Appraisal Reviews

As said in a statement by the Federal Reserve, "financial institutions are obligated to have an effective, objective real estate appraisal and evaluation plan," and that appraisers completing reviews must "have the familiarity and skillfulness to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Here at Sommer Valuation LLC, we provide appraisal review services that are objective, efficient, professional and compliant with the Federal Reserve's rules.

Appraisal reviews "ought to figure out whether the appraisal or evaluation is pertinent for the transaction, the uncertainty of the transaction, and whether the processes by which the collateral valuation is accomplished guarantees independence and quality," as stated by the Federal Reserve. Moreover, they "must signify whether the appraisal or evaluation report is compatible with the engagement letter, which describes the capacity of the appraisal assignment." Lastly, the Federal Reserve states that "some financial institutions supplement routine reviews with post-funding assessments of appraisal quality for some of their high-liability or large-value transactions as a control to assist in discovering valuation dilemmas."

In addition to adjusting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we can produce 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 Sommer Valuation LLC, we're trained in all forms of appraisal reviews, review procedures and the requirements of review appraisers.