Qualified Appraisal Reviews with Pyramid Appraisals, Inc.

According to an announcement by the Federal Reserve, "financial institutions must have an effective, objective real estate appraisal and evaluation plan," and that appraisers completing reviews are obligated to "have the proficiency and skills to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Pyramid Appraisals, Inc. provides appraisal review services that are independent, qualified, professional and in accordance with the Federal Reserve's regulations.

As stated by the Federal Reserve, appraisal reviews "should verify whether the appraisal or evaluation is applicable for the transaction, the risk of the transaction, and whether the methods by which the collateral valuation is attained ensures independence and quality." Moreover, they "must denote whether the appraisal or evaluation report is even with the letter of engagement, which gives an account of the outlook of the appraisal assignment." The Federal Reserve also notes that "some banks reinforce typical reviews with post-funding surveys of appraisal quality for a few of their higher-risk or greater-value transactions as a method to help in identifying valuation complications."

In addition to adapting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we can produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Pyramid Appraisals, Inc., we're trained in all forms of appraisal reviews, review practices and the responsibilities of review appraisers.