Appraisal Reviews with Norman Appraisal Services

According to a statement by the Federal Reserve, "financial institutions are required to have an effective, independent real estate appraisal and evaluation plan," and that appraisers performing reviews ought to "have the proficiency and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." At Norman Appraisal Services, we provide appraisal review services that are impartial, qualified, professional and in line with the Federal Reserve's rules.

According to the Federal Reserve, appraisal reviews "have to determine whether the appraisal or evaluation is relevant for the transaction, the liability of the transaction, and whether the methods by which the collateral valuation is collected ensures independence and quality." They "must also denote whether the appraisal or evaluation report matches the engagement letter, which gives an account of the outlook of the appraisal assignment." The Federal Reserve also notes that "some institutions reinforce routine reviews with post-funding surveys of appraisal quality for a few of their high-risk or higher-value affairs as a means to help in uncovering valuation dilemmas."

In addition to coordinating our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we can formulate 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 Norman Appraisal Services, we are trained in all types of appraisal reviews, review procedures and the obligations of review appraisers.