Appraisal Reviews by Deron Davis Appraisals

As said in a statement by the Federal Reserve, "financial institutions are required to have effective, impartial real estate appraisal and evaluation plans," and that appraisers completing reviews are obligated to "have the ability and skillfulness to determine compliance with the Federal Reserves appraisal rules and guidelines." Deron Davis Appraisals provides appraisal review services that are independent, expert, professional and in line with the Federal Reserve's regulations.

Appraisal reviews "should determine whether the appraisal or evaluation is well-suited for the transaction, the danger of the transaction, and whether the actions by which the collateral valuation is collected ensures independence and quality," according to the Federal Reserve. In addition, they "must announce whether the appraisal or evaluation report is even with the letter of engagement, which sets forth the extent of the appraisal assignment." Lastly, the Federal Reserve notes that "some financial institutions reinforce routine reviews with post-funding assessments of appraisal quality for a few of their high-liability or larger-value contracts as a control to help in revealing valuation disputes."

In addition to adapting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we will produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Deron Davis Appraisals, we are skilled in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.