Appraisal Reviews by Joy Newton

According to an announcement by the Federal Reserve, "financial institutions are required to have an effective, unbiased real estate appraisal and evaluation program," and that appraisers performing reviews should "have the knowledge and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." At Joy Newton, we provide appraisal review services that are objective, efficient, professional and compliant with the Federal Reserve's guidelines.

The Federal Reserve says appraisal reviews "ought to decide whether the appraisal or evaluation is relevant for the transaction, the risk of the transaction, and whether the manners by which the collateral valuation is accomplished ensures independence and quality." They "should also indicate whether the appraisal or evaluation report is even with the letter of engagement, which describes the extent of the appraisal assignment." The Federal Reserve also states that "some institutions add regular reviews with post-funding assessments of appraisal quality for any of their high-liability or higher-value affairs as a method to help in addressing valuation issues."

In addition to adjusting our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we'll formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Joy Newton, we're qualified in all types of appraisal reviews, review practices and the requirements of review appraisers.