Quality Appraisal Reviews with Tim Johnson

As stated in an announcement by the Federal Reserve, "financial institutions are required to have an effective, independent real estate appraisal and evaluation program," and that appraisers completing reviews ought to "have the ability and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Tim Johnson provides appraisal review services that are impartial, expert, professional and square with the Federal Reserve's regulations.

The Federal Reserve says appraisal reviews "should find out whether the appraisal or evaluation is applicable for the transaction, the risk of the transaction, and whether the actions by which the collateral valuation is accomplished guarantees independence and quality." They "must also indicate whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the capacity of the appraisal assignment." Last, The Federal Reserve states that "some banks supplement regular reviews with post-funding evaluations of appraisal quality for some of their high-risk or greater-value contracts as a control to aid 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 widely used for review services, and we can produce 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 Tim Johnson, we are trained in every kind of appraisal review, review practice and the obligations of review appraisers.