Appraisal Reviews by Doug Avery

As said in a statement by the Federal Reserve, "financial institutions must have effective, independent real estate appraisal and evaluation programs," and that appraisers performing reviews should "have the familiarity and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Doug Avery provides appraisal review services that are impartial, qualified, professional and in accordance with the Federal Reserve's guidelines.

Appraisal reviews "must decide whether the appraisal or evaluation is fitting for the transaction, the liability of the transaction, and whether the means by which the collateral valuation is accomplished guarantees independence and quality," as stated by the Federal Reserve. In addition, they "should indicate whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the outlook of the appraisal assignment." Lastly, the Federal Reserve states that "some banks supplement periodic reviews with post-funding surveys of appraisal quality for a few of their higher-liability or greater-value transactions as a way to assist in revealing valuation dilemmas."

In addition to tailoring our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are normally 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 Doug Avery, we are experienced in all types of appraisal reviews, review practices and the requirements of review appraisers.