Experienced Appraisal Reviews with Phillips Appraisal, Inc.

As stated in an announcement by the Federal Reserve, "financial institutions are required to have an effective, independent real estate appraisal and evaluation plan," and that appraisers performing reviews have to "have the ability and expertise to determine compliance with the Federal Reserves appraisal regulations and guidelines." Phillips Appraisal, Inc. provides appraisal review services that are independent, expert, professional and in accordance with the Federal Reserve's rules.

Appraisal reviews "must verify whether the appraisal or evaluation is fitting for the transaction, the liability of the transaction, and whether the processes by which the collateral valuation is attained ensures independence and quality," as stated by the Federal Reserve. They "must also demonstrate whether the appraisal or evaluation report is consistent with the engagement letter, which describes the extent of the appraisal assignment." The Federal Reserve also states that "some financial institutions reinforce routine reviews with post-funding evaluations of appraisal quality for a number of their high-risk or greater-value transactions as a control to aid in discovering valuation problems."

In addition to conforming our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we will formulate 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 Phillips Appraisal, Inc., we're trained in every kind of appraisal review, review practice and the responsibilities of review appraisers.