Qualified Appraisal Reviews with Farrell Realty Advisors

According to an announcement by the Federal Reserve, "financial institutions are obligated to have effective, independent real estate appraisal and evaluation programs," and that appraisers doing reviews must "have the ability and expertise to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Here at Farrell Realty Advisors, we provide appraisal review services that are impartial, efficient, professional and square with the Federal Reserve's guidelines.

Appraisal reviews "have to find out whether the appraisal or evaluation is suitable for the transaction, the uncertainty of the transaction, and whether the procedures by which the collateral valuation is obtained ensures independence and quality," the Federal Reserve says. In addition, they "must show whether the appraisal or evaluation report is even with the letter of engagement, which describes the outlook of the appraisal assignment." Last, The Federal Reserve states that "some financial institutions reinforce periodic reviews with post-funding evaluations of appraisal quality for some of their higher-risk or large-value affairs as a means to aid in identifying valuation concerns."

In addition to adapting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we'll produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Farrell Realty Advisors, we're experienced in every kind of appraisal review, review practice and the responsibilities of review appraisers.