Qualified Appraisal Reviews by Deer Creek Appraisals

As stated in an announcement by the Federal Reserve, "financial institutions must have an effective, impartial real estate appraisal and evaluation program," and that appraisers fulfilling reviews ought to "have the knowledge and expertise to determine compliance with the Federal Reserves appraisal rules and guidelines." Deer Creek Appraisals provides appraisal review services that are objective, expert, professional and compliant with the Federal Reserve's rules.

As stated by the Federal Reserve, appraisal reviews "should figure out whether the appraisal or evaluation is applicable for the transaction, the risk of the transaction, and whether the manner by which the collateral valuation is accomplished guarantees independence and quality." They "should also signify whether the appraisal or evaluation report is even with the letter of engagement, which gives an account of the scope of the appraisal assignment." Lastly, the Federal Reserve says that "some banks reinforce regular reviews with post-funding assessments of appraisal quality for some of their higher-risk or larger-value contracts as a means to help in detecting valuation issues."

In addition to adapting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we'll prepare 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 Deer Creek Appraisals, we are experienced in every form of appraisal review, review practice and the obligations of review appraisers.