Quality Appraisal Reviews with Drake Appraisals

According to an announcement by the Federal Reserve, "financial institutions are required to have effective, objective real estate appraisal and evaluation procedures," and that appraisers performing reviews are obligated to "have the familiarity and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." If you're looking for appraisal review services that are impartial, efficient, professional and in line with the Federal Reserve's rules, just contact Drake Appraisals.

Appraisal reviews "ought to verify whether the appraisal or evaluation is relevant for the transaction, the liability of the transaction, and whether the means by which the collateral valuation is collected guarantees independence and quality," as stated by the Federal Reserve. They "should also show whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the extent of the appraisal assignment." Last, The Federal Reserve notes that "some banks reinforce periodic reviews with post-funding evaluations of appraisal quality for some of their high-liability or higher-value transactions as a channel to help in revealing valuation concerns."

In addition to adjusting 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 will 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 Drake Appraisals, we're qualified in all forms of appraisal reviews, review processes and the requirements of review appraisers.