Experienced Appraisal Reviews by Booth Appraisal Services

According to a statement by the Federal Reserve, "financial institutions are obligated to have effective, independent real estate appraisal and evaluation programs," and that appraisers performing reviews are obligated to "have the ability and skillfulness to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Booth Appraisal Services provides appraisal review services that are unbiased, efficient, professional and square with the Federal Reserve's rules.

According to the Federal Reserve, appraisal reviews "must determine 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 attained ensures independence and quality." They "should also signify whether the appraisal or evaluation report matches the engagement letter, which sets forth the scope of the appraisal assignment." Lastly, the Federal Reserve states that "some banks supplement regular reviews with post-funding surveys of appraisal quality for a few of their high-liability or large-value transactions as a control to assist in revealing valuation dilemmas."

In addition to adjusting our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we'll prepare an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Booth Appraisal Services, we're experienced in every kind of appraisal review, review process and the requirements of review appraisers.