Quality Appraisal Reviews with Networx Appraisal

According to a statement by the Federal Reserve, "financial institutions are required to have an effective, objective real estate appraisal and evaluation program," and that appraisers completing reviews should "have the proficiency and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." Here at Networx Appraisal, we provide appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's rules.

Appraisal reviews "have to determine whether the appraisal or evaluation is well-suited for the transaction, the risk of the transaction, and whether the actions by which the collateral valuation is acquired ensures independence and quality," according to the Federal Reserve. They "must also demonstrate whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the capacity of the appraisal assignment." The Federal Reserve also states that "some banks add periodic reviews with post-funding surveys of appraisal quality for a number of their higher-risk or larger-value affairs as a way to assist in discovering valuation issues."

In addition to adjusting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we'll develop 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 Networx Appraisal, we are trained in all types of appraisal reviews, review practices and the obligations of review appraisers.