Appraisal Reviews with David Velez

As said in an announcement by the Federal Reserve, "financial institutions are required to have an effective, independent real estate appraisal and evaluation program," and that appraisers fulfilling reviews must "have the knowledge and expertise to determine compliance with the Federal Reserves appraisal rules and guidelines." David Velez provides appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's guidelines.

According to the Federal Reserve, appraisal reviews "have to verify whether the appraisal or evaluation is pertinent for the transaction, the danger of the transaction, and whether the manner by which the collateral valuation is accomplished ensures independence and quality." Moreover, they "must indicate whether the appraisal or evaluation report matches the letter of engagement, which sets forth the range of the appraisal assignment." The Federal Reserve also notes that "some institutions augment routine reviews with post-funding assessments of appraisal quality for a number of their higher-risk or greater-value transactions as a way to aid in revealing valuation concerns."

In addition to tailoring our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we'll develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At David Velez, we are experienced in every type of appraisal review, review practice and the responsibilities of review appraisers.