Appraisal Reviews by Hodges Appraisal Services

According to an announcement by the Federal Reserve, "financial institutions are required to have effective, independent real estate appraisal and evaluation programs," and that appraisers performing reviews should "have the knowledge and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." Here at Hodges Appraisal Services, we provide appraisal review services that are impartial, qualified, professional and in line with the Federal Reserve's rules.

Appraisal reviews "should verify whether the appraisal or evaluation is well-suited for the transaction, the liability of the transaction, and whether the practices by which the collateral valuation is attained guarantees independence and quality," the Federal Reserve says. Moreover, they "must denote whether the appraisal or evaluation report matches the letter of engagement, which sets forth the range of the appraisal assignment." Lastly, the Federal Reserve states that "some banks augment typical reviews with post-funding surveys of appraisal quality for some of their higher-liability or greater-value contracts as a way to assist in exposing valuation problems."

In addition to tailoring our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we'll formulate 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 Hodges Appraisal Services, we are experienced in every kind of appraisal review, review process and the requirements of review appraisers.