Appraisal Reviews by Timothy Crann & Co., LLC

As said in a statement by the Federal Reserve, "financial institutions must have effective, impartial real estate appraisal and evaluation plans," and that appraisers completing reviews have to "have the knowledge and expertise to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Timothy Crann & Co., LLC provides appraisal review services that are impartial, efficient, professional and in accordance with the Federal Reserve's rules.

Appraisal reviews "must decide whether the appraisal or evaluation is applicable for the transaction, the uncertainty of the transaction, and whether the manner by which the collateral valuation is collected ensures independence and quality," according to the Federal Reserve. In addition, they "should announce whether the appraisal or evaluation report is true to the letter of engagement, which describes the capacity of the appraisal assignment." The Federal Reserve also states that "some institutions augment routine reviews with post-funding evaluations of appraisal quality for a few of their higher-risk or large-value affairs as a channel to assist in revealing valuation issues."

In addition to conforming our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we can 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. Here at Timothy Crann & Co., LLC, we are skilled in all kinds of appraisal reviews, review practices and the obligations of review appraisers.