Erbes Appraisals, Inc. Appraisal Reviews

According to an announcement by the Federal Reserve, "financial institutions must have effective, independent real estate appraisal and evaluation programs," and that appraisers completing reviews have to "have the familiarity and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." At Erbes Appraisals, Inc., we provide appraisal review services that are impartial, qualified, professional and square with the Federal Reserve's guidelines.

Appraisal reviews "must determine whether the appraisal or evaluation is suitable for the transaction, the liability of the transaction, and whether the manners by which the collateral valuation is acquired guarantees independence and quality," as stated by the Federal Reserve. Moreover, they "must demonstrate whether the appraisal or evaluation report matches the letter of engagement, which sets forth the outlook of the appraisal assignment." The Federal Reserve also says that "some financial institutions supplement regular reviews with post-funding surveys of appraisal quality for a number of their higher-liability or greater-value affairs as a method to assist in identifying valuation complications."

In addition to adapting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we'll formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Erbes Appraisals, Inc., we're trained in all kinds of appraisal reviews, review procedures and the responsibilities of review appraisers.