Appraisal Reviews

As said in an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, unbiased real estate appraisal and evaluation plan," and that appraisers doing reviews ought to "have the knowledge and skillfulness to determine compliance with the Federal Reserves appraisal regulations and guidelines." At MGK Properties, we provide appraisal review services that are unbiased, expert, professional and in accordance with the Federal Reserve's guidelines.

Appraisal reviews "have to figure out whether the appraisal or evaluation is pertinent for the transaction, the uncertainty of the transaction, and whether the actions by which the collateral valuation is acquired guarantees independence and quality," according to the Federal Reserve. In addition, they "should indicate whether the appraisal or evaluation report matches the engagement letter, which gives an account of the extent of the appraisal assignment." Last, The Federal Reserve states that "some financial institutions reinforce regular reviews with post-funding evaluations of appraisal quality for a number of their higher-liability or large-value contracts as a control to aid in detecting valuation problems."

In addition to coordinating our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we can prepare 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 MGK Properties, we are trained in every form of appraisal review, review procedure and the obligations of review appraisers.