Appraisal Reviews by Smith Appraisals

As said in a statement by the Federal Reserve, "financial institutions are obligated to have effective, impartial real estate appraisal and evaluation plans," and that appraisers doing reviews must "have the familiarity and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." At Smith Appraisals, we provide appraisal review services that are independent, qualified, professional and in line with the Federal Reserve's guidelines.

Appraisal reviews "should find out whether the appraisal or evaluation is appropriate for the transaction, the liability of the transaction, and whether the processes by which the collateral valuation is accomplished ensures independence and quality," as stated by the Federal Reserve. In addition, they "must indicate whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the range of the appraisal assignment." Lastly, the Federal Reserve notes that "some banks add periodic reviews with post-funding evaluations of appraisal quality for some of their higher-liability or large-value dealings as a method to aid in revealing valuation dilemmas."

In addition to coordinating our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we will develop 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 Smith Appraisals, we are experienced in all types of appraisal reviews, review processes and the responsibilities of review appraisers.