Appraisal Reviews with Southern Star Real Estate Services

As stated in an announcement by the Federal Reserve, "financial institutions are required to have an effective, objective real estate appraisal and evaluation plan," and that appraisers fulfilling reviews have to "have the proficiency and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." Southern Star Real Estate Services provides appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's regulations.

According to the Federal Reserve, appraisal reviews "ought to figure out whether the appraisal or evaluation is appropriate for the transaction, the risk of the transaction, and whether the procedure by which the collateral valuation is attained guarantees independence and quality." They "must also announce whether the appraisal or evaluation report is compatible with the engagement letter, which describes the capacity of the appraisal assignment." The Federal Reserve also notes that "some institutions add periodic reviews with post-funding assessments of appraisal quality for any of their higher-liability or greater-value transactions as a way to assist in detecting valuation complications."

In addition to coordinating our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we can produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Southern Star Real Estate Services, we're trained in all kinds of appraisal reviews, review practices and the responsibilities of review appraisers.