Appraisal Complaint Hotline to Open This Year
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.
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Nice Work! A way for everyone on planet earth to complain about the appraiser’s work.
Now how about that hotline that HVCC was supposed to create for appraisers to complain about coercion, threats, etc. from lenders and AMCs.
This truly has become a freaking joke guys. I’m just amazed that they didn’t wait until April 1st to make this annoucement as well.
Appraisers may be redirected in ways they may not anticipate. Currently appraisers who feel pressured are redirected with many lender and lender subsidiary management companies to speak to their in house policing departments which run back up the same limited chains of command anyways. That or redirection to the state that failed to reign in corruption in the first place. If so little has occurred in the way of justice up till now, what good will a complaint hotline make? All one needs to do is read just about any appraiser publication or forum, and they can pick out so many accusations of offenses in less than an hour. Call the hotline? Might as well give them my email login, and see what they want to pursue. The hotline will most certainly be misused, and should clearly be for appraisers only with pre recording that all other requests from non appraisers will be disregarded and not responded to. If nothing has happened regarding all these unscrupulous practices so prevalent in the appraisal industry already, what good will a hotline do? I won’t be calling any hotline. Appraisers have been complaining for the better part of a decade already, and they did not need to be validated by a hotline. When they had a tentative hotline or point of contact up last year regarding this issue, there were thousands of calls in a few days, so much so they shut it down. Is the appraiser supposed to be the lawman, the regulator, the ethics expert, or the mortgage processing expert when they call into this hotline? I’m going to need clarification on this one.