Qualified Appraisal Reviews by Cooper Associates

According to a statement by the Federal Reserve, "financial institutions must have effective, independent real estate appraisal and evaluation procedures," and that appraisers fulfilling reviews must "have the ability and expertise to assess compliance with the Federal Reserves appraisal rules and guidelines." Here at Cooper Associates, we provide appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's regulations.

Appraisal reviews "should verify whether the appraisal or evaluation is suitable for the transaction, the risk of the transaction, and whether the practices by which the collateral valuation is accomplished guarantees independence and quality," as stated by the Federal Reserve. In addition, they "must denote whether the appraisal or evaluation report is compatible with the engagement letter, which gives an account of the capacity of the appraisal assignment." Lastly, the Federal Reserve notes that "some institutions reinforce regular reviews with post-funding evaluations of appraisal quality for some of their high-liability or higher-value transactions as a channel to help in revealing valuation concerns."

In addition to coordinating our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we'll 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. At Cooper Associates, we're trained in all kinds of appraisal reviews, review processes and the obligations of review appraisers.