Appraisal Complaint Hotline to Open This Year
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Appraisal Complaint Hotline
The Appraisal Subcommittee, a federal monitor of state bodies responsible for governing valuations, will open an appraisal complaint hotline by the end of the year, HousingWire reported July 2.
The appraisal complaint hotline, required by the Dodd-Frank Act, will allow homebuyers, real estate agents, lenders and others in the industry to file complaints about appraisers and appraisal management companies.
“ASC member agencies are currently working to finalize the details for how they will handle the referral of a complaint from the hotline,” ASC Executive Director James Park noted in House testimony, HousingWire reported.
Park reported that a website is still being designed, and an overall process for handling complaints has been drafted, HousingWire reported.
“The appraiser/client business relationships built on the foundation of knowledge and trust have been shattered over the past few years,” François Grégoire, an ASC member told HousingWire.
According to a June 28 report from the Government Accountability Office, gaps in state budgets and regulatory confusion have allowed appraisal management companies, in particular, to go unmonitored for too long.