Quality Appraisal Reviews by Galloway Appraisal

According to an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, unbiased real estate appraisal and evaluation program," and that appraisers completing reviews are obligated to "have the knowledge and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Galloway Appraisal provides appraisal review services that are objective, efficient, professional and in line with the Federal Reserve's regulations.

As stated by the Federal Reserve, appraisal reviews "should find out whether the appraisal or evaluation is applicable for the transaction, the danger of the transaction, and whether the manners by which the collateral valuation is accomplished ensures independence and quality." Moreover, they "should demonstrate whether the appraisal or evaluation report is even with the letter of engagement, which gives an account of the extent of the appraisal assignment." Last, The Federal Reserve notes that "some financial institutions reinforce routine reviews with post-funding evaluations of appraisal quality for any of their higher-liability or greater-value affairs as a way to assist in identifying valuation complications."

In addition to adapting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we'll produce an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Galloway Appraisal, we're experienced in all forms of appraisal reviews, review procedures and the obligations of review appraisers.