Appraisal Reviews by Bernard Valuation Services

As stated in an announcement by the Federal Reserve, "financial institutions are required to have effective, objective real estate appraisal and evaluation programs," and that appraisers performing reviews have to "have the familiarity and skills to determine compliance with the Federal Reserves appraisal regulations and guidelines." Here at Bernard Valuation Services, we provide appraisal review services that are independent, qualified, professional and in accordance with the Federal Reserve's guidelines.

The Federal Reserve says appraisal reviews "must determine whether the appraisal or evaluation is applicable for the transaction, the danger of the transaction, and whether the methods by which the collateral valuation is acquired guarantees independence and quality." They "should also show whether the appraisal or evaluation report is true to the letter of engagement, which describes the outlook of the appraisal assignment." Lastly, the Federal Reserve notes that "some banks augment routine reviews with post-funding assessments of appraisal quality for a few of their higher-liability or large-value dealings as a control to help in identifying valuation problems."

In addition to adapting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we'll formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Bernard Valuation Services, we are skilled in all forms of appraisal reviews, review processes and the obligations of review appraisers.