Experienced Appraisal Reviews by Prescott Appraisal Service, Inc.

According to an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, unbiased real estate appraisal and evaluation plan," and that appraisers doing reviews ought to "have the ability and expertise to determine compliance with the Federal Reserves appraisal rules and guidelines." If you need appraisal review services that are independent, qualified, professional and in line with the Federal Reserve's rules, contact Prescott Appraisal Service, Inc..

As stated by the Federal Reserve, appraisal reviews "must decide whether the appraisal or evaluation is relevant for the transaction, the liability of the transaction, and whether the actions by which the collateral valuation is obtained guarantees independence and quality." Moreover, they "must show whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the scope of the appraisal assignment." Last, The Federal Reserve notes that "some financial institutions add routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or higher-value transactions as a channel to aid in uncovering valuation problems."

In addition to coordinating our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we will 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 Prescott Appraisal Service, Inc., we are experienced in all types of appraisal reviews, review practices and the requirements of review appraisers.