Prime Appraisals Appraisal Reviews

According to an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, independent real estate appraisal and evaluation plan," and that appraisers fulfilling reviews have to "have the ability and skillfulness to assess compliance with the Federal Reserves appraisal regulations and guidelines." If you're looking for appraisal review services that are independent, expert, professional and in line with the Federal Reserve's rules, just contact Prime Appraisals.

Appraisal reviews "ought to find out whether the appraisal or evaluation is well-suited for the transaction, the danger of the transaction, and whether the actions by which the collateral valuation is obtained ensures independence and quality," as stated by the Federal Reserve. They "should also signify whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the outlook of the appraisal assignment." The Federal Reserve also notes that "some financial institutions reinforce regular reviews with post-funding assessments of appraisal quality for any of their high-risk or higher-value affairs as a means to assist in revealing valuation concerns."

In addition to coordinating our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we will formulate 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 Prime Appraisals, we are skilled in every form of appraisal review, review process and the requirements of review appraisers.