Appraisal Reviews with Rush Hour Appraisals

According to a statement by the Federal Reserve, "financial institutions are obligated to have effective, impartial real estate appraisal and evaluation procedures," and that appraisers performing reviews ought to "have the ability and expertise to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Rush Hour Appraisals provides appraisal review services that are unbiased, qualified, professional and compliant with the Federal Reserve's regulations.

According to the Federal Reserve, appraisal reviews "should determine whether the appraisal or evaluation is appropriate for the transaction, the liability of the transaction, and whether the actions by which the collateral valuation is acquired ensures independence and quality." Moreover, they "must show whether the appraisal or evaluation report is even with the letter of engagement, which sets forth the outlook of the appraisal assignment." Last, The Federal Reserve says that "some institutions supplement typical reviews with post-funding surveys of appraisal quality for any of their higher-liability or larger-value transactions as a channel to aid in addressing valuation dilemmas."

In addition to coordinating our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we'll 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. Here at Rush Hour Appraisals, we are experienced in all types of appraisal reviews, review practices and the responsibilities of review appraisers.