Jul 03, 2012
Appraisal complaint hotline coming
03 Jul 2012
Posted by Andrew Kantor
By the end of the year, the federal Appraisal Subcommittee should have its hotline operational, and buyers, Realtors, lenders, and others can use it to file complaints about appraisers and appraisal management companies.
The hotline is required by the Dodd-Frank Act and is expected to open by the end of the year. It hasn’t opened yet because the ASC hasn’t quite figured out what it’s going to do with the complaints that come in. Some (if not most) will undoubtedly be referred to individual states for investigation and enforcement.
Of course, states may not have the funds or staff to do much, but that’s getting ahead of ourselves.