Qualified Appraisal Reviews with Nesbitt Appraisal

As said in a statement by the Federal Reserve, "financial institutions are obligated to have an effective, independent real estate appraisal and evaluation program," and that appraisers fulfilling reviews are obligated to "have the ability and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." At Nesbitt Appraisal, we provide appraisal review services that are independent, efficient, professional and compliant with the Federal Reserve's regulations.

Appraisal reviews "have to verify whether the appraisal or evaluation is suitable for the transaction, the risk of the transaction, and whether the method by which the collateral valuation is attained guarantees independence and quality," according to the Federal Reserve. They "should also signify whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the extent of the appraisal assignment." The Federal Reserve also notes that "some institutions augment periodic reviews with post-funding assessments of appraisal quality for a few of their high-risk or high-value affairs as a way to help in addressing valuation issues."

In addition to adapting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we can prepare 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 Nesbitt Appraisal, we are trained in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.