Appraisal Review Services
National Appraisal Review & Compliance Group (NARCG) offers many levels of service and will work with your bank to design a program that meets your specific needs. We provide full services for the appraisal process which includes:
- Determining the most appropriate and most cost effective report option
- Determining the most qualified appraisers whose competency matches the scope and complexity of the appraisal assignment
- Handling the fee quote/bid process
- Engagement of the appraiser
- Monitoring the appraisal process and the flow of all appraisal related documents
- Appraisal review and preparation/delivery of a formal review document
- Appraisal report and appraisal review document archive storage
- Auditing of external appraisal reviews to determine if reviews are credible and USPAP compliant
Additionally, NARCG accepts requests to review appraisals prepared for another financial institution, or simply provide technical or compliance review services only. We also offer third party audit and consulting services on an hourly fee basis. If you would like us to order environmental reports (EDR or Phase I), we have an approved environmental panel and can submit your request for a nominal processing fee.
Regulatory Compliance
NARCG is a resource for meeting federal independence requirements relating to the appraisal process. The December 2010 Interagency Appraisal and Evaluation Guidelines and July 2010 Dodd-Frank Act have significantly impacted the banking industry, particularly smaller regional and community banks. These regulations reaffirm the required separation of appraisal order management from the loan production staff, and also places significance on the quality and integrity of the appraisal review process.
- Independence of the persons ordering, performing and reviewing appraisals and evaluations
- Selection criteria and procedure to evaluate and monitor the performance of appraisers and evaluators
- Appraisal compliance with Agency guidelines, USPAP, and internal policy
- Sufficient information/data included in appraisals or evaluations to support credit decision
- Receipt and review of appraisal or evaluation in timely manner to facilitate the credit decision
Optional Consulting Services
NARCG consulting services include developing educational programs for lending and other staff, consultation services for audits or bank examinations and consultation with legal counsel. Services are available for loan monitoring and other reporting purposes.
Environmental Services
NARCG maintains an approved panel of qualified environmental firms who provide environmental reports for your lending/collateral needs. While we do not review environmental reports, we handle the procurement of fee quotes and ordering of Environmental Site Assessments. NARCG only charges a nominal processing fee for this service.