Expert Appraisal Reviews with Randolph Appraisals, Inc.

According to a statement by the Federal Reserve, "financial institutions must have effective, independent real estate appraisal and evaluation plans," and that appraisers doing reviews ought to "have the knowledge and skillfulness to determine compliance with the Federal Reserves appraisal regulations and guidelines." Randolph Appraisals, Inc. provides appraisal review services that are objective, expert, professional and compliant with the Federal Reserve's regulations.

According to the Federal Reserve, appraisal reviews "have to decide whether the appraisal or evaluation is fitting for the transaction, the risk of the transaction, and whether the procedures by which the collateral valuation is obtained guarantees independence and quality." They "should also demonstrate whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the scope of the appraisal assignment." The Federal Reserve also notes that "some institutions supplement periodic reviews with post-funding evaluations of appraisal quality for some of their high-liability or high-value affairs as a channel to help in uncovering valuation dilemmas."

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 can prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Randolph Appraisals, Inc., we're trained in all forms of appraisal reviews, review practices and the responsibilities of review appraisers.