Gregory Lemone Appraisal Associates Appraisal Reviews

As said in a statement by the Federal Reserve, "financial institutions are obligated to have effective, unbiased real estate appraisal and evaluation procedures," and that appraisers completing reviews are obligated to "have the ability and skillfulness to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Gregory Lemone Appraisal Associates provides appraisal review services that are objective, qualified, professional and square with the Federal Reserve's rules.

As stated by the Federal Reserve, appraisal reviews "should conclude whether the appraisal or evaluation is applicable for the transaction, the danger of the transaction, and whether the methods by which the collateral valuation is obtained guarantees independence and quality." Moreover, they "must announce whether the appraisal or evaluation report matches the letter of engagement, which describes the range of the appraisal assignment." Lastly, the Federal Reserve notes that "some banks reinforce regular reviews with post-funding evaluations of appraisal quality for a few of their high-risk or high-value transactions as a control to aid in uncovering valuation problems."

In addition to conforming our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we can formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Gregory Lemone Appraisal Associates, we are trained in all types of appraisal reviews, review procedures and the requirements of review appraisers.