Appraisal Reviews with Markham & Fox, LLC

As stated in an announcement by the Federal Reserve, "financial institutions are obligated to have effective, objective real estate appraisal and evaluation procedures," and that appraisers completing reviews have to "have the proficiency and expertise to assess compliance with the Federal Reserves appraisal rules and guidelines." At Markham & Fox, LLC, we provide appraisal review services that are unbiased, efficient, professional and square with the Federal Reserve's guidelines.

The Federal Reserve says appraisal reviews "should determine whether the appraisal or evaluation is well-suited for the transaction, the danger of the transaction, and whether the processes by which the collateral valuation is obtained ensures independence and quality." Moreover, they "should demonstrate whether the appraisal or evaluation report is even with the letter of engagement, which gives an account of the scope of the appraisal assignment." The Federal Reserve also notes that "some banks add routine reviews with post-funding surveys of appraisal quality for a few of their higher-risk or larger-value transactions as a way to assist in uncovering valuation complications."

In addition to tailoring our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we can develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Markham & Fox, LLC, we are experienced in all kinds of appraisal reviews, review procedures and the obligations of review appraisers.