Appraisal Reviews with Crowe Appraisals

As stated in an announcement by the Federal Reserve, "financial institutions are obligated to have effective, independent real estate appraisal and evaluation procedures," and that appraisers completing reviews are obligated to "have the proficiency and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." Crowe Appraisals provides appraisal review services that are independent, qualified, professional and in line with the Federal Reserve's guidelines.

Appraisal reviews "have to verify whether the appraisal or evaluation is relevant for the transaction, the uncertainty of the transaction, and whether the processes by which the collateral valuation is obtained ensures independence and quality," as stated by the Federal Reserve. They "must also signify whether the appraisal or evaluation report is even with the letter of engagement, which describes the scope of the appraisal assignment." The Federal Reserve also notes that "some banks reinforce periodic reviews with post-funding surveys of appraisal quality for some of their high-liability or higher-value contracts as a means to assist in discovering valuation problems."

In addition to tailoring our work to the practices 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. Here at Crowe Appraisals, we are experienced in all forms of appraisal reviews, review processes and the obligations of review appraisers.