Quality Appraisal Reviews with Leo Dodier Appraisals

As stated in an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, impartial real estate appraisal and evaluation plan," and that appraisers fulfilling reviews are obligated to "have the ability and skills to assess compliance with the Federal Reserves appraisal rules and guidelines." At Leo Dodier Appraisals, we provide appraisal review services that are impartial, efficient, professional and in line with the Federal Reserve's regulations.

Appraisal reviews "ought to decide whether the appraisal or evaluation is pertinent for the transaction, the risk of the transaction, and whether the procedure by which the collateral valuation is accomplished ensures independence and quality," the Federal Reserve says. Moreover, they "must denote whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the range of the appraisal assignment." Last, The Federal Reserve notes that "some banks reinforce periodic reviews with post-funding surveys of appraisal quality for a number of their high-liability or larger-value affairs as a channel to aid in exposing valuation concerns."

In addition to conforming our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we will prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Leo Dodier Appraisals, we are experienced in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.