Qualified Appraisal Reviews with Premier Appraisal of SoCal

According to a statement by the Federal Reserve, "financial institutions must have effective, unbiased real estate appraisal and evaluation plans," and that appraisers fulfilling reviews are obligated to "have the familiarity and skills to assess compliance with the Federal Reserves appraisal rules and guidelines." Here at Premier Appraisal of SoCal, we provide appraisal review services that are independent, qualified, professional and square with the Federal Reserve's rules.

Appraisal reviews "have to determine whether the appraisal or evaluation is applicable for the transaction, the liability of the transaction, and whether the method by which the collateral valuation is accomplished ensures independence and quality," the Federal Reserve says. Moreover, they "should show whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the range of the appraisal assignment." Lastly, the Federal Reserve says that "some institutions augment periodic reviews with post-funding evaluations of appraisal quality for a number of their higher-risk or larger-value dealings as a control to help in identifying valuation disputes."

In addition to adjusting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we will 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 Premier Appraisal of SoCal, we're experienced in all forms of appraisal reviews, review procedures and the requirements of review appraisers.