Appraisal Reviews with Joseph Patane

According to an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, impartial real estate appraisal and evaluation program," and that appraisers doing reviews have to "have the familiarity and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." If you need appraisal review services that are objective, expert, professional and square with the Federal Reserve's guidelines, contact Joseph Patane.

As stated by the Federal Reserve, appraisal reviews "have to verify whether the appraisal or evaluation is well-suited for the transaction, the danger of the transaction, and whether the process by which the collateral valuation is attained guarantees independence and quality." They "should also announce whether the appraisal or evaluation report matches the engagement letter, which gives an account of the capacity of the appraisal assignment." Lastly, the Federal Reserve notes that "some banks supplement typical reviews with post-funding evaluations of appraisal quality for a number of their higher-liability or greater-value affairs as a way to help in identifying valuation issues."

In addition to conforming our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we can 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. At Joseph Patane, we are experienced in all kinds of appraisal reviews, review processes and the obligations of review appraisers.