Experienced Appraisal Reviews by Phillips Appraisal, Inc.

According to a statement by the Federal Reserve, "financial institutions must have an effective, independent real estate appraisal and evaluation plan," and that appraisers performing reviews should "have the proficiency and skillfulness to evaluate compliance with the Federal Reserves appraisal rules and guidelines." At Phillips Appraisal, Inc., we provide appraisal review services that are unbiased, efficient, professional and compliant with the Federal Reserve's guidelines.

The Federal Reserve says appraisal reviews "should determine whether the appraisal or evaluation is well-suited for the transaction, the danger of the transaction, and whether the procedures by which the collateral valuation is accomplished ensures independence and quality." They "should also signify whether the appraisal or evaluation report matches the letter of engagement, which sets forth the range of the appraisal assignment." Last, The Federal Reserve says that "some banks augment typical reviews with post-funding surveys of appraisal quality for any of their higher-risk or high-value contracts as a method to help in addressing valuation concerns."

In addition to tailoring our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we will produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Phillips Appraisal, Inc., we are trained in all kinds of appraisal reviews, review processes and the responsibilities of review appraisers.