Appraisal Reviews with Northern Arizona Appraisal, Inc.

As said in a statement by the Federal Reserve, "financial institutions are required to have effective, objective real estate appraisal and evaluation plans," and that appraisers doing reviews have to "have the knowledge and skills to assess compliance with the Federal Reserves appraisal rules and guidelines." Here at Northern Arizona Appraisal, Inc., we provide appraisal review services that are independent, qualified, professional and compliant with the Federal Reserve's rules.

Appraisal reviews "must conclude whether the appraisal or evaluation is appropriate for the transaction, the liability of the transaction, and whether the manners by which the collateral valuation is obtained guarantees independence and quality," according to the Federal Reserve. In addition, they "should demonstrate whether the appraisal or evaluation report is compatible with the engagement letter, which gives an account of the capacity of the appraisal assignment." The Federal Reserve also says that "some banks supplement periodic reviews with post-funding assessments of appraisal quality for some of their high-liability or high-value dealings as a way to assist in identifying valuation disputes."

In addition to adapting our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we'll 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 Northern Arizona Appraisal, Inc., we are trained in every type of appraisal review, review practice and the requirements of review appraisers.