Experienced Appraisal Reviews by Purdy Appraisal

As said in a statement by the Federal Reserve, "financial institutions must have an effective, unbiased real estate appraisal and evaluation plan," and that appraisers completing reviews are obligated to "have the knowledge and expertise to determine compliance with the Federal Reserves appraisal regulations and guidelines." Purdy Appraisal provides appraisal review services that are objective, expert, professional and square with the Federal Reserve's regulations.

Appraisal reviews "have to determine whether the appraisal or evaluation is applicable for the transaction, the risk of the transaction, and whether the procedure by which the collateral valuation is accomplished ensures independence and quality," the Federal Reserve says. They "must also indicate whether the appraisal or evaluation report is consistent with the engagement letter, which describes the range of the appraisal assignment." Lastly, the Federal Reserve states that "some banks add typical reviews with post-funding surveys of appraisal quality for some of their high-liability or large-value affairs as a way to help in detecting valuation complications."

In addition to adjusting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we'll develop 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 Purdy Appraisal, we're skilled in every kind of appraisal review, review practice and the requirements of review appraisers.