Quality Appraisal Reviews by Colcord & Associates

As said in a statement by the Federal Reserve, "financial institutions must have an effective, objective real estate appraisal and evaluation plan," and that appraisers doing reviews must "have the proficiency and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." At Colcord & Associates, we provide appraisal review services that are objective, efficient, professional and compliant with the Federal Reserve's guidelines.

According to the Federal Reserve, appraisal reviews "must determine whether the appraisal or evaluation is suitable for the transaction, the danger of the transaction, and whether the procedures by which the collateral valuation is attained guarantees independence and quality." They "should also denote whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the scope of the appraisal assignment." Last, The Federal Reserve says that "some banks reinforce routine reviews with post-funding assessments of appraisal quality for some of their higher-risk or greater-value transactions as a way to aid in exposing 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 widely used for review services, and we can 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 Colcord & Associates, we're qualified in every kind of appraisal review, review practice and the requirements of review appraisers.