The Appraisal Subcommittee (ASC) is planning to begin Phase 1 of the Appraisal Complaint Hotline’s implementation on March 29, 2013, and they are hoping to accomplish two goals with this soft rollout:
1) Refer complaints to the appropriate State and/or Federal agency in order to meet the requirements of the Dodd-Frank Act.
2) Study the volume and nature of the complaints to better understand how to maximize the usefulness of the Hotline.
During Phase 1, the Hotline will be located at the ASC’s Washington DC headquarters, and temporary call center representatives will be hired and trained by ASC staff members to refer callers to the appropriate State and/or Federal government agency. The Hotline’s website will also become functional, and will include an email option that complainants can use to obtain a referral as well.
The ASC will also collect non-personal data generated by responses to specific questions that complainants will be asked when they either call in or before they send an email via the website. Responses to these questions will identify:
- The type of complainant – appraiser, AMC, bank, mortgage broker, loan originator, etc.
- The nature of the complaint – Uniform Standards of Professional Appraisal Practice (USPAP) or appraisal independence standards
- The entity the complaint is against – appraiser, AMC, bank, mortgage broker, lender, etc.
- The State where the property is located
- The type of property (when a complaint involves a financial institution)
Phase 2 will begin approximately six months after Phase 1’s launch, and will focus around analyzing and evaluating the Hotline’s website, email, and call center metrics—such as the overall volume, average call length, the number of misdirected referrals, and more. Phase 3, which hasn’t yet been given an approximate launch date, will then implement any adjustments that were determined to be needed during Phase 2.
To recap, the Appraisal Complaint Hotline was created to help protect the integrity of federally related transactions by establishing a central complaint referral system for consumers, appraisers, lenders, and other mortgage industry entities. The Hotline will focus on non-compliance complaints that pertain to both the appraisal independence standards and the USPAP.