Appraisal Reviews with James Earp Appraisal Service

As said in an announcement by the Federal Reserve, "financial institutions are obligated to have effective, objective real estate appraisal and evaluation programs," and that appraisers performing reviews have to "have the ability and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." At James Earp Appraisal Service, we provide appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's guidelines.

The Federal Reserve says appraisal reviews "have to decide whether the appraisal or evaluation is appropriate for the transaction, the risk of the transaction, and whether the procedure by which the collateral valuation is obtained ensures independence and quality." They "should also denote whether the appraisal or evaluation report is consistent with the engagement letter, which describes the scope of the appraisal assignment." Lastly, the Federal Reserve says that "some institutions add periodic reviews with post-funding assessments of appraisal quality for a few of their high-risk or large-value contracts as a means to aid in discovering valuation concerns."

In addition to tailoring our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we can develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At James Earp Appraisal Service, we're qualified in all types of appraisal reviews, review practices and the obligations of review appraisers.