Qualified Appraisal Reviews by Wolff Appraisals

According to an announcement by the Federal Reserve, "financial institutions must have an effective, unbiased real estate appraisal and evaluation plan," and that appraisers doing reviews should "have the knowledge and skills to determine compliance with the Federal Reserves appraisal regulations and guidelines." For appraisal review services that are independent, expert, professional and in accordance with the Federal Reserve's guidelines, just contact Wolff Appraisals.

Appraisal reviews "have to figure out whether the appraisal or evaluation is suitable for the transaction, the liability of the transaction, and whether the method by which the collateral valuation is acquired ensures independence and quality," the Federal Reserve says. Moreover, they "should demonstrate whether the appraisal or evaluation report is even with the engagement letter, which describes the scope of the appraisal assignment." The Federal Reserve also states that "some institutions reinforce periodic reviews with post-funding assessments of appraisal quality for a few of their higher-liability or higher-value transactions as a channel to aid in detecting valuation concerns."

In addition to conforming our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we will prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Wolff Appraisals, we are trained in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.