Moreover, they "must indicate whether the appraisal or evaluation report is compatible with the engagement letter, which describes the range of the appraisal assignment." The Federal Reserve also notes that "some financial institutions reinforce periodic reviews with post-funding surveys of appraisal quality for some of their high-liability or high-value contracts as a channel to assist in uncovering valuation dilemmas."

In addition to conforming our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we will develop an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Allatoona Appraisal, we are skilled in all kinds of appraisal reviews, review processes and the requirements of review appraisers.