Appraisal Reviews by Tom C. Rice

As said in a statement by the Federal Reserve, "financial institutions must have an effective, objective real estate appraisal and evaluation plan," and that appraisers performing reviews ought to "have the knowledge and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." For appraisal review services that are impartial, expert, professional and in line with the Federal Reserve's guidelines, contact Tom C. Rice.

Appraisal reviews "should determine whether the appraisal or evaluation is fitting for the transaction, the uncertainty of the transaction, and whether the process by which the collateral valuation is collected guarantees independence and quality," according to the Federal Reserve. Moreover, they "must denote whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the scope of the appraisal assignment." The Federal Reserve also says that "some banks augment routine reviews with post-funding evaluations of appraisal quality for a number of their higher-risk or high-value dealings as a channel to aid in detecting valuation dilemmas."

In addition to adjusting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are widely 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 Tom C. Rice, we're experienced in every form of appraisal review, review practice and the obligations of review appraisers.