Appraisal Reviews by Red River Residential Appraisals

According to an announcement by the Federal Reserve, "financial institutions must have effective, objective real estate appraisal and evaluation procedures," and that appraisers fulfilling reviews must "have the familiarity and skills to determine compliance with the Federal Reserves appraisal regulations and guidelines." Red River Residential Appraisals provides appraisal review services that are impartial, expert, professional and compliant with the Federal Reserve's regulations.

Appraisal reviews "must figure out whether the appraisal or evaluation is relevant for the transaction, the liability of the transaction, and whether the process by which the collateral valuation is accomplished ensures independence and quality," the Federal Reserve says. In addition, they "should indicate whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the extent of the appraisal assignment." The Federal Reserve also says that "some institutions augment regular reviews with post-funding assessments of appraisal quality for a number of their higher-liability or larger-value affairs as a method to help in discovering valuation problems."

In addition to adapting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we will develop 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 Red River Residential Appraisals, we are experienced in every type of appraisal review, review process and the requirements of review appraisers.