Qualified Appraisal Reviews with Tim Hoover Appraisals

As said 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 ought to "have the knowledge and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." Tim Hoover Appraisals provides appraisal review services that are unbiased, efficient, professional and compliant with the Federal Reserve's guidelines.

The Federal Reserve says appraisal reviews "ought to verify whether the appraisal or evaluation is appropriate for the transaction, the uncertainty of the transaction, and whether the method by which the collateral valuation is obtained ensures independence and quality." Moreover, they "should signify whether the appraisal or evaluation report matches the engagement letter, which sets forth the extent of the appraisal assignment." Lastly, the Federal Reserve notes that "some institutions supplement routine reviews with post-funding assessments of appraisal quality for a few of their higher-risk or greater-value transactions as a way to assist in addressing valuation concerns."

In addition to coordinating our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are generally 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 Tim Hoover Appraisals, we are qualified in all types of appraisal reviews, review procedures and the obligations of review appraisers.