Quality Appraisal Reviews with Stephanie Dietz

According to an announcement by the Federal Reserve, "financial institutions are obligated to have effective, objective real estate appraisal and evaluation programs," and that appraisers doing reviews ought to "have the ability and skillfulness to evaluate compliance with the Federal Reserves appraisal rules and guidelines." At Scope Appraisal, we provide appraisal review services that are objective, qualified, professional and square with the Federal Reserve's guidelines.

According to the Federal Reserve, appraisal reviews "have to verify whether the appraisal or evaluation is applicable for the transaction, the risk of the transaction, and whether the manner by which the collateral valuation is collected ensures independence and quality." They "must also signify whether the appraisal or evaluation report is compatible with the engagement letter, which describes the outlook of the appraisal assignment." Last, The Federal Reserve states that "some institutions supplement typical reviews with post-funding evaluations of appraisal quality for a few of their higher-risk or higher-value affairs as a channel to help in exposing valuation disputes."

In addition to tailoring our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are typically 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 Scope Appraisal, we are qualified in all forms of appraisal reviews, review practices and the responsibilities of review appraisers.