Appraisal Reviews with Timely Appraisal Services

According to an announcement by the Federal Reserve, "financial institutions must have effective, objective real estate appraisal and evaluation programs," and that appraisers performing reviews are obligated to "have the familiarity and expertise to evaluate compliance with the Federal Reserves appraisal rules and guidelines." At Timely Appraisal Services, we provide appraisal review services that are impartial, expert, professional and in line with the Federal Reserve's guidelines.

Appraisal reviews "ought to find out whether the appraisal or evaluation is relevant for the transaction, the liability of the transaction, and whether the processes by which the collateral valuation is attained ensures independence and quality," according to the Federal Reserve. Moreover, they "must demonstrate whether the appraisal or evaluation report matches the engagement letter, which sets forth the outlook of the appraisal assignment." Lastly, the Federal Reserve states that "some institutions reinforce periodic reviews with post-funding surveys of appraisal quality for a few of their higher-liability or large-value contracts as a control to assist in exposing valuation dilemmas."

In addition to tailoring our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we'll 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 Timely Appraisal Services, we're qualified in every kind of appraisal review, review process and the responsibilities of review appraisers.