Expert Appraisal Reviews with Chorey & Associates

According to an announcement by the Federal Reserve, "financial institutions are obligated to have effective, objective real estate appraisal and evaluation procedures," and that appraisers fulfilling reviews ought to "have the familiarity and skills to assess compliance with the Federal Reserves appraisal rules and guidelines." Chorey & Associates provides appraisal review services that are objective, qualified, professional and in line with the Federal Reserve's rules.

As stated by the Federal Reserve, appraisal reviews "have to determine whether the appraisal or evaluation is well-suited for the transaction, the liability of the transaction, and whether the processes by which the collateral valuation is accomplished ensures independence and quality." Moreover, they "should signify whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the capacity of the appraisal assignment." Lastly, the Federal Reserve states that "some financial institutions add periodic reviews with post-funding surveys of appraisal quality for a number of their high-liability or high-value dealings as a control to aid in addressing valuation dilemmas."

In addition to adapting our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we'll formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Chorey & Associates, we are qualified in every form of appraisal review, review procedure and the responsibilities of review appraisers.