NEW POWERS FOR THE APPRAISAL SUBCOMMITTEE

The ASC emerged as a big winner in financial reform, as its powers were greatly expanded. It now has the authority to make grants to state licensing and enforcement agencies for the purpose of aiding enforcement. The national registry fee paid by each appraiser is increased to a minimum of $40, and is capped at $80. The ASC also will maintain a registry of AMCs (more on that later). The ASC may temporarily remove an appraiser or an AMC from the national registry for an interim period, pending state agency disciplinary action, and it also has the authority to impose actions and sanctions on state enforcement agencies, as an alternative to “derecognition.”

The ASC now also has the authority to enforce the minimum qualification requirements established by the AQB for “Trainee Appraisers” in states where this classification exists. Lastly, the ASC has been provided with the authority to establish a national complaint hotline, where appraisers and others will be able to make complaints regarding noncompliance with appraisal independence standards and USPAP, and improper influencing of appraisers. The ASC will refer these complaints to the appropriate state or federal agencies for investigation and/or action. This national hotline appears to be similar to the proposed IVPI, which was to be created as part of the HVCC, but never came into existence.