Qualified Appraisal Reviews with Joy Appraisals

As said in a statement by the Federal Reserve, "financial institutions are required to have an effective, independent real estate appraisal and evaluation plan," and that appraisers completing reviews ought to "have the familiarity and expertise to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Here at Joy Appraisals, we provide appraisal review services that are objective, efficient, professional and in line with the Federal Reserve's regulations.

Appraisal reviews "must verify whether the appraisal or evaluation is applicable for the transaction, the danger of the transaction, and whether the practices by which the collateral valuation is obtained ensures independence and quality," according to the Federal Reserve. They "must also demonstrate whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the outlook of the appraisal assignment." Lastly, the Federal Reserve says that "some banks reinforce periodic reviews with post-funding evaluations of appraisal quality for some of their high-risk or large-value contracts as a channel to aid in identifying valuation complications."

In addition to coordinating our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are usually 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 Joy Appraisals, we are qualified in all forms of appraisal reviews, review processes and the responsibilities of review appraisers.