Appraisal Reviews

As said in an announcement by the Federal Reserve, "financial institutions are required to have effective, independent real estate appraisal and evaluation procedures," and that appraisers fulfilling reviews have to "have the proficiency and expertise to determine compliance with the Federal Reserves appraisal regulations and guidelines." Wolff Appraisal,Inc. provides appraisal review services that are unbiased, expert, professional and in line with the Federal Reserve's guidelines.

Appraisal reviews "must determine whether the appraisal or evaluation is relevant for the transaction, the danger of the transaction, and whether the procedures by which the collateral valuation is obtained guarantees independence and quality," as stated by the Federal Reserve. They "must also denote whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the scope of the appraisal assignment." Lastly, the Federal Reserve states that "some financial institutions add typical reviews with post-funding assessments of appraisal quality for any of their high-risk or large-value transactions as a method to help in identifying valuation disputes."

In addition to adapting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we will prepare 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 Wolff Appraisal,Inc., we're experienced in all forms of appraisal reviews, review procedures and the responsibilities of review appraisers.