Quality Appraisal Reviews with South Central Wisconsin Appraisals

As said in a statement by the Federal Reserve, "financial institutions are required to have an effective, independent real estate appraisal and evaluation plan," and that appraisers fulfilling reviews have to "have the familiarity and expertise to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." At South Central Wisconsin Appraisals, we provide appraisal review services that are objective, expert, professional and compliant with the Federal Reserve's guidelines.

Appraisal reviews "should verify whether the appraisal or evaluation is relevant for the transaction, the uncertainty of the transaction, and whether the processes by which the collateral valuation is obtained ensures independence and quality," the Federal Reserve says. In addition, they "should show whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the capacity of the appraisal assignment." The Federal Reserve also notes that "some banks augment periodic reviews with post-funding assessments of appraisal quality for a number of their high-liability or greater-value contracts as a method to assist in detecting valuation issues."

In addition to adapting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we can 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 South Central Wisconsin Appraisals, we are qualified in all forms of appraisal reviews, review processes and the responsibilities of review appraisers.