Steven W Backer, Appraiser/Consultant Appraisal Reviews

According to a statement by the Federal Reserve, "financial institutions must have effective, objective real estate appraisal and evaluation plans," and that appraisers fulfilling reviews ought to "have the familiarity and expertise to determine compliance with the Federal Reserves appraisal rules and guidelines." At Steven W Backer, Appraiser/Consultant, we provide appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's guidelines.

Appraisal reviews "have to conclude whether the appraisal or evaluation is pertinent for the transaction, the danger of the transaction, and whether the manner by which the collateral valuation is obtained ensures independence and quality," as stated by the Federal Reserve. Moreover, they "must announce whether the appraisal or evaluation report matches the engagement letter, which describes the range of the appraisal assignment." Lastly, the Federal Reserve states that "some financial institutions add regular reviews with post-funding surveys of appraisal quality for any of their high-risk or larger-value transactions as a control to assist in exposing valuation disputes."

In addition to adapting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are usually 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 Steven W Backer, Appraiser/Consultant, we are qualified in every type of appraisal review, review process and the responsibilities of review appraisers.