Appraisal Reviews by Lance Appraisal Services

As said in an announcement by the Federal Reserve, "financial institutions must have effective, objective real estate appraisal and evaluation programs," and that appraisers fulfilling reviews ought to "have the knowledge and skills to assess compliance with the Federal Reserves appraisal regulations and guidelines." Lance Appraisal Services provides appraisal review services that are unbiased, expert, professional and square with the Federal Reserve's regulations.

The Federal Reserve says appraisal reviews "must figure out whether the appraisal or evaluation is well-suited for the transaction, the liability of the transaction, and whether the manner by which the collateral valuation is acquired ensures independence and quality." Moreover, they "must announce whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the scope of the appraisal assignment." The Federal Reserve also notes that "some financial institutions augment periodic reviews with post-funding surveys of appraisal quality for a number of their higher-risk or higher-value affairs as a way to aid in identifying valuation problems."

In addition to coordinating our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we can prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Lance Appraisal Services, we are qualified in all types of appraisal reviews, review processes and the obligations of review appraisers.