Quality Appraisal Reviews by Burnette Appraisals

As said in a statement by the Federal Reserve, "financial institutions must have an effective, unbiased real estate appraisal and evaluation program," and that appraisers fulfilling reviews ought to "have the ability and skillfulness to assess compliance with the Federal Reserves appraisal regulations and guidelines." If you need appraisal review services that are impartial, qualified, professional and compliant with the Federal Reserve's regulations, contact Burnette Appraisals.

The Federal Reserve says appraisal reviews "should determine whether the appraisal or evaluation is applicable for the transaction, the risk of the transaction, and whether the method by which the collateral valuation is acquired guarantees independence and quality." In addition, they "should denote whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the capacity of the appraisal assignment." The Federal Reserve also notes that "some banks augment periodic reviews with post-funding evaluations of appraisal quality for any of their high-risk or higher-value contracts as a method to assist in uncovering valuation dilemmas."

In addition to adjusting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we can develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Burnette Appraisals, we're skilled in all kinds of appraisal reviews, review practices and the responsibilities of review appraisers.