Quality Appraisal Reviews with Harper & Strickland, Inc.

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

Appraisal reviews "should conclude whether the appraisal or evaluation is suitable for the transaction, the uncertainty of the transaction, and whether the means by which the collateral valuation is collected ensures independence and quality," according to the Federal Reserve. In addition, they "should indicate whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the outlook of the appraisal assignment." Lastly, the Federal Reserve states that "some institutions reinforce regular reviews with post-funding evaluations of appraisal quality for some of their high-liability or greater-value contracts as a channel to assist in detecting valuation complications."

In addition to conforming our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we will formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Harper & Strickland, Inc., we are experienced in every kind of appraisal review, review practice and the responsibilities of review appraisers.