Appraisal Reviews by Spring Creek Appraisal

According to an announcement by the Federal Reserve, "financial institutions are required to have effective, impartial real estate appraisal and evaluation procedures," and that appraisers completing reviews are obligated to "have the familiarity and skillfulness to determine compliance with the Federal Reserves appraisal rules and guidelines." Spring Creek Appraisal provides appraisal review services that are objective, expert, professional and in line with the Federal Reserve's guidelines.

Appraisal reviews "ought to verify whether the appraisal or evaluation is fitting for the transaction, the liability of the transaction, and whether the means by which the collateral valuation is collected ensures independence and quality," the Federal Reserve says. Moreover, they "must demonstrate whether the appraisal or evaluation report is true to the letter of engagement, which describes the scope of the appraisal assignment." Lastly, the Federal Reserve notes that "some banks add routine reviews with post-funding evaluations of appraisal quality for a number of their high-risk or greater-value dealings as a method to assist in revealing valuation dilemmas."

In addition to tailoring our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we will formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Spring Creek Appraisal, we are skilled in every type of appraisal review, review practice and the obligations of review appraisers.