Experienced Appraisal Reviews by OCR Appraisal Service LLC

As stated in an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, objective real estate appraisal and evaluation program," and that appraisers completing reviews have to "have the ability and skills to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." At OCR Appraisal Service LLC, we provide appraisal review services that are independent, qualified, professional and in line with the Federal Reserve's guidelines.

Appraisal reviews "must decide whether the appraisal or evaluation is appropriate for the transaction, the uncertainty of the transaction, and whether the method by which the collateral valuation is accomplished guarantees independence and quality," according to the Federal Reserve. They "must also show whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the outlook of the appraisal assignment." Lastly, the Federal Reserve says that "some banks reinforce typical reviews with post-funding evaluations of appraisal quality for a few of their high-liability or larger-value dealings as a control to help in discovering valuation issues."

In addition to tailoring our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we will develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At OCR Appraisal Service LLC, we're experienced in all forms of appraisal reviews, review procedures and the requirements of review appraisers.