Appraisal Reviews with St. Charles/WestPlex Appraisal Services, LLC

As stated in an announcement by the Federal Reserve, "financial institutions must have effective, impartial real estate appraisal and evaluation programs," and that appraisers fulfilling reviews are obligated to "have the knowledge and expertise to determine compliance with the Federal Reserves appraisal regulations and guidelines." Here at St. Charles/WestPlex Appraisal Services, LLC, we provide appraisal review services that are impartial, expert, professional and square with the Federal Reserve's rules.

According to the Federal Reserve, appraisal reviews "must determine whether the appraisal or evaluation is suitable for the transaction, the liability of the transaction, and whether the process by which the collateral valuation is collected ensures independence and quality." They "should also demonstrate whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the scope of the appraisal assignment." Lastly, the Federal Reserve states that "some institutions supplement periodic reviews with post-funding assessments of appraisal quality for any of their high-liability or larger-value transactions as a means to assist in detecting valuation disputes."

In addition to adapting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we'll produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at St. Charles/WestPlex Appraisal Services, LLC, we are qualified in all types of appraisal reviews, review procedures and the requirements of review appraisers.