Appraisal Reviews by Southern Star Real Estate Services

As stated in an announcement by the Federal Reserve, "financial institutions must have effective, impartial real estate appraisal and evaluation procedures," and that appraisers fulfilling reviews are obligated to "have the ability and expertise to assess compliance with the Federal Reserves appraisal rules and guidelines." Southern Star Real Estate Services provides appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's guidelines.

As stated by the Federal Reserve, appraisal reviews "should find out whether the appraisal or evaluation is well-suited for the transaction, the liability of the transaction, and whether the means by which the collateral valuation is collected guarantees independence and quality." They "should also signify whether the appraisal or evaluation report is true to the engagement letter, which describes the capacity of the appraisal assignment." Last, The Federal Reserve states that "some banks add regular reviews with post-funding evaluations of appraisal quality for a number of their higher-risk or high-value affairs as a means to help in revealing valuation dilemmas."

In addition to adapting our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we'll formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Southern Star Real Estate Services, we are trained in all kinds of appraisal reviews, review practices and the obligations of review appraisers.