Creative Realty Appraisal Reviews

According to a statement by the Federal Reserve, "financial institutions are required to have effective, unbiased real estate appraisal and evaluation plans," and that appraisers performing reviews must "have the knowledge and skillfulness to determine compliance with the Federal Reserves appraisal rules and guidelines." Creative Realty provides appraisal review services that are independent, expert, professional and in accordance with the Federal Reserve's rules.

Appraisal reviews "ought to decide whether the appraisal or evaluation is well-suited for the transaction, the uncertainty of the transaction, and whether the processes by which the collateral valuation is attained ensures independence and quality," according to the Federal Reserve. They "should also show whether the appraisal or evaluation report is even with the letter of engagement, which sets forth the range of the appraisal assignment." The Federal Reserve also says that "some banks add periodic reviews with post-funding assessments of appraisal quality for any of their high-risk or high-value contracts as a control to aid in exposing valuation concerns."

In addition to adapting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are typically 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. Here at Creative Realty, we're qualified in every type of appraisal review, review procedure and the obligations of review appraisers.