Qualified Appraisal Reviews by JML Appraisal Services

According to a statement by the Federal Reserve, "financial institutions must have an effective, unbiased real estate appraisal and evaluation plan," and that appraisers completing reviews have to "have the ability and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." At JML Appraisal Services, we provide appraisal review services that are impartial, expert, professional and square with the Federal Reserve's regulations.

Appraisal reviews "must find out whether the appraisal or evaluation is well-suited for the transaction, the uncertainty of the transaction, and whether the actions by which the collateral valuation is collected guarantees independence and quality," as stated by the Federal Reserve. They "should also demonstrate whether the appraisal or evaluation report is even with the engagement letter, which sets forth the outlook of the appraisal assignment." Lastly, the Federal Reserve states that "some financial institutions supplement regular reviews with post-funding assessments of appraisal quality for a number of their higher-liability or large-value affairs as a control to help in uncovering valuation issues."

In addition to adapting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we will develop an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at JML Appraisal Services, we are qualified in all kinds of appraisal reviews, review practices and the requirements of review appraisers.