Appraisal Reviews with Harper & Strickland, Inc.

As said in a statement by the Federal Reserve, "financial institutions are required to have an effective, unbiased real estate appraisal and evaluation plan," and that appraisers doing reviews should "have the proficiency and expertise to determine compliance with the Federal Reserves appraisal rules and guidelines." At Harper & Strickland, Inc., we provide appraisal review services that are unbiased, expert, professional and square with the Federal Reserve's regulations.

Appraisal reviews "must verify whether the appraisal or evaluation is fitting for the transaction, the risk of the transaction, and whether the manner by which the collateral valuation is accomplished ensures independence and quality," as stated by the Federal Reserve. They "should also indicate whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the outlook of the appraisal assignment." Last, The Federal Reserve states that "some financial institutions add periodic reviews with post-funding assessments of appraisal quality for some of their high-liability or greater-value dealings as a channel to aid in identifying valuation issues."

In addition to tailoring 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'll 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. At Harper & Strickland, Inc., we are experienced in all forms of appraisal reviews, review procedures and the requirements of review appraisers.