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Appraisal Reviews by Centennial Appraisal GroupAs said in 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 compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Centennial Appraisal Group, we provide appraisal review services that are impartial, efficient, professional and in accordance with the Federal Reserve's regulations.The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the procedure by which the property valuation is obtained guarantees independence and quality. Moreover, they must indicate whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the outlook 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 coordinating our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we can develop 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 Centennial Appraisal Group, we are qualified in every kind of appraisal review, review practice and the obligations of review appraisers.
At Centennial Appraisal Group, you can count on our truthful judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and service offerings. |
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Centennial Appraisal Group realizes what the most frequent report weaknesses are, particularly in our housing market, as well as what constitutes a quality appraisal.
We're also skilled enough to realize that our competition in our market are capable of doing a good job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust Centennial Appraisal Group to ethically evaluate appraisal reports carried out by others. And those others could be evaluating our work, too!