Central States Appraisal Company Appraisal Reviews

According to an announcement by the Federal Reserve, "financial institutions must have effective, objective real estate appraisal and evaluation procedures," and that appraisers performing reviews must "have the familiarity and skillfulness to assess compliance with the Federal Reserves appraisal regulations and guidelines." Here at Central States Appraisal Company, we provide appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's regulations.

Appraisal reviews "must decide whether the appraisal or evaluation is appropriate for the transaction, the liability of the transaction, and whether the procedure by which the collateral valuation is collected guarantees independence and quality," as stated by the Federal Reserve. They "should also signify whether the appraisal or evaluation report matches the letter of engagement, which gives an account of the outlook of the appraisal assignment." The Federal Reserve also notes that "some institutions reinforce regular reviews with post-funding evaluations of appraisal quality for a few of their higher-liability or greater-value contracts as a means to aid in exposing valuation concerns."

In addition to adapting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we can produce 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 Central States Appraisal Company, we're trained in all types of appraisal reviews, review practices and the obligations of review appraisers.