When NARCG receives your appraisal order request, the assignment will be sent out for bids. In order to obtain the most competitive fees, we typically provide four to six appraisal fee quotes, but can modify if additional bids are requested or warranted. NARCG can obtain bids from our approved panel or your bank’s approved appraiser panel.
The fee quotes/bids provided will include the projected delivery date and fee. Once a bid is selected by the bank, the appraiser is sent an assignment award confirmation and engagement letter. The requesting bank can upload documentation or provide comments/notes through our software system to NARCG and the assigned appraiser during the appraisal process. NARCG will notify bank when we receive the completed appraisal and draft report will be submitted to our staff for review. The initial review of the appraisal draft typically requires 2 to 4 business days. After review, Reviewer requests any necessary corrections/revisions from the appraiser.
Upon receipt of the final appraisal report and completion of the written Review, these documents and the invoices will be submitted electronically to the requesting bank. Finally, the appraiser will be instructed to send hard copies to the bank.
Our staff will be fully accessible during the appraisal process to answer any questions concerning the subject property or timing of the process.
NARCG recognizes that time is of the essence and reliability of market value estimates is paramount. NARCG only engages the services of the most qualified commercial appraisers who are likewise committed to the highest degree of professionalism, and committed to meeting their delivery deadlines.
On behalf of each client, National Appraisal Review & Compliance Group (NARCG) maintains a proprietary list, or panel, of qualified commercial appraisers to assure that conflicts of interest can be avoided and that assignments will always be performed in a timely and cost-effective manner. NARCG will screen appraiser applicants for appraisal assignments on behalf of our clients. Appraisers under consideration for fee assignments will provide the following information:
- A copy of his/her professional qualifications
- Employment history
- The names and telephone numbers of references who are personally familiar with the appraiser’s work product. The appraiser must also provide evidence indicating his or her achievement of State Certification or Licensing and compliance with their respective state real estate commission’s requirements for conducting appraisals
- NARCG review staff will conduct a review of the work product. The basis of the review should be for compliance with the Uniform Standards of Professional Appraisal Practice
- NARCG reviewer will make a recommendation to approve the appraiser applicant based upon a review of their qualifications and work product sample(s)
- Those appraisers who are approved are added to the Approved Appraiser Panel and are thereafter considered ready and available for assignment
- NARCG may employ appraisers in isolated locations or for unique property types on an exception basis subject to due diligence where an approved appraiser is not available
- The following criteria will be given consideration in employing qualified fee appraisers:
- Number of years of cumulative appraisal experience
- Excellent professional reputation
- Cognizant of new appraisal techniques and changes in the real estate market
- Membership in a national appraisal organization or the equivalent
- Demonstration of ability to render accurate and unbiased opinions of value
- Knowledge and experience in both the type of project and geographic area to be appraised
- Strong analytical ability and mature judgment
- Demonstration of ability to discern trends and economic influences on value
- Independence from borrowers, developers, and loan personnel
- Demonstration of ability to prepare reports that include the rationale for conclusions of value
- Reasonable fee schedule