Appraisal Reviews

According to an announcement by the Federal Reserve, "financial institutions must have an effective, impartial real estate appraisal and evaluation plan," and that appraisers completing reviews should "have the proficiency and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." Here at Burkett Appraisals, we provide appraisal review services that are impartial, expert, professional and square with the Federal Reserve's guidelines.

Appraisal reviews "ought to figure out whether the appraisal or evaluation is applicable for the transaction, the liability of the transaction, and whether the means by which the collateral valuation is attained guarantees independence and quality," according to the Federal Reserve. In addition, they "should signify whether the appraisal or evaluation report matches the letter of engagement, which describes the scope of the appraisal assignment." The Federal Reserve also states that "some banks add periodic reviews with post-funding surveys of appraisal quality for any of their high-liability or large-value transactions as a method to help in detecting valuation problems."

In addition to adjusting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we can produce 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 Burkett Appraisals, we are experienced in all forms of appraisal reviews, review procedures and the requirements of review appraisers.