Appraisal Reviews with Foisy Appraisal Services

As stated in an announcement by the Federal Reserve, "financial institutions must have an effective, objective real estate appraisal and evaluation plan," and that appraisers fulfilling reviews are obligated to "have the knowledge and skillfulness to assess compliance with the Federal Reserves appraisal regulations and guidelines." Foisy Appraisal Services provides appraisal review services that are independent, efficient, professional and in accordance with the Federal Reserve's rules.

As stated by the Federal Reserve, appraisal reviews "have to figure out 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 obtained guarantees independence and quality." They "must also show whether the appraisal or evaluation report is even with the letter of engagement, which gives an account of the scope of the appraisal assignment." The Federal Reserve also states that "some banks add periodic reviews with post-funding surveys of appraisal quality for some of their higher-liability or large-value affairs as a channel to aid in revealing valuation complications."

In addition to coordinating our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we'll develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Foisy Appraisal Services, we're qualified in every type of appraisal review, review process and the responsibilities of review appraisers.