Appraisal Reviews with Duluth Appraisal Services

As said in a statement by the Federal Reserve, "financial institutions are required to have an effective, impartial real estate appraisal and evaluation plan," and that appraisers completing reviews are obligated to "have the knowledge and expertise to determine compliance with the Federal Reserves appraisal rules and guidelines." For appraisal review services that are independent, efficient, professional and in line with the Federal Reserve's guidelines, contact Duluth Appraisal Services.

Appraisal reviews "must find out whether the appraisal or evaluation is appropriate for the transaction, the danger of the transaction, and whether the manner by which the collateral valuation is collected ensures independence and quality," the Federal Reserve says. Moreover, they "must demonstrate whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the scope of the appraisal assignment." The Federal Reserve also notes that "some financial institutions augment typical reviews with post-funding assessments of appraisal quality for some of their higher-risk or large-value affairs as a means to help in uncovering valuation issues."

In addition to conforming our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we can develop 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 Duluth Appraisal Services, we are qualified in all types of appraisal reviews, review processes and the responsibilities of review appraisers.