Appraisal Reviews with Phillips Appraisal, Inc.

As said in a statement by the Federal Reserve, "financial institutions must have effective, independent real estate appraisal and evaluation procedures," and that appraisers fulfilling reviews must "have the ability and expertise to determine compliance with the Federal Reserves appraisal rules and guidelines." If you need appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's rules, contact Phillips Appraisal, Inc..

As stated by the Federal Reserve, appraisal reviews "should decide whether the appraisal or evaluation is well-suited for the transaction, the risk of the transaction, and whether the manner by which the collateral valuation is acquired guarantees independence and quality." They "should also demonstrate whether the appraisal or evaluation report is even with the letter of engagement, which gives an account of the capacity of the appraisal assignment." Last, The Federal Reserve states that "some banks reinforce typical reviews with post-funding surveys of appraisal quality for some of their higher-risk or greater-value affairs as a way to help in identifying valuation concerns."

In addition to adapting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we'll produce 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 Phillips Appraisal, Inc., we're skilled in every form of appraisal review, review process and the requirements of review appraisers.