Quality Appraisal Reviews by Performance Appraisals Inc.

According to a statement by the Federal Reserve, "financial institutions are required to have an effective, impartial real estate appraisal and evaluation program," and that appraisers performing reviews should "have the familiarity and skillfulness to determine compliance with the Federal Reserves appraisal regulations and guidelines." Here at Performance Appraisals Inc., we provide appraisal review services that are independent, qualified, professional and in accordance with the Federal Reserve's rules.

Appraisal reviews "have to conclude whether the appraisal or evaluation is suitable for the transaction, the liability of the transaction, and whether the processes by which the collateral valuation is accomplished ensures independence and quality," according to the Federal Reserve. They "should also show whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the capacity of the appraisal assignment." Lastly, the Federal Reserve states that "some banks supplement periodic reviews with post-funding evaluations of appraisal quality for a few of their higher-risk or higher-value affairs as a means to aid in discovering valuation dilemmas."

In addition to coordinating our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we will 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 Performance Appraisals Inc., we are qualified in every type of appraisal review, review procedure and the requirements of review appraisers.