Appraisal Reviews by Libertyville Savings Bank

As said in an announcement by the Federal Reserve, "financial institutions must have effective, impartial real estate appraisal and evaluation plans," and that appraisers fulfilling reviews ought to "have the knowledge and skillfulness to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Here at Libertyville Savings Bank, we provide appraisal review services that are unbiased, efficient, professional and in line with the Federal Reserve's regulations.

According to the Federal Reserve, appraisal reviews "must figure out whether the appraisal or evaluation is relevant for the transaction, the risk of the transaction, and whether the procedure by which the collateral valuation is collected guarantees independence and quality." Moreover, they "should denote whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the scope of the appraisal assignment." The Federal Reserve also notes that "some financial institutions add periodic reviews with post-funding evaluations of appraisal quality for any of their higher-liability or high-value dealings as a means to assist in detecting valuation concerns."

In addition to conforming our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we'll produce an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Libertyville Savings Bank, we are experienced in all types of appraisal reviews, review practices and the requirements of review appraisers.