Qualified Appraisal Reviews by Passage Appraisal, LLC

As said in an announcement by the Federal Reserve, "financial institutions are required to have effective, objective real estate appraisal and evaluation programs," and that appraisers completing reviews must "have the familiarity and expertise to assess compliance with the Federal Reserves appraisal regulations and guidelines." Passage Appraisal, LLC provides appraisal review services that are unbiased, qualified, professional and in accordance with the Federal Reserve's regulations.

Appraisal reviews "ought to verify whether the appraisal or evaluation is applicable for the transaction, the uncertainty of the transaction, and whether the processes by which the collateral valuation is acquired guarantees independence and quality," the Federal Reserve says. In addition, they "should demonstrate whether the appraisal or evaluation report matches the engagement letter, which describes the scope of the appraisal assignment." Last, The Federal Reserve says that "some banks reinforce routine reviews with post-funding assessments of appraisal quality for a number of their high-risk or high-value dealings as a channel to assist in identifying valuation complications."

In addition to coordinating our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we'll 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. Here at Passage Appraisal, LLC, we're trained in every type of appraisal review, review practice and the responsibilities of review appraisers.