Appraisal Reviews with Metro Valuation

As stated in an announcement by the Federal Reserve, "financial institutions are required to have effective, impartial real estate appraisal and evaluation procedures," and that appraisers fulfilling reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserves appraisal rules and guidelines." Metro Valuation provides appraisal review services that are impartial, expert, professional and in line with the Federal Reserve's guidelines.

Appraisal reviews "must determine whether the appraisal or evaluation is fitting for the transaction, the uncertainty of the transaction, and whether the procedures by which the collateral valuation is attained ensures independence and quality," according to the Federal Reserve. Moreover, they "should announce whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the extent of the appraisal assignment." The Federal Reserve also states that "some financial institutions add typical reviews with post-funding surveys of appraisal quality for any of their higher-liability or greater-value dealings as a means to help in exposing valuation concerns."

In addition to tailoring our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we can produce 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 Metro Valuation, we are skilled in all kinds of appraisal reviews, review practices and the responsibilities of review appraisers.