Appraisal Reviews by Nicholas Cowan

As stated in an announcement by the Federal Reserve, "financial institutions are obligated to have effective, independent real estate appraisal and evaluation plans," and that appraisers fulfilling reviews should "have the proficiency and skillfulness to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Here at Nicholas Cowan, we provide appraisal review services that are impartial, efficient, professional and compliant with the Federal Reserve's regulations.

According to the Federal Reserve, appraisal reviews "have to conclude whether the appraisal or evaluation is pertinent for the transaction, the danger of the transaction, and whether the procedure by which the collateral valuation is acquired ensures independence and quality." They "must also announce whether the appraisal or evaluation report matches the engagement letter, which sets forth the extent of the appraisal assignment." The Federal Reserve also says that "some banks reinforce typical reviews with post-funding surveys of appraisal quality for a number of their high-liability or large-value dealings as a control to assist in uncovering valuation disputes."

In addition to adjusting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we'll prepare 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 Nicholas Cowan, we're experienced in all forms of appraisal reviews, review practices and the requirements of review appraisers.