Appraisal Reviews with Benchmark Appraising, LLC

According to an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, objective real estate appraisal and evaluation plan," and that appraisers doing reviews must "have the knowledge and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." Benchmark Appraising, LLC provides appraisal review services that are independent, qualified, professional and compliant with the Federal Reserve's rules.

The Federal Reserve says appraisal reviews "ought to verify whether the appraisal or evaluation is pertinent for the transaction, the risk of the transaction, and whether the actions by which the collateral valuation is obtained ensures independence and quality." They "should also denote whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the range of the appraisal assignment." Last, The Federal Reserve states that "some institutions supplement regular reviews with post-funding assessments of appraisal quality for a few of their high-liability or high-value affairs as a way to assist in addressing valuation issues."

In addition to coordinating our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we will develop 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 Benchmark Appraising, LLC, we are experienced in all kinds of appraisal reviews, review practices and the requirements of review appraisers.