OKLAHOMA CITY, March 15, 2013 /PRNewswire/ -- Beginning operation of a toll-free Appraisal Complaint National Hotline was announced this morning, the first phase of a three-phased implementation plan. The hotline serves to receive and refer complainants of alleged violations in real estate appraiser financial transactions to appropriate state and/or federal agencies.
"We are pleased with the efforts of the Appraisal Subcommittee (ASC) to begin operation of this hotline and feel that this will be a great resource for consumers and businesses to use in the future to ensure that they are getting the best service provided by appraisers, appraisal management companies, brokers and lending institutions across the state," said Oklahoma Insurance Commissioner John D. Doak. "I encourage everyone with a concern or complaint to take advantage of the hotline to have your voice heard."
The hotline is a requirement that was put forth through an act of Congress in 2010. The Dodd-Frank Wall Street Reform and Consumer Protection Act was created to promote financial stability by improving accountability and protecting consumers from abusive financial services. The ASC board approved a three-phase implementation plan for the hotline in November 2011. The phases consist of initial establishment, analysis and contracting or maintenance.
"On behalf of the Board, we look forward to the implementation of the National Hotline, as established by the Dodd-Frank Act, and hope that it continues to the strengthen appraisal independence," said Oklahoma Real Estate Appraiser Board Director Christine McEntire. "Our hope is that through the hotline and various other efforts, we will continue to diminish the foreclosure crisis that has spread nationwide."
The hotline also includes a website at www.ReferMyAppraisalComplaint.asc.gov and online email service to further assist consumers with complaints. For more information on the Oklahoma Real Estate Appraiser Board, please visit www.reab.oid.ok.gov or call (405) 521-6636.
About the Oklahoma Insurance Department
The Oklahoma Insurance Department, an agency of the State of Oklahoma, is responsible for the education and protection of the insurance-buying public and for oversight of the insurance industry in the state.
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March 15, 2013 Kelly Collins
SOURCE Oklahoma Insurance Department