Qualified Appraisal Reviews with Crest Appraisal Services

According to an announcement by the Federal Reserve, "financial institutions are required to have effective, independent real estate appraisal and evaluation programs," and that appraisers completing reviews should "have the knowledge and skills to assess compliance with the Federal Reserves appraisal regulations and guidelines." At Crest Appraisal Services, we provide appraisal review services that are independent, qualified, professional and in accordance with the Federal Reserve's guidelines.

Appraisal reviews "should figure out whether the appraisal or evaluation is pertinent for the transaction, the liability of the transaction, and whether the practices by which the collateral valuation is accomplished guarantees independence and quality," the Federal Reserve says. They "must also denote whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the capacity of the appraisal assignment." Last, The Federal Reserve states that "some financial institutions supplement regular reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a means to aid in discovering valuation disputes."

In addition to adapting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we will develop 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 Crest Appraisal Services, we're skilled in all kinds of appraisal reviews, review practices and the obligations of review appraisers.