Harrington Appraisal Company Appraisal Reviews

As said in a statement by the Federal Reserve, "financial institutions are obligated to have effective, objective real estate appraisal and evaluation procedures," and that appraisers fulfilling reviews must "have the knowledge and skills to assess compliance with the Federal Reserves appraisal regulations and guidelines." Harrington Appraisal Company provides appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's rules.

As stated by the Federal Reserve, appraisal reviews "have to verify whether the appraisal or evaluation is appropriate for the transaction, the risk of the transaction, and whether the procedure by which the collateral valuation is accomplished ensures independence and quality." They "should also indicate whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the capacity of the appraisal assignment." Lastly, the Federal Reserve says that "some banks reinforce routine reviews with post-funding assessments of appraisal quality for some of their higher-liability or greater-value transactions as a channel to help in exposing valuation dilemmas."

In addition to tailoring our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are largely 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 Harrington Appraisal Company, we are qualified in all forms of appraisal reviews, review practices and the requirements of review appraisers.