Qualified Appraisal Reviews with Noel Appraisals

According to a statement by the Federal Reserve, "financial institutions are obligated to have effective, objective real estate appraisal and evaluation plans," and that appraisers completing reviews have to "have the proficiency and expertise to assess compliance with the Federal Reserves appraisal rules and guidelines." Noel Appraisals provides appraisal review services that are impartial, qualified, professional and square with the Federal Reserve's rules.

The Federal Reserve says appraisal reviews "ought to figure out whether the appraisal or evaluation is fitting for the transaction, the uncertainty of the transaction, and whether the manners by which the collateral valuation is obtained ensures independence and quality." In addition, they "should announce 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 states that "some financial institutions supplement routine reviews with post-funding surveys of appraisal quality for some of their high-risk or greater-value transactions as a control to assist in uncovering valuation problems."

In addition to conforming our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we will produce 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 Noel Appraisals, we're trained in every form of appraisal review, review procedure and the responsibilities of review appraisers.