Passage Appraisal, LLC
Appraisal Reviews

According to a statement by the Federal Reserve, "financial institutions are required to have an effective, independent real estate appraisal and evaluation plan," and appraisers completing reviews have to "have the ability and expertise to assess compliance with the Federal Reserves appraisal rules and guidelines."

At Passage Appraisal, LLC, we provide appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's rules.

According to the Federal Reserve, appraisal reviews "ought to determine whether the appraisal or evaluation is well-suited for the transaction, the liability of the transaction, and whether the actions by which the collateral valuation is collected guarantees independence and quality." Moreover, they "should announce whether the appraisal or evaluation report matches the letter of engagement, which gives an account of the scope of the appraisal assignment." The Federal Reserve also notes that "some financial institutions reinforce routine reviews with post-funding surveys of appraisal quality for a few of their higher-liability or high-value contracts as a channel to help in discovering valuation dilemmas."

In addition to coordinating 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 are able to prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form.

At Passage Appraisal, LLC, we are skilled in every form of appraisal review, review process and the obligations of review appraisers.