Appraisal Reviews with Johnson Appraisal Service

As stated in an announcement by the Federal Reserve, "financial institutions are required to have an effective, independent real estate appraisal and evaluation program," and that appraisers doing reviews must "have the knowledge and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." For appraisal review services that are unbiased, efficient, professional and compliant with the Federal Reserve's guidelines, contact Johnson Appraisal Service.

According to the Federal Reserve, appraisal reviews "have to decide whether the appraisal or evaluation is well-suited for the transaction, the risk of the transaction, and whether the manners by which the collateral valuation is accomplished guarantees independence and quality." In addition, they "should indicate whether the appraisal or evaluation report matches the engagement letter, which gives an account of the capacity of the appraisal assignment." Last, The Federal Reserve notes that "some banks add periodic reviews with post-funding assessments of appraisal quality for a number of their higher-liability or high-value transactions as a means to help in exposing valuation complications."

In addition to adapting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we will 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 Johnson Appraisal Service, we are qualified in every form of appraisal review, review practice and the obligations of review appraisers.