Expert Appraisal Reviews by Kernea Appraisals

As stated in an announcement by the Federal Reserve, "financial institutions must have an effective, impartial real estate appraisal and evaluation plan," and that appraisers completing reviews have to "have the ability and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." At Kernea Appraisals, we provide appraisal review services that are objective, expert, professional and in accordance with the Federal Reserve's rules.

Appraisal reviews "should determine whether the appraisal or evaluation is pertinent for the transaction, the risk of the transaction, and whether the actions by which the collateral valuation is attained ensures independence and quality," the Federal Reserve says. They "must also denote whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the range of the appraisal assignment." Lastly, the Federal Reserve states that "some banks add periodic reviews with post-funding evaluations of appraisal quality for a few of their higher-liability or larger-value dealings as a means to help in detecting valuation problems."

In addition to adapting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we can prepare 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 Kernea Appraisals, we're skilled in all types of appraisal reviews, review practices and the obligations of review appraisers.