Quality Appraisal Reviews by Chase Tobias

As stated in an announcement by the Federal Reserve, "financial institutions are obligated to have effective, objective real estate appraisal and evaluation plans," and that appraisers completing reviews must "have the familiarity and skills to determine compliance with the Federal Reserves appraisal regulations and guidelines." Here at Chase Tobias, we provide appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's rules.

Appraisal reviews "must verify whether the appraisal or evaluation is pertinent for the transaction, the liability of the transaction, and whether the method by which the collateral valuation is acquired guarantees independence and quality," the Federal Reserve says. They "should also announce whether the appraisal or evaluation report matches the letter of engagement, which describes the capacity of the appraisal assignment." The Federal Reserve also notes that "some banks augment regular reviews with post-funding evaluations of appraisal quality for some of their higher-liability or larger-value transactions as a control to help in exposing valuation issues."

In addition to tailoring our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we'll produce 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 Chase Tobias, we are trained in all types of appraisal reviews, review processes and the responsibilities of review appraisers.