Experienced Appraisal Reviews by Powers 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 performing reviews have to "have the knowledge and skills to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." At Powers Appraisals, we provide appraisal review services that are independent, efficient, professional and square with the Federal Reserve's rules.

Appraisal reviews "have to determine whether the appraisal or evaluation is relevant for the transaction, the liability of the transaction, and whether the manner by which the collateral valuation is attained guarantees independence and quality," according to the Federal Reserve. In addition, they "should announce whether the appraisal or evaluation report matches the letter of engagement, which sets forth the range of the appraisal assignment." The Federal Reserve also says that "some banks reinforce periodic reviews with post-funding surveys of appraisal quality for a number of their higher-risk or greater-value contracts as a control to assist in revealing valuation disputes."

In addition to conforming our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we will prepare 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 Powers Appraisals, we are trained in all forms of appraisal reviews, review procedures and the obligations of review appraisers.