Appraisal Reviews with Sleeping Giant Appraisals

According to a statement by the Federal Reserve, "financial institutions are obligated to have an effective, objective real estate appraisal and evaluation plan," and that appraisers completing reviews have to "have the proficiency and expertise to assess compliance with the Federal Reserves appraisal regulations and guidelines." At Sleeping Giant Appraisals our chief appraiser, Josh Adelblue, holds the prestigious AI-RRS review designation from the Appraisal Institute showcasing his dedication to upholding the highest standards and education requirements in appraisal review.   

The Federal Reserve says appraisal reviews "should find out whether the appraisal or evaluation is pertinent for the transaction, the liability of the transaction, and whether the process by which the collateral valuation is obtained ensures independence and quality." Moreover, they "should demonstrate whether the appraisal or evaluation report matches the engagement letter, which gives an account of the outlook of the appraisal assignment." Last, The Federal Reserve states that "some financial institutions add regular reviews with post-funding assessments of appraisal quality for any of their higher-liability or greater-value contracts as a channel to help in discovering valuation complications."

In addition to coordinating our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we'll 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. Here at Sleeping Giant Appraisals, we are qualified in every kind of appraisal review, review procedure and the obligations of review appraisers.