Appraisal Reviews with AK Appraisals

As said in a statement by the Federal Reserve, "financial institutions are obligated to have an effective, unbiased real estate appraisal and evaluation plan," and that appraisers doing reviews have to "have the familiarity and expertise to assess compliance with the Federal Reserves appraisal regulations and guidelines." AK Appraisals provides appraisal review services that are impartial, qualified, professional and in accordance with the Federal Reserve's regulations.

Appraisal reviews "have to conclude whether the appraisal or evaluation is well-suited for the transaction, the danger of the transaction, and whether the means by which the collateral valuation is collected ensures independence and quality," the Federal Reserve says. Moreover, they "should demonstrate whether the appraisal or evaluation report is even with the letter of engagement, which describes the extent of the appraisal assignment." Lastly, the Federal Reserve states that "some institutions reinforce periodic reviews with post-funding surveys of appraisal quality for any of their higher-liability or larger-value affairs as a means to help in detecting valuation issues."

In addition to coordinating our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are largely 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 AK Appraisals, we're experienced in every form of appraisal review, review practice and the responsibilities of review appraisers.