Expert Appraisal Reviews by Centennial Appraisal Group, Inc.According to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers fulfilling reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Centennial Appraisal Group, Inc., we provide appraisal review services that are objective, expert, professional and in line with the Federal Reserve's regulations.
The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the actions by which the collateral valuation is attained guarantees independence and quality. In addition, they must announce whether the appraisal or evaluation report is compatible with the engagement letter, which describes the range of the appraisal assignment. The Fed also notes that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems".
In addition to conforming our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we can produce 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 Centennial Appraisal Group, Inc., we are qualified in all kinds of appraisal reviews, review processes and the obligations of review appraisers.
Centennial Appraisal Group, Inc. is aware of what the typical report deficiencies are, especially in our real estate market, as well as what represents a quality appraisal. The professionals at Centennial Appraisal Group, Inc. are also skilled enough to admit that our competitors in our market are able to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on Centennial Appraisal Group, Inc. to justly evaluate appraisal reports done by others. And those others could be examining our work, too!
You can depend on Centennial Appraisal Group, Inc. for our honest judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and service offerings.