Appraisal reviews “have to find out whether the appraisal or evaluation is appropriate for the transaction, the danger of the transaction, and whether the procedure by which the collateral valuation is accomplished guarantees independence and quality,” the Federal Reserve says. They “must also announce whether the appraisal or evaluation report is even with the engagement letter, which gives an account of the range of the appraisal assignment.” Lastly, the Federal Reserve notes that “some banks add typical reviews with post-funding surveys of appraisal quality for any of their higher-risk or large-value dealings as a means to assist in exposing valuation problems.”

In addition to adjusting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we’ll formulate an appraisal review on any of them. They include an appraisal “desk” review, a “field” review, a “short” form and a “narrative” form. At Appraisal Next, we’re experienced in all kinds of appraisal reviews, review processes and the requirements of review appraisers.