Appraisal Reviews

According to a statement by the Federal Reserve, "financial institutions are obligated to have an effective, unbiased real estate appraisal and evaluation program," and that appraisers doing reviews should "have the knowledge and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." RWA Appraisals provides appraisal review services that are independent, efficient, professional and in line with the Federal Reserve's rules.

Appraisal reviews "ought to verify 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 collected guarantees independence and quality," the Federal Reserve says. In addition, they "should indicate whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the extent of the appraisal assignment." Lastly, the Federal Reserve states that "some financial institutions augment routine reviews with post-funding surveys of appraisal quality for a few of their high-risk or larger-value affairs as a method to help in exposing valuation concerns."

In addition to coordinating our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we can prepare 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 RWA Appraisals, we are trained in all forms of appraisal reviews, review processes and the obligations of review appraisers.