Expert Appraisal Reviews with Space Coast Appraisal

As stated in an announcement by the Federal Reserve, "financial institutions are required to have an effective, impartial real estate appraisal and evaluation plan," and that appraisers fulfilling reviews are obligated to "have the ability and skills to assess compliance with the Federal Reserves appraisal regulations and guidelines." Space Coast Appraisal provides appraisal review services that are independent, qualified, professional and square with the Federal Reserve's regulations.

According to the Federal Reserve, appraisal reviews "should decide whether the appraisal or evaluation is relevant for the transaction, the uncertainty of the transaction, and whether the procedure by which the collateral valuation is attained ensures independence and quality." They "should also signify whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the scope of the appraisal assignment." Lastly, the Federal Reserve says that "some financial institutions augment periodic reviews with post-funding surveys of appraisal quality for any of their higher-risk or large-value dealings as a method to aid in discovering valuation disputes."

In addition to tailoring our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we can formulate 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 Space Coast Appraisal, we are skilled in every kind of appraisal review, review procedure and the obligations of review appraisers.