Experienced Appraisal Reviews by Longstaff Appraisals

As said in an announcement by the Federal Reserve, "financial institutions are required to have effective, impartial real estate appraisal and evaluation programs," and that appraisers completing reviews should "have the familiarity and expertise to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." If you need appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's guidelines, just contact Longstaff Appraisals.

The Federal Reserve says appraisal reviews "ought to determine whether the appraisal or evaluation is applicable for the transaction, the risk of the transaction, and whether the means by which the collateral valuation is accomplished ensures independence and quality." In addition, they "should indicate whether the appraisal or evaluation report matches the letter of engagement, which describes the scope of the appraisal assignment." Lastly, the Federal Reserve notes that "some institutions reinforce periodic reviews with post-funding evaluations of appraisal quality for some of their higher-liability or larger-value dealings as a control to aid in discovering valuation problems."

In addition to conforming our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we'll 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 Longstaff Appraisals, we are trained in all types of appraisal reviews, review processes and the obligations of review appraisers.