Quality Appraisal Reviews with Deer Creek Appraisals

According to an announcement by the Federal Reserve, "financial institutions must have effective, unbiased real estate appraisal and evaluation procedures," and that appraisers completing reviews are obligated to "have the knowledge and skills to determine compliance with the Federal Reserves appraisal regulations and guidelines." Deer Creek Appraisals provides appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's regulations.

Appraisal reviews "should verify whether the appraisal or evaluation is pertinent for the transaction, the risk of the transaction, and whether the manner by which the collateral valuation is accomplished ensures independence and quality," the Federal Reserve says. In addition, they "must denote whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the capacity of the appraisal assignment." Last, The Federal Reserve states that "some banks supplement periodic reviews with post-funding assessments of appraisal quality for a number of their high-liability or larger-value contracts as a means to assist in exposing valuation dilemmas."

In addition to tailoring our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we can prepare 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 Deer Creek Appraisals, we're experienced in all types of appraisal reviews, review practices and the requirements of review appraisers.