Appraisal Reviews with Chase Appraisals

As stated in an announcement by the Federal Reserve, "financial institutions are obligated to have effective, independent real estate appraisal and evaluation plans," and that appraisers doing reviews should "have the ability and skillfulness to assess compliance with the Federal Reserves appraisal regulations and guidelines." At Chase Appraisals, we provide appraisal review services that are objective, qualified, professional and square with the Federal Reserve's regulations.

Appraisal reviews "have to find out whether the appraisal or evaluation is well-suited for the transaction, the uncertainty of the transaction, and whether the processes by which the collateral valuation is obtained ensures independence and quality," the Federal Reserve says. Moreover, they "must announce whether the appraisal or evaluation report is even with the engagement letter, which sets forth the extent of the appraisal assignment." Lastly, the Federal Reserve notes that "some institutions augment regular reviews with post-funding assessments of appraisal quality for some of their higher-risk or higher-value transactions as a method to help in revealing valuation dilemmas."

In addition to coordinating our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we'll produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Chase Appraisals, we're experienced in all types of appraisal reviews, review practices and the requirements of review appraisers.