Appraisal Reviews

According to a statement by the Federal Reserve, "financial institutions are required to have effective, independent real estate appraisal and evaluation programs," and that appraisers doing reviews are obligated to "have the proficiency and skillfulness to assess compliance with the Federal Reserves appraisal regulations and guidelines." Central Washington Appraisal Services provides appraisal review services that are impartial, qualified, professional and compliant with the Federal Reserve's rules.

The Federal Reserve says appraisal reviews "must determine whether the appraisal or evaluation is appropriate for the transaction, the liability of the transaction, and whether the actions by which the collateral valuation is acquired guarantees independence and quality." In addition, they "should indicate whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the range of the appraisal assignment." Lastly, the Federal Reserve states that "some institutions augment routine reviews with post-funding surveys of appraisal quality for a few of their higher-risk or high-value dealings as a means to aid in discovering valuation concerns."

In addition to adjusting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we can prepare 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 Central Washington Appraisal Services, we are trained in every kind of appraisal review, review practice and the responsibilities of review appraisers.