ASC In Chaos?

[Non Sequitur]

Senators Say Appraisal Regulator 'Chaos' Risks Undermining Real Estate Markets

The ASC has been without a permanent director for more than six months, has seen its staff dwindle by 30% and has clawed back grant funding from states.

www.bisnow.com

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"The Appraisal Subcommittee has been without a permanent director for more than six months, has seen its staff dwindle by 30% and has clawed back grant funding meant to grow a profession undergoing a demographic crisis.

Those issues have caught the attention of two senators, who sent a letter on Wednesday to the chair of the Federal Financial Institutions Examination Council — which oversees the ASC — on Wednesday, expressing concerns about the appraisal industry’s top monitor."

"They cited previous reporting by Bisnow on the ASC's staffing cuts and failure to hold required public meetings and litigation alleging fraud in the state appraisal certification process."

"Appraisal Subcommittee acting Chair Luke Brown and acting Executive Director Matt Ponzar declined to comment for this story or answer a list of written questions."

"Since its founding, the ASC has been given additional authority over appraisers through the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, amendments to Title XI, and special projects, such as the recently disbanded Property Appraisal and Valuation Equity Task Force, a Biden-era initiative aimed at eliminating racial bias in appraisals.

In 2017, the subcommittee also began overseeing appraisal management companies, which have arisen as middlemen between lenders and appraisers. The creation of the AMC registry boosted the ASC's gross revenue by more than 200%, according to a February 2023 staffing and reorganization proposal created by consulting firm KL Scott & Associates."

Yeah, licensing AMCs was such a great idea. No wonder they have so much influence in DC.

"The ASC's reserve fund grew faster than projected, ballooning to $29M last year.........."

"Appraisers have for years raised concerns about the financial motivations of The Appraisal Foundation, the quasi-governmental entity that creates guidelines and standards for the industry. TAF has been distancing itself from the ASC, its federal monitor, Bisnow previously reported.

The senators gave the ASC board until Aug. 29 to respond to their questions. In the meantime, ASC insiders have continued to worry over how the hiring freeze could impact the subcommittee’s ability to execute its duties — more of its employees are expected to retire in the coming months.

“The Appraisal Subcommittee never had much fat to cut in the first place,” one former employee told Bisnow. “It does not serve the appraisers or the appraisal community at all.”

 

[glenn walker]

They don't do anything that requires more than a handful of staff. Just close it down and be done.

 

[djd09]

ASC Public Hearing on Appraisal Bias Brings Together Key Stakeholders​

1/26/2023

Public Hearing on Appraisal Bias Brings Together Key Stakeholders

Public comments on appraisal bias accepted until February 8​

Washington, DC – The Appraisal Subcommittee (ASC) hosted its first ever public Hearing on Appraisal Bias this week, bringing together Federal agencies, experts from across the mortgage lending and appraisal industries, researchers, and consumers to work toward the fair and accurate valuation of homes for all Americans.



“As the Federal agency charged with oversight of the appraisal regulatory system, we have grown increasingly concerned about the stories of bias that have circulated in the national media in the past several years, as well as recent studies on the topic. The ASC is also very concerned about the lack of diversity among appraisers and the excessive barriers to entry that likely deter entry into the profession, particularly for people of color.” ASC’s Executive Director Jim Park said at the Hearing.



“The ASC has made these issues a cornerstone of its work. We are using the authority we have at our disposal to highlight appraisal bias and address the lack of diversity in the profession.”



U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge delivered opening remarks. Secretary Fudge noted that the overarching goal of the continued work on appraisal bias remains establishing the kind of change that can help “all families, in all neighborhoods, have a better chance at building generational wealth.”



The Hearing featured witness testimony from Dr. Junia Howell of the University of Illinois Chicago, homeowners Tenisha Tate-Austin and Paul Austin, Michael Fratantoni, Chief Economist, Senior Vice President, Research and Industry Technology of the Mortgage Bankers Association, and Craig Steinley, President of the Appraisal Institute. Witnesses reflected on their professional and personal experiences with appraisal bias and provided suggestions to the assembled panel on how to best address this complex and multifaceted issue.

Representatives from all seven agencies comprising the ASC Board asked questions of the witnesses with a focus on the consumer experience, the barriers to entry in the appraisal profession, and the impact on the market.



“It won’t be easy – and nothing worthwhile ever is – but by working together, I’m hopeful we’ll find solutions to these longstanding problems,” Park said. “No one should have to hide who they are to obtain a credible appraisal that is independent, non-bias and performed in a competent manner.”

Association of Appraiser Regulatory Officials| ASC Public Hearing on Appraisal Bias Brings Together Key Stakeholders

aaro.net

i dont know who is worse...bunton, parks, or stienley

 

[djd09]

Appraisal Oversight Faces Cuts Amid Leadership Turmoil​

Appraisal oversight agency returns after 7-month pause, operating with fewer staff and rising scrutiny in the real estate sector.
July 3, 2025

With only 17 of 22 positions filled, Ponzar credited the ASC’s staff with boosting the pace of compliance reviews by 68% compared to last year. Still, former Executive Director James Park warned that reducing resources could undercut public confidence in appraisals—an essential safeguard for lenders and markets alike.

Appraisal Oversight Faces Cuts Amid Leadership Turmoil

Appraisal oversight agency returns after 7-month pause, operating with fewer staff and rising scrutiny in the real estate sector.

www.credaily.com

park is like a bad rash that wont go away...

 

[George Hatch]

The ASCs role is/was to ride herd on the state licensing programs and to interface with TAF on federal govt issues. If this federal agency isn't performing to specs that would arguably count as the norm when compared to other federal agencies. Not some arcane exception.

Neither the ASC nor the state appraisal boards are oriented to "serve the appraisers or the appraisal community at all". Just like the state DMVs aren't oriented around the idea of serving the drivers. But to administer and enforce state law.

 

[djd09]

it is obvious they are not there to serve the independent appraiser...but to back stab them

 

[George Hatch]

No different than the DMV - they don't care about your well-being either. Or your feelings.

• Driving is a privilege, not a right. Terms and conditions apply.
• Appraising as a licensee is a privilege, not a right. Terms and conditions apply.

 

[djd09]

stick to the subject...comparing the dmv to appraising...that is gaslighting

 

[djd09]

the dmv never called me a racist...what a dum dum

 

[George Hatch]

I used the simplest parallel and it's still going over your head.

Many occupations are licensed - Working per those licenses is a privilege, not a right.
Most businesses are regulated to one degree or another. Operating one of those is a privilege, not a right.