Expert Appraisal Reviews with Carol Huffman

According to an announcement by the Federal Reserve, "financial institutions are obligated to have effective, independent real estate appraisal and evaluation procedures," and that appraisers completing reviews should "have the ability and expertise to determine compliance with the Federal Reserves appraisal regulations and guidelines." Here at Carol Huffman, we provide appraisal review services that are impartial, efficient, professional and compliant with the Federal Reserve's rules.

The Federal Reserve says appraisal reviews "ought to figure out whether the appraisal or evaluation is well-suited for the transaction, the danger of the transaction, and whether the manner by which the collateral valuation is acquired ensures independence and quality." In addition, they "should show whether the appraisal or evaluation report matches the letter of engagement, which sets forth the extent of the appraisal assignment." The Federal Reserve also notes that "some banks supplement periodic reviews with post-funding surveys of appraisal quality for some of their high-risk or large-value affairs as a method to assist in detecting valuation problems."

In addition to conforming our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we will 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. Here at Carol Huffman, we're experienced in every kind of appraisal review, review practice and the requirements of review appraisers.