Appraisal Reviews with Tierney Appraisals

As said in an announcement by the Federal Reserve, "financial institutions must have effective, impartial real estate appraisal and evaluation procedures," and that appraisers doing reviews are obligated to "have the knowledge and skillfulness to determine compliance with the Federal Reserves appraisal regulations and guidelines." For appraisal review services that are impartial, qualified, professional and in accordance with the Federal Reserve's regulations, just contact Tierney Appraisals.

The Federal Reserve says appraisal reviews "must figure out whether the appraisal or evaluation is suitable for the transaction, the uncertainty of the transaction, and whether the processes by which the collateral valuation is accomplished ensures independence and quality." In addition, they "should show whether the appraisal or evaluation report matches the engagement letter, which gives an account of the scope of the appraisal assignment." Lastly, the Federal Reserve says that "some financial institutions add periodic reviews with post-funding evaluations of appraisal quality for a few of their high-risk or higher-value transactions as a control to help in exposing valuation dilemmas."

In addition to coordinating our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we will develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Tierney Appraisals, we are trained in all types of appraisal reviews, review processes and the obligations of review appraisers.