Qualified Appraisal Reviews by Cronin & Cronin Law Firm PLLC

According to a statement by the Federal Reserve, "financial institutions must have effective, unbiased real estate appraisal and evaluation plans," and that appraisers completing reviews should "have the proficiency and expertise to determine compliance with the Federal Reserves appraisal regulations and guidelines." Here at Cronin & Cronin Law Firm PLLC, we provide appraisal review services that are objective, expert, professional and in line with the Federal Reserve's guidelines.

The Federal Reserve says appraisal reviews "should conclude whether the appraisal or evaluation is pertinent for the transaction, the danger of the transaction, and whether the methods by which the collateral valuation is collected ensures independence and quality." Moreover, they "should announce whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the outlook of the appraisal assignment." Lastly, the Federal Reserve notes that "some financial institutions reinforce periodic reviews with post-funding assessments of appraisal quality for a few of their high-risk or high-value transactions as a way to aid in uncovering valuation complications."

In addition to coordinating our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we will prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Cronin & Cronin Law Firm PLLC, we're qualified in all kinds of appraisal reviews, review practices and the responsibilities of review appraisers.