Scott Appraisal LLC Appraisal Reviews

As stated in an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, objective real estate appraisal and evaluation plan," and that appraisers completing reviews ought to "have the knowledge and expertise to evaluate compliance with the Federal Reserves appraisal rules and guidelines." For appraisal review services that are unbiased, qualified, professional and in line with the Federal Reserve's rules, contact Scott Appraisal LLC.

Appraisal reviews "must decide whether the appraisal or evaluation is well-suited for the transaction, the risk of the transaction, and whether the process by which the collateral valuation is attained ensures independence and quality," the Federal Reserve says. Moreover, they "must indicate whether the appraisal or evaluation report matches the letter of engagement, which describes the outlook of the appraisal assignment." Last, The Federal Reserve says that "some institutions augment routine reviews with post-funding surveys of appraisal quality for some of their higher-risk or large-value transactions as a control to help in discovering valuation issues."

In addition to coordinating our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we can prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Scott Appraisal LLC, we are experienced in every type of appraisal review, review process and the requirements of review appraisers.