Quality Appraisal Reviews with Greater Houston Area Appraisals

According to an announcement by the Federal Reserve, "financial institutions are obligated to have effective, independent real estate appraisal and evaluation procedures," and that appraisers performing reviews have to "have the familiarity and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." At Greater Houston Area Appraisals, we provide appraisal review services that are objective, efficient, professional and in line with the Federal Reserve's rules.

As stated by the Federal Reserve, appraisal reviews "ought to figure out whether the appraisal or evaluation is appropriate for the transaction, the uncertainty of the transaction, and whether the procedures by which the collateral valuation is obtained ensures independence and quality." Moreover, they "must announce whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the scope of the appraisal assignment." Lastly, the Federal Reserve says that "some institutions supplement routine reviews with post-funding surveys of appraisal quality for a number of their higher-liability or high-value contracts as a way to assist in detecting valuation disputes."

In addition to conforming our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are normally 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 experienced in every type of appraisal review, review process and the obligations of review appraisers.