Appraisal Review as defined by USPAP is "The act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal or appraisal review assignment." The essence of appraisal review is to investigate, analyze, and verify the logic and procedures used in appraisals and to ensure the preparation of competent and thorough reports that result in sound value opinions.
According to an announcement by the Federal Reserve, "financial institutions are obligated to have effective, independent real estate appraisal and evaluation programs," and that appraisers doing reviews must "have the ability and expertise to evaluate compliance with the Federal Reserve's appraisal rules and guidelines."
FRA has provided thousands of reviews for financial institutions, and Appraisal Management Companies throughout the United States on both residential and commercial properties. Reviews have been prepared for both federally related and non-federally related transactions to ensure the reports comply with the Uniform Standards of Professional Appraisal Practice (USPAP), The Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) and/or the Department of Housing and Urban Development (HUD) along with all applicable guidelines. The firm's principal is a designated AI-GRS and AI-RRS member of the The Appraisal Institute.
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