Qualified Appraisal Reviews with Perry Wellington Realty

As said in an announcement by the Federal Reserve, "financial institutions must have an effective, impartial real estate appraisal and evaluation program," and that appraisers completing reviews ought to "have the knowledge and expertise to determine compliance with the Federal Reserves appraisal rules and guidelines." At Perry Wellington Realty, we provide appraisal review services that are independent, expert, professional and square with the Federal Reserve's guidelines.

According to the Federal Reserve, appraisal reviews "have to conclude whether the appraisal or evaluation is appropriate for the transaction, the liability of the transaction, and whether the manners by which the collateral valuation is attained guarantees independence and quality." In addition, they "must indicate whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the range of the appraisal assignment." Last, The Federal Reserve says that "some banks augment routine reviews with post-funding evaluations of appraisal quality for some of their higher-liability or large-value transactions as a method to assist in exposing valuation issues."

In addition to coordinating our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we'll prepare 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 Perry Wellington Realty, we're trained in every type of appraisal review, review procedure and the obligations of review appraisers.