Qualified Appraisal Reviews by Greater Houston Area Appraisals

According to a statement by the Federal Reserve, "financial institutions are obligated to have effective, objective real estate appraisal and evaluation plans," and that appraisers fulfilling reviews must "have the proficiency and skills to assess compliance with the Federal Reserves appraisal regulations and guidelines." At Greater Houston Area Appraisals, we provide appraisal review services that are unbiased, qualified, professional and in accordance with the Federal Reserve's rules.

The Federal Reserve says appraisal reviews "have to determine whether the appraisal or evaluation is applicable for the transaction, the uncertainty of the transaction, and whether the method by which the collateral valuation is attained ensures independence and quality." In addition, they "should demonstrate whether the appraisal or evaluation report matches the engagement letter, which gives an account of the capacity of the appraisal assignment." Last, The Federal Reserve notes that "some banks add routine reviews with post-funding surveys of appraisal quality for a few of their higher-risk or high-value affairs as a method to help in exposing valuation issues."

In addition to adjusting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we can formulate 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 Greater Houston Area Appraisals, we are skilled in all forms of appraisal reviews, review processes and the obligations of review appraisers.