Appraisal Reviews by AOI Appraisal Services

According to a statement by the Federal Reserve, "financial institutions are obligated to have an effective, objective real estate appraisal and evaluation plan," and that appraisers performing reviews ought to "have the knowledge and skills to assess compliance with the Federal Reserves appraisal rules and guidelines." AOI Appraisal Services provides appraisal review services that are independent, qualified, professional and in line with the Federal Reserve's guidelines.

Appraisal reviews "ought to conclude whether the appraisal or evaluation is fitting for the transaction, the liability of the transaction, and whether the process by which the collateral valuation is accomplished guarantees independence and quality," as stated by the Federal Reserve. They "should also indicate whether the appraisal or evaluation report matches the engagement letter, which sets forth the extent of the appraisal assignment." Lastly, the Federal Reserve states that "some institutions add typical reviews with post-funding evaluations of appraisal quality for a few of their high-liability or larger-value transactions as a channel to assist in addressing valuation complications."

In addition to adapting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we will 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. At AOI Appraisal Services, we're trained in all types of appraisal reviews, review procedures and the obligations of review appraisers.