Quality Appraisal Reviews with Peterson Appraisal Group

As stated in an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, objective real estate appraisal and evaluation program," and that appraisers fulfilling reviews must "have the ability and skillfulness to determine compliance with the Federal Reserves appraisal regulations and guidelines." Peterson Appraisal Group provides appraisal review services that are independent, qualified, professional and square with the Federal Reserve's rules.

As stated by the Federal Reserve, appraisal reviews "should verify whether the appraisal or evaluation is pertinent for the transaction, the risk of the transaction, and whether the procedure by which the collateral valuation is attained ensures independence and quality." Moreover, they "should denote whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the extent of the appraisal assignment." Last, The Federal Reserve says that "some institutions add regular reviews with post-funding assessments of appraisal quality for any of their higher-risk or large-value contracts as a way to assist in identifying valuation issues."

In addition to conforming our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we can 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 Peterson Appraisal Group, we're qualified in all kinds of appraisal reviews, review processes and the obligations of review appraisers.