Appraisal Reviews by Mike Noble Appraisals

As stated in an announcement by the Federal Reserve, "financial institutions are obligated to have effective, independent real estate appraisal and evaluation programs," and that appraisers completing reviews should "have the familiarity and expertise to assess compliance with the Federal Reserves appraisal regulations and guidelines." Here at Mike Noble Appraisals, we provide appraisal review services that are objective, efficient, professional and compliant with the Federal Reserve's rules.

The Federal Reserve says appraisal reviews "should conclude whether the appraisal or evaluation is suitable for the transaction, the uncertainty of the transaction, and whether the procedures by which the collateral valuation is obtained guarantees independence and quality." In addition, they "must denote whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the outlook of the appraisal assignment." Last, The Federal Reserve says that "some financial institutions supplement routine reviews with post-funding assessments of appraisal quality for any of their high-risk or larger-value affairs as a channel to help in revealing valuation problems."

In addition to adapting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are generally 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. Here at Mike Noble Appraisals, we are experienced in every kind of appraisal review, review procedure and the responsibilities of review appraisers.