Appraisal Reviews

As said in a statement by the Federal Reserve, "financial institutions are required to have effective, objective real estate appraisal and evaluation procedures," and that appraisers fulfilling reviews must "have the ability and expertise to assess compliance with the Federal Reserves appraisal rules and guidelines." Crawford Romans Appraisal Services provides appraisal review services that are unbiased, efficient, professional and in line with the Federal Reserve's guidelines.

As stated by the Federal Reserve, appraisal reviews "have to verify whether the appraisal or evaluation is appropriate for the transaction, the liability of the transaction, and whether the manner by which the collateral valuation is attained ensures independence and quality." They "should also show whether the appraisal or evaluation report is true to the engagement letter, which sets forth the capacity of the appraisal assignment." The Federal Reserve also notes that "some banks augment typical reviews with post-funding evaluations of appraisal quality for some of their higher-liability or greater-value dealings as a channel to assist in exposing valuation complications."

In addition to conforming our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are usually 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 Crawford Romans Appraisal Services, we are qualified in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.