Appraisal Reviews

As stated in an announcement by the Federal Reserve, "financial institutions are obligated to have effective, independent real estate appraisal and evaluation programs," and that appraisers fulfilling reviews must "have the knowledge and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." William Kozik and Associates provides appraisal review services that are impartial, efficient, professional and in line with the Federal Reserve's rules.

According to the Federal Reserve, appraisal reviews "should decide whether the appraisal or evaluation is applicable for the transaction, the risk of the transaction, and whether the procedures by which the collateral valuation is obtained ensures independence and quality." In addition, they "should show whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the scope of the appraisal assignment." The Federal Reserve also states that "some banks reinforce routine reviews with post-funding surveys of appraisal quality for some of their higher-liability or large-value transactions as a control to assist in revealing valuation dilemmas."

In addition to conforming our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are normally 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. At William Kozik and Associates, we're experienced in all forms of appraisal reviews, review procedures and the responsibilities of review appraisers.