Appraisal Reviews by Crest Appraisal Services

As said in an announcement by the Federal Reserve, "financial institutions are required to have effective, independent real estate appraisal and evaluation plans," and that appraisers completing reviews are obligated to "have the familiarity and skillfulness to determine compliance with the Federal Reserves appraisal rules and guidelines." Crest Appraisal Services provides appraisal review services that are independent, expert, professional and in accordance with the Federal Reserve's regulations.

As stated by the Federal Reserve, appraisal reviews "should conclude whether the appraisal or evaluation is appropriate for the transaction, the liability of the transaction, and whether the actions by which the collateral valuation is obtained guarantees independence and quality." They "should also announce whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the extent of the appraisal assignment." Lastly, the Federal Reserve states that "some institutions augment regular reviews with post-funding evaluations of appraisal quality for any of their higher-risk or larger-value affairs as a channel to help in addressing valuation dilemmas."

In addition to tailoring our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we can formulate 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 Crest Appraisal Services, we are skilled in every kind of appraisal review, review process and the responsibilities of review appraisers.