Appraisal Institute Wants Details on ‘Appraisal Hotline’ Operations
The Appraisal Institute and the American Society of Farm Managers and Rural Appraisers jointly sent a letter Feb. 12 to the Appraisal Subcommittee asking that it make its proposed protocol for operating the “appraisal hotline” available for public comment prior to its March 29 implementation.
In the letter, AI and ASFMRA said that while the concept of a hotline is sound, there exists almost no understanding among state appraiser regulatory officials, practicing appraisers and real estate and mortgage professionals as to how the hotline would function or even of its intended purpose.
The ASC announced its intent to consider (and potentially approve) a draft protocol to provide contact information for regulatory agencies related to complaints regarding appraisal independence issues and concerns over the Uniform Standards of Professional Appraisal Practice.
AI and ASFMRA requested that the ASC refrain from approving the protocol and instead release it for public comment similar to the process used by the ASC in drafting Policy Statements.