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Forensic Appraisal Peer Review

Nelson Boswell Jr, JD, SRA
FL Licensed RE Broker 437493 FL
FL Certified General Contractor
FL Cert Res Appraiser RD403

For a detailed discussion on "forensic(s)" as applied to real estate appraisal click on Forensic Appraisal (here or on the panel to the left).

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.)

Mr. Boswell is an expert in USPAP as applied to real estate appraisal and real estate appraisal peer review.

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.

Furthermore, as applied to litigation, does the appraisal hold up to the Daubert standard or does it fall below that standard disqualifying it as an expert level opinion.  For that matter, does any forensic peer review done on a third party appraisal hold up to USPAP and/or Daubert standards of review.

Mr. Boswell had been appraising for at five years and had obtained his SRA designation in 1989 before FIRREA had been passed and was one of the first appraisers to be state certified under those new laws in 1990 or so.  He had been appraising real estate long before USPAP was first written.  He had been appraising for five years when the first version of USPAP was promulgated.  Since then there have been over ten revisions to USPAP.  He has taken USPAP and Florida Appraisal Laws and Regulations update courses every two years since the early 1990's.  He has performed many appraisal peer reviews for a wide swath of purposes from mortgage lending to complex litigation matters.

If you have questions regarding an appraisal, or if you're in the need of a real estate appraisal review, contact NELSON BOSWELL, LLC today.

Concerning forensic appraisal view for the lending industry, there are four Fannie Mae forms that are widely used for review services, and we will formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form.  At NELSON BOSWELL, LLC, we're experienced in all kinds of appraisal reviews, review procedures and the obligations of review appraisers.  

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.