Appraisal Reviews by Timely Appraisal Services

As said in an announcement by the Federal Reserve, "financial institutions are required to have effective, objective real estate appraisal and evaluation programs," and that appraisers doing reviews are obligated to "have the ability and skills to assess compliance with the Federal Reserves appraisal regulations and guidelines." At Timely Appraisal Services, we provide appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's regulations.

Appraisal reviews "have to verify whether the appraisal or evaluation is relevant for the transaction, the danger of the transaction, and whether the methods by which the collateral valuation is accomplished guarantees independence and quality," as stated by the Federal Reserve. In addition, they "should denote whether the appraisal or evaluation report matches the engagement letter, which sets forth the range of the appraisal assignment." Last, The Federal Reserve notes that "some institutions augment regular reviews with post-funding surveys of appraisal quality for a number of their higher-liability or higher-value transactions as a control to aid in revealing valuation complications."

In addition to adapting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we can 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 Timely Appraisal Services, we're skilled in every form of appraisal review, review procedure and the requirements of review appraisers.