Quality Appraisal Reviews by Petrik Appraisals, LLC

According to a statement by the Federal Reserve, "financial institutions must have effective, unbiased real estate appraisal and evaluation procedures," and that appraisers fulfilling reviews should "have the ability and skillfulness to determine compliance with the Federal Reserves appraisal rules and guidelines." Petrik Appraisals, LLC provides appraisal review services that are objective, expert, professional and in line with the Federal Reserve's guidelines.

According to the Federal Reserve, appraisal reviews "must conclude whether the appraisal or evaluation is well-suited for the transaction, the danger of the transaction, and whether the method by which the collateral valuation is acquired guarantees independence and quality." Moreover, they "must indicate whether the appraisal or evaluation report is consistent with the engagement letter, which describes the capacity of the appraisal assignment." Last, The Federal Reserve notes that "some banks supplement typical reviews with post-funding evaluations of appraisal quality for some of their high-liability or greater-value contracts as a channel to aid in detecting valuation complications."

In addition to coordinating our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we can develop 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 Petrik Appraisals, LLC, we're experienced in all kinds of appraisal reviews, review practices and the obligations of review appraisers.