Qualified Appraisal Reviews by Lake Area Appraisal Firm

As said in an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, unbiased real estate appraisal and evaluation program," and that appraisers performing reviews must "have the proficiency and skillfulness to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Here at Lake Area Appraisal Firm, we provide appraisal review services that are objective, efficient, professional and square with the Federal Reserve's rules.

The Federal Reserve says appraisal reviews "must figure out whether the appraisal or evaluation is relevant for the transaction, the liability of the transaction, and whether the procedure by which the collateral valuation is obtained ensures independence and quality." They "must also show whether the appraisal or evaluation report is consistent with the engagement letter, which describes the scope of the appraisal assignment." Last, The Federal Reserve says that "some institutions add periodic reviews with post-funding evaluations of appraisal quality for a number of their higher-liability or greater-value dealings as a method to assist in revealing valuation disputes."

In addition to tailoring our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we'll 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. Here at Lake Area Appraisal Firm, we're qualified in every form of appraisal review, review procedure and the responsibilities of review appraisers.