Tips from Appraisal Subcommittee

Jim Park, Executive Director of the Appraisal Subcommittee (ASC), has valuable information for appraisers regarding their professional information posted publically on the National Registry of Appraisers and more.

Last year, when Park spoke at the Valuation Expo in San Antonio, many appraisers wondered why the “complaint hotline,” established under Dodd-Frank nearly three years ago, was taking so long to become operational. Dodd-Frank requires the ASC to create an appraisal complaint hotline for consumers, lenders, appraisers, and any other entity to report violations of the Uniform Standards of Professional Appraisal Practice (USPAP) or appraisal independence.

Park told the gathering late last year that the ASC was “working diligently” to establish the hotline and that there were several reasons for the delay. “It is a complicated undertaking due to the coordination required between the ASC, the member agencies and the states,” he said. The sole purpose of the recently implemented hotline is to refer USPAP and appraiser independence complaints to the proper federal and state authorities for investigation. The individual agencies must then be prepared to appropriately address the complaints each receives.

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