Qualified Appraisal Reviews with Pyramid Appraisals, Inc.

As stated in an announcement by the Federal Reserve, "financial institutions must have effective, independent real estate appraisal and evaluation plans," and that appraisers doing reviews are obligated to "have the ability and skillfulness to evaluate compliance with the Federal Reserves appraisal rules and guidelines." At Pyramid Appraisals, Inc., we provide appraisal review services that are impartial, qualified, professional and compliant with the Federal Reserve's guidelines.

The Federal Reserve says appraisal reviews "have to find out whether the appraisal or evaluation is well-suited for the transaction, the uncertainty of the transaction, and whether the processes by which the collateral valuation is accomplished guarantees independence and quality." They "must also denote whether the appraisal or evaluation report is even with the engagement letter, which gives an account of the capacity of the appraisal assignment." Last, The Federal Reserve states that "some institutions supplement regular reviews with post-funding evaluations of appraisal quality for a few of their higher-liability or higher-value dealings as a means to assist in addressing valuation issues."

In addition to coordinating our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are usually 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 Pyramid Appraisals, Inc., we are trained in all kinds of appraisal reviews, review procedures and the requirements of review appraisers.