Appraisal Reviews by James Wagner

As said in an announcement by the Federal Reserve, "financial institutions are obligated to have effective, impartial real estate appraisal and evaluation procedures," and that appraisers doing reviews have to "have the familiarity and expertise to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." If you're looking for appraisal review services that are independent, qualified, professional and square with the Federal Reserve's rules, contact James Wagner.

As stated by the Federal Reserve, appraisal reviews "ought to find out whether the appraisal or evaluation is appropriate for the transaction, the risk of the transaction, and whether the means by which the collateral valuation is attained guarantees independence and quality." In addition, they "must demonstrate whether the appraisal or evaluation report matches the letter of engagement, which describes the scope of the appraisal assignment." The Federal Reserve also states that "some banks supplement routine reviews with post-funding assessments of appraisal quality for some of their higher-risk or high-value affairs as a control to aid in addressing valuation dilemmas."

In addition to adapting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we'll prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At James Wagner, we are trained in all kinds of appraisal reviews, review processes and the obligations of review appraisers.