Qualified Appraisal Reviews by Goedker Appraisal Services

As said in a statement by the Federal Reserve, "financial institutions are obligated to have effective, unbiased real estate appraisal and evaluation programs," and that appraisers doing reviews must "have the familiarity and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." Here at Goedker Appraisal Services, we provide appraisal review services that are unbiased, qualified, professional and in line with the Federal Reserve's rules.

Appraisal reviews "have to conclude whether the appraisal or evaluation is fitting for the transaction, the risk of the transaction, and whether the methods by which the collateral valuation is attained guarantees independence and quality," as stated by the Federal Reserve. They "must also announce whether the appraisal or evaluation report matches the letter of engagement, which gives an account of the capacity of the appraisal assignment." Last, The Federal Reserve says that "some institutions add regular reviews with post-funding surveys of appraisal quality for a few of their high-liability or higher-value transactions as a channel to assist in identifying valuation problems."

In addition to conforming our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we'll formulate 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 Goedker Appraisal Services, we're skilled in all forms of appraisal reviews, review practices and the responsibilities of review appraisers.