Qualified Appraisal Reviews by City Appraisal - Long Beach

As stated in an announcement by the Federal Reserve, "financial institutions are obligated to have effective, independent real estate appraisal and evaluation programs," and that appraisers performing reviews are obligated to "have the proficiency and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." City Appraisal - Long Beach provides appraisal review services that are independent, efficient, professional and compliant with the Federal Reserve's guidelines.

Appraisal reviews "ought to find out whether the appraisal or evaluation is well-suited for the transaction, the risk of the transaction, and whether the manner by which the collateral valuation is collected ensures independence and quality," as stated by the Federal Reserve. Moreover, they "should announce whether the appraisal or evaluation report is even with the letter of engagement, which gives an account of the scope of the appraisal assignment." Lastly, the Federal Reserve states that "some banks add regular reviews with post-funding evaluations of appraisal quality for a number of their higher-liability or large-value affairs as a control to aid in identifying valuation issues."

In addition to conforming our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we will 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 City Appraisal - Long Beach, we're qualified in all forms of appraisal reviews, review processes and the obligations of review appraisers.