Expert Appraisal Reviews with Lot and Block Appraisal

As stated in an announcement by the Federal Reserve, "financial institutions must have effective, impartial real estate appraisal and evaluation plans," and that appraisers completing reviews ought to "have the proficiency and skillfulness to assess compliance with the Federal Reserves appraisal regulations and guidelines." Here at Lot and Block Appraisal, we provide appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's rules.

Appraisal reviews "should verify whether the appraisal or evaluation is pertinent for the transaction, the risk of the transaction, and whether the practices by which the collateral valuation is obtained guarantees independence and quality," the Federal Reserve says. In addition, they "should show whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the outlook of the appraisal assignment." Lastly, the Federal Reserve says that "some institutions supplement typical reviews with post-funding assessments of appraisal quality for some of their high-liability or large-value dealings as a channel to aid in uncovering valuation dilemmas."

In addition to adjusting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we can prepare 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 Lot and Block Appraisal, we're experienced in every type of appraisal review, review procedure and the obligations of review appraisers.