Appraisal Reviews by Collier Residential Appraisal, Inc.

According to an announcement by the Federal Reserve, "financial institutions must have effective, objective real estate appraisal and evaluation procedures," and that appraisers completing reviews must "have the proficiency and expertise to determine compliance with the Federal Reserves appraisal rules and guidelines." Collier Residential Appraisal, Inc. provides appraisal review services that are unbiased, expert, professional and square with the Federal Reserve's rules.

Appraisal reviews "must conclude whether the appraisal or evaluation is appropriate for the transaction, the uncertainty of the transaction, and whether the means by which the collateral valuation is attained ensures independence and quality," as stated by the Federal Reserve. In addition, they "must indicate whether the appraisal or evaluation report is true to the engagement letter, which sets forth the extent of the appraisal assignment." Last, The Federal Reserve notes that "some banks supplement typical reviews with post-funding evaluations of appraisal quality for a number of their higher-risk or high-value contracts as a method to assist in revealing valuation dilemmas."

In addition to conforming our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we'll 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 Collier Residential Appraisal, Inc., we're experienced in every type of appraisal review, review procedure and the obligations of review appraisers.