Quality Appraisal Reviews by JGI Valuations

As stated in an announcement by the Federal Reserve, "financial institutions must have effective, unbiased real estate appraisal and evaluation plans," and that appraisers performing reviews are obligated to "have the knowledge and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." JGI Valuations provides appraisal review services that are objective, efficient, professional and square with the Federal Reserve's guidelines.

Appraisal reviews "ought to verify whether the appraisal or evaluation is well-suited for the transaction, the uncertainty of the transaction, and whether the manners by which the collateral valuation is collected ensures independence and quality," as stated by the Federal Reserve. Moreover, they "must demonstrate whether the appraisal or evaluation report is even with the engagement letter, which describes the extent of the appraisal assignment." Lastly, the Federal Reserve states that "some banks augment periodic reviews with post-funding assessments of appraisal quality for a few of their high-liability or high-value dealings as a method to help in detecting valuation issues."

In addition to adjusting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are normally 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 JGI Valuations, we are experienced in every type of appraisal review, review procedure and the responsibilities of review appraisers.