Experienced Appraisal Reviews with Purdy Appraisal

According to a statement by the Federal Reserve, "financial institutions are obligated to have an effective, independent real estate appraisal and evaluation program," and that appraisers completing reviews must "have the familiarity and expertise to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." For appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's regulations, look no further than Purdy Appraisal.

As stated by the Federal Reserve, appraisal reviews "have to figure out whether the appraisal or evaluation is suitable for the transaction, the liability of the transaction, and whether the procedures by which the collateral valuation is accomplished ensures independence and quality." Moreover, they "should demonstrate whether the appraisal or evaluation report matches the engagement letter, which describes the outlook of the appraisal assignment." The Federal Reserve also says that "some institutions reinforce typical reviews with post-funding assessments of appraisal quality for a few of their high-risk or larger-value affairs as a way to assist in addressing valuation dilemmas."

In addition to adapting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we can 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 Purdy Appraisal, we're skilled in every type of appraisal review, review procedure and the requirements of review appraisers.