Appraisal Reviews with Betsy Millson Appraisal

As said in an announcement by the Federal Reserve, "financial institutions must have effective, objective real estate appraisal and evaluation procedures," and that appraisers performing reviews have to "have the familiarity and expertise to determine compliance with the Federal Reserves appraisal regulations and guidelines." Betsy Millson Appraisal provides appraisal review services that are unbiased, qualified, professional and square with the Federal Reserve's guidelines.

According to the Federal Reserve, appraisal reviews "have to determine whether the appraisal or evaluation is well-suited for the transaction, the danger of the transaction, and whether the process by which the collateral valuation is obtained guarantees independence and quality." They "must also demonstrate whether the appraisal or evaluation report is even with the letter of engagement, which gives an account of the scope of the appraisal assignment." The Federal Reserve also states that "some financial institutions reinforce regular reviews with post-funding assessments of appraisal quality for any of their higher-risk or high-value contracts as a means to help in exposing valuation issues."

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