Experienced Appraisal Reviews with MG Appraisal Services

As stated in an announcement by the Federal Reserve, "financial institutions are obligated to have effective, independent real estate appraisal and evaluation plans," and that appraisers performing reviews must "have the familiarity and skills to assess compliance with the Federal Reserves appraisal rules and guidelines." MG Appraisal Services provides appraisal review services that are objective, efficient, professional and in line with the Federal Reserve's guidelines.

Appraisal reviews "must find out whether the appraisal or evaluation is suitable for the transaction, the danger of the transaction, and whether the manner by which the collateral valuation is accomplished ensures independence and quality," as stated by the Federal Reserve. They "must also show whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the outlook of the appraisal assignment." Last, The Federal Reserve says that "some institutions add periodic reviews with post-funding surveys of appraisal quality for a number of their higher-liability or larger-value transactions as a way to help in revealing valuation disputes."

In addition to adjusting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we'll formulate 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 MG Appraisal Services, we are skilled in every type of appraisal review, review practice and the responsibilities of review appraisers.