Quality Appraisal Reviews with Village Appraisal Ltd.

As said in an announcement by the Federal Reserve, "financial institutions are required to have effective, independent real estate appraisal and evaluation procedures," and that appraisers performing reviews ought to "have the knowledge and skillfulness to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Village Appraisal Ltd. provides appraisal review services that are objective, expert, professional and square with the Federal Reserve's rules.

As stated by the Federal Reserve, appraisal reviews "ought to determine whether the appraisal or evaluation is suitable for the transaction, the uncertainty of the transaction, and whether the processes by which the collateral valuation is obtained ensures independence and quality." They "must also show whether the appraisal or evaluation report is even with the letter of engagement, which sets forth the outlook of the appraisal assignment." The Federal Reserve also states that "some banks supplement regular reviews with post-funding evaluations of appraisal quality for a few of their higher-risk or large-value affairs as a way to help in detecting valuation issues."

In addition to adapting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we can 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. Here at Village Appraisal Ltd., we are trained in all kinds of appraisal reviews, review procedures and the obligations of review appraisers.