Quality Appraisal Reviews by Bonnie Baughman

According to an announcement by the Federal Reserve, "financial institutions must have an effective, independent real estate appraisal and evaluation program," and that appraisers performing reviews ought to "have the familiarity and expertise to determine compliance with the Federal Reserves appraisal regulations and guidelines." Here at Bonnie Baughman, we provide appraisal review services that are unbiased, efficient, professional and compliant with the Federal Reserve's guidelines.

Appraisal reviews "have to find out whether the appraisal or evaluation is relevant for the transaction, the risk of the transaction, and whether the methods by which the collateral valuation is accomplished ensures independence and quality," as stated by the Federal Reserve. In addition, they "should signify whether the appraisal or evaluation report is even with the letter of engagement, which gives an account of the outlook of the appraisal assignment." The Federal Reserve also says that "some financial institutions add regular reviews with post-funding evaluations of appraisal quality for any of their higher-liability or larger-value dealings as a way to assist in uncovering valuation disputes."

In addition to adapting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we'll 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 Bonnie Baughman, we're skilled in all forms of appraisal reviews, review processes and the responsibilities of review appraisers.