Quality Appraisal Reviews by Ireland Appraisal Associates, LLC

As stated in an announcement by the Federal Reserve, "financial institutions must have an effective, impartial real estate appraisal and evaluation program," and that appraisers performing reviews have to "have the familiarity and skillfulness to determine compliance with the Federal Reserves appraisal rules and guidelines." At Ireland Appraisal Associates, LLC, we provide appraisal review services that are objective, expert, professional and in accordance with the Federal Reserve's regulations.

Appraisal reviews "have to conclude whether the appraisal or evaluation is suitable for the transaction, the danger of the transaction, and whether the practices by which the collateral valuation is accomplished ensures independence and quality," as stated by the Federal Reserve. In addition, they "must denote whether the appraisal or evaluation report is compatible with the engagement letter, which describes the scope of the appraisal assignment." The Federal Reserve also states that "some institutions supplement routine reviews with post-funding surveys of appraisal quality for any of their high-liability or high-value contracts as a way to aid in identifying valuation problems."

In addition to coordinating our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we'll produce 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 Ireland Appraisal Associates, LLC, we are qualified in all kinds of appraisal reviews, review processes and the responsibilities of review appraisers.