Forensic Appraisal Peer Review
As stated in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it is prudent for appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At NELSON BOSWELL, LLC, we provide appraisal peer review services that are impartial, efficient, professional and in accordance with the Federal Reserve's regulations and the Uniform Standards of Professional Appraisal Practice (USPAP).
We also do litigation appraisal peer review assignments where we examine, evaluate and analyze third party appraisals for adherence to recognized industry standards, the Uniform Standards of Professional Appraisal Practice and Daubert standards scrutiny.
(Note: we peer review the appraisal, not the appraiser.)
With the passing of the Dodd-Frank Act and its subsequent codification, USPAP now has teeth. USPAP was first put into effect after the S&L Crisis of the late 1980's and early 1990's and made part of banking regulations set forth by the FHFA as a result of the Financial Institutions Reform and Recovery Act (FIRREA) passed by Congress, but it was not until after the global economic collapse of the late 2000's that Congress passed the Dodd-Frank act which went into effect in the early 2010's. New laws and regulations pertaining to banking and appraisal applied USPAP more stringently on the Federal and State level. Each state in turn passed their own laws and regulations promulgated by the Dodd-Frank Act.
NELSON BOSWELL, LLC is aware of what the most frequent reporting deficiencies are, specifically in our housing market. We also understand what represents a quality appraisal. In the same sense, the professionals at NELSON BOSWELL, LLC are amply experienced to respect that the competitors in our market are capable of doing quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on NELSON BOSWELL, LLC to fairly study appraisal reports done by others. And those others may be evaluating our work, too!
For professional, impartial, ethical appraisal review services and independent judgments, you can count on NELSON BOSWELL, LLC. Contact us for more information regarding our qualifications, expertise and services offered.