Appraisal Reviews by Premier Appraisal of SoCal

As said in an announcement by the Federal Reserve, "financial institutions must have an effective, independent real estate appraisal and evaluation plan," and that appraisers fulfilling reviews are obligated to "have the proficiency and skills to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Premier Appraisal of SoCal provides appraisal review services that are independent, expert, professional and square with the Federal Reserve's guidelines.

Appraisal reviews "ought to decide whether the appraisal or evaluation is appropriate for the transaction, the liability of the transaction, and whether the process by which the collateral valuation is attained guarantees independence and quality," the Federal Reserve says. They "should also show whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the capacity of the appraisal assignment." The Federal Reserve also states that "some institutions augment periodic reviews with post-funding assessments of appraisal quality for a number of their higher-liability or greater-value contracts as a channel to aid in revealing valuation problems."

In addition to conforming our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are mostly 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 Premier Appraisal of SoCal, we are experienced in all kinds of appraisal reviews, review processes and the responsibilities of review appraisers.