Appraisal Reviews

According to a statement by the Federal Reserve, "financial institutions are required to have effective, independent real estate appraisal and evaluation plans," and that appraisers completing reviews must "have the ability and skillfulness to determine compliance with the Federal Reserves appraisal regulations and guidelines." At Barnes Appraisal Company, we provide appraisal review services that are unbiased, efficient, professional and square with the Federal Reserve's rules.

Appraisal reviews "should verify whether the appraisal or evaluation is appropriate for the transaction, the risk of the transaction, and whether the manner by which the collateral valuation is acquired ensures independence and quality," as stated by the Federal Reserve. In addition, they "must denote whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the scope of the appraisal assignment." Lastly, the Federal Reserve states that "some financial institutions reinforce routine reviews with post-funding surveys of appraisal quality for any of their high-liability or high-value affairs as a control to help in uncovering valuation dilemmas."

In addition to adjusting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we will prepare 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 Barnes Appraisal Company, we're qualified in all types of appraisal reviews, review processes and the responsibilities of review appraisers.