Resolution Trust Corporation:

Better Qualified Review Appraisers Needed

GGD-92-40BR: Published: Apr 23, 1992. Publicly Released: Apr 23, 1992.

Additional Materials:

Contact:

Gaston L. Gianni
(202) 736-0479
contact@gao.gov

 

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

Pursuant to a congressional request, GAO reviewed the qualifications of the review appraisers that the Resolution Trust Corporation (RTC) hired between October 1989 and June 1991.

GAO found that: (1) RTC gives its consolidated and regional field offices considerable discretion in identifying the most qualified candidates for in-house review appraiser positions; (2) other than a general job description, RTC has no specific hiring criteria for in-house appraisers; (3) 69 percent of RTC review appraisers lack sufficient appraisal experience; (4) RTC does not require applicants to submit enough supporting data on their appraisal education and experience; (5) RTC headquarters has not provided leadership to its field offices in setting review appraiser qualification standards and hiring criteria; and (6) RTC has not been evaluating appraisers' performance.

Recommendations for Executive Action

  1. Status: Closed - Implemented

    Comments: A national RTC appraisal task force analyzed appraisal job descriptions and drafted revised, updated job descriptions/titles, and minimum qualifications and performance evaluation criteria. RTC has implemented revised review appraiser position descriptions.

    Recommendation: To improve the appraisal program, RTC should develop and implement detailed qualification standards and hiring criteria to ensure that qualified personnel are hired.

    Agency Affected: Resolution Trust Corporation

  2. Status: Closed - Implemented

    Comments: RTC evaluated the credentials, licensing status, and training needs of all its review appraisers. Those not meeting minimum requirements were counseled and instructed to complete appropriate training and obtain appraisal licensing. Each RTC field office now reports monthly to RTC headquarters the training completed and planned for their review appraisers.

    Recommendation: To improve the appraisal program, RTC should upgrade the skills and capabilities of any underqualified review appraisers as rapidly as feasible.

    Agency Affected: Resolution Trust Corporation

  3. Status: Closed - Implemented

    Comments: Agency assessed the capabilities and skills of the assigned staff.

    Recommendation: To improve the appraisal program, RTC should assess the appraisal skills and capabilities of the current review appraiser staff.

    Agency Affected: Resolution Trust Corporation

  4. Status: Closed - Implemented

    Comments: Agency hired a chief appraiser.

    Recommendation: To improve the appraisal program, RTC should hire a senior executive level chief appraiser to manage and assess the appraisal program's execution.

    Agency Affected: Resolution Trust Corporation

  5. Status: Closed - Implemented

    Comments: Field office officials, who hire review appraisers, were provided the RTC National Task Force Report, which stressed the importance of obtaining more complete educational and experience information from applicants. This point was also stressed at the RTC National Appraisal Conference in 1992.

    Recommendation: To improve the appraisal program, RTC should require more complete data from applicants to support their appraisal-related educational background and experience.

    Agency Affected: Resolution Trust Corporation

 

Explore the full database of GAO's Open Recommendations »

Sep 29, 2017

Sep 12, 2017

Sep 7, 2017

Apr 19, 2017

Mar 29, 2017

Feb 24, 2017

Dec 29, 2016

Dec 15, 2016

Nov 15, 2016

Looking for more? Browse all our products here