Appraisal Reviews by Homestead Appraisals

As said in an announcement by the Federal Reserve, "financial institutions are required to have effective, impartial real estate appraisal and evaluation programs," and that appraisers completing reviews ought to "have the proficiency and skills to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." At Homestead Appraisals, we provide appraisal review services that are impartial, efficient, professional and square with the Federal Reserve's rules.

According to the Federal Reserve, appraisal reviews "should verify whether the appraisal or evaluation is pertinent for the transaction, the risk of the transaction, and whether the processes by which the collateral valuation is obtained ensures independence and quality." They "should also show whether the appraisal or evaluation report matches the letter of engagement, which gives an account of the range of the appraisal assignment." Lastly, the Federal Reserve notes that "some institutions add periodic reviews with post-funding surveys of appraisal quality for any of their high-liability or greater-value affairs as a channel to help in exposing valuation issues."

In addition to coordinating our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we can produce an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Homestead Appraisals, we are experienced in every kind of appraisal review, review practice and the obligations of review appraisers.