Appraisal Reviews

As said in an announcement by the Federal Reserve, "financial institutions must have effective, impartial real estate appraisal and evaluation procedures," and that appraisers completing reviews should "have the proficiency and skills to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Morley & McConkie provides appraisal review services that are impartial, expert, professional and compliant with the Federal Reserve's guidelines.

According to the Federal Reserve, appraisal reviews "must find out whether the appraisal or evaluation is applicable for the transaction, the risk of the transaction, and whether the practices by which the collateral valuation is obtained guarantees independence and quality." They "must also show whether the appraisal or evaluation report is even with the engagement letter, which describes the capacity of the appraisal assignment." Last, The Federal Reserve notes that "some banks supplement typical reviews with post-funding surveys of appraisal quality for some of their high-risk or higher-value contracts as a means to assist in identifying valuation issues."

In addition to coordinating our work to the practices 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 Morley & McConkie, we're experienced in every type of appraisal review, review process and the requirements of review appraisers.