Experienced Appraisal Reviews by Greater Houston Area Appraisals

According to an announcement by the Federal Reserve, "financial institutions must have effective, objective real estate appraisal and evaluation procedures," and that appraisers doing reviews ought to "have the ability and skillfulness to determine compliance with the Federal Reserves appraisal rules and guidelines." Greater Houston Area Appraisals provides appraisal review services that are impartial, qualified, professional and square with the Federal Reserve's rules.

As stated by the Federal Reserve, appraisal reviews "have to figure out whether the appraisal or evaluation is relevant for the transaction, the risk of the transaction, and whether the means by which the collateral valuation is obtained guarantees independence and quality." In addition, they "should indicate whether the appraisal or evaluation report is even with the letter of engagement, which gives an account of the capacity of the appraisal assignment." Lastly, the Federal Reserve notes that "some institutions augment routine reviews with post-funding surveys of appraisal quality for a number of their high-risk or large-value contracts as a way to help in addressing valuation concerns."

In addition to adjusting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we can prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Greater Houston Area Appraisals, we are experienced in every type of appraisal review, review practice and the responsibilities of review appraisers.