Qualified Appraisal Reviews with Timely Appraisal Services

As said in a statement by the Federal Reserve, "financial institutions are obligated to have an effective, impartial real estate appraisal and evaluation program," and that appraisers doing reviews ought to "have the proficiency and skills to determine compliance with the Federal Reserves appraisal regulations and guidelines." Timely Appraisal Services provides appraisal review services that are impartial, qualified, professional and in line with the Federal Reserve's rules.

Appraisal reviews "have to verify whether the appraisal or evaluation is fitting for the transaction, the liability of the transaction, and whether the method by which the collateral valuation is accomplished guarantees independence and quality," according to the Federal Reserve. Moreover, they "should indicate whether the appraisal or evaluation report is compatible with the engagement letter, which describes the range of the appraisal assignment." Lastly, the Federal Reserve notes that "some financial institutions augment typical reviews with post-funding assessments of appraisal quality for some of their high-liability or high-value contracts as a control to assist in exposing valuation problems."

In addition to conforming our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we can produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Timely Appraisal Services, we are qualified in all types of appraisal reviews, review practices and the obligations of review appraisers.