Appraisal Reviews with Excellent Ideas of America

As said in a statement by the Federal Reserve, "financial institutions are obligated to have effective, independent real estate appraisal and evaluation programs," and that appraisers completing reviews should "have the knowledge and expertise to determine compliance with the Federal Reserves appraisal rules and guidelines." Here at Excellent Ideas of America, we provide appraisal review services that are unbiased, expert, professional and in line with the Federal Reserve's rules.

As stated by the Federal Reserve, appraisal reviews "must decide whether the appraisal or evaluation is suitable for the transaction, the danger of the transaction, and whether the procedures by which the collateral valuation is acquired ensures independence and quality." Moreover, they "must demonstrate whether the appraisal or evaluation report is consistent with the engagement letter, which describes the capacity of the appraisal assignment." The Federal Reserve also says that "some financial institutions supplement regular reviews with post-funding evaluations of appraisal quality for some of their higher-liability or large-value dealings as a way to assist in exposing valuation problems."

In addition to coordinating our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we can develop 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 Excellent Ideas of America, we're trained in all types of appraisal reviews, review processes and the obligations of review appraisers.