Experienced Appraisal Reviews by Timely Appraisal Services

As said in an announcement by the Federal Reserve, "financial institutions must have effective, independent real estate appraisal and evaluation procedures," and that appraisers doing reviews are obligated to "have the ability and skills to assess compliance with the Federal Reserves appraisal regulations and guidelines." Timely Appraisal Services provides appraisal review services that are independent, efficient, professional and in line with the Federal Reserve's rules.

Appraisal reviews "have to find out whether the appraisal or evaluation is suitable for the transaction, the liability of the transaction, and whether the method by which the collateral valuation is attained ensures independence and quality," as stated by the Federal Reserve. In addition, they "should indicate whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the extent of the appraisal assignment." The Federal Reserve also says that "some institutions augment regular reviews with post-funding assessments of appraisal quality for any of their higher-risk or greater-value dealings as a control to help in detecting valuation concerns."

In addition to conforming our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we will prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Timely Appraisal Services, we're qualified in all forms of appraisal reviews, review processes and the requirements of review appraisers.