The U.S. government agency tasked with regulating the nation’s real estate appraisals has undergone significant cuts to its staff and budget amid turmoil in the industry’s leadership ranks.
The Appraisal Subcommittee’s acting executive director, Matt Ponzar, told the ASC’s board in a meeting last month that the subcommittee is “currently operating with nearly 30% fewer staff.”
It was the first meeting the body has held since November, despite guidance on its website that regular meetings are supposed to occur at least four times a year.