Quality Appraisal Reviews by Carole & Company

As said in an announcement by the Federal Reserve, "financial institutions must have an effective, impartial real estate appraisal and evaluation plan," and that appraisers performing reviews must "have the knowledge and skills to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Carole & Company provides appraisal review services that are unbiased, qualified, professional and compliant with the Federal Reserve's rules.

Appraisal reviews "have to verify whether the appraisal or evaluation is relevant for the transaction, the liability of the transaction, and whether the manner by which the collateral valuation is acquired guarantees independence and quality," as stated by the Federal Reserve. Moreover, they "should demonstrate whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the scope of the appraisal assignment." Lastly, the Federal Reserve says that "some financial institutions add routine reviews with post-funding assessments of appraisal quality for a few of their higher-liability or greater-value contracts as a control to help in exposing valuation complications."

In addition to conforming our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we can formulate 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 Carole & Company, we're skilled in every type of appraisal review, review process and the obligations of review appraisers.