Appraisal Reviews by Phoenix Valuations, LLC

As said in an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, impartial real estate appraisal and evaluation plan," and that appraisers performing reviews should "have the knowledge and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." Phoenix Valuations, LLC provides appraisal review services that are impartial, qualified, professional and compliant with the Federal Reserve's regulations.

According to the Federal Reserve, appraisal reviews "have to figure out whether the appraisal or evaluation is suitable for the transaction, the uncertainty of the transaction, and whether the practices by which the collateral valuation is collected ensures independence and quality." They "must also show whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the extent of the appraisal assignment." The Federal Reserve also states that "some institutions supplement routine reviews with post-funding surveys of appraisal quality for a few of their high-liability or large-value dealings as a means to assist in exposing valuation issues."

In addition to tailoring our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we will develop 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 Phoenix Valuations, LLC, we're trained in every type of appraisal review, review procedure and the obligations of review appraisers.