And while we’re talking about appraisals, Chase Correspondent clients were told that Chase is making changes to their Collateral Policy which became effective October 2. They are eliminating Chase Approved Appraiser status, establishing minimum appraiser requirements, validating review and ineligible appraiser status, and eliminating First American Appraisal Services (eAppraiseIT) as a Chase-approved Appraisal Management Company (AMC). In fact, the Chase Appraiser Web site has been updated to remove all Chase Approved Appraisers.
Correspondents can immediately take advantage of the revised minimum appraiser requirements and validation of Chase Ineligible status. Chase Home Lending will no longer approve, suggest or dictate the use of any specific appraisers. All appraisers with one of the valid state appraisal license/certifications (state license, state certified residential, state certified general) are permitted to complete appraisal services for loan transactions sold to Chase based on loan amount & complexity parameters. (A field review by a State Certified Appraiser is still required when the original appraisal is prepared by an appraiser in a Chase Review status.)
Saturday, October 17, 2009
Back in November the Appraiser Legal Defense and Insurance Blog included a post "Unfair State Board Complaints by a National Lender". Although the name of the lender was not identified in the post, the complaint letter example provided resembles those submitted by Chase Manhattan Mortgage.
For the past several months, appraiser bulletin boards have been plastered with posts and comments from appraisers concerned about their business and reputations after Chase Manhattan Mortgage moves them to "ineligible appraiser status". It looks like a change is in the works.
Mortgage News Daily reports:
Appraiser Active wonders if these changes have anything to do with Mark Simpson leaving JPMorgan Chase Bank?
This is all we have on this right now. Appraiser Active would like to hear from folks that have been affected by a move to "ineligible appraiser status" and how the policy change affects you.
In the course of working as a member of the Florida Real Estate Appraisal Board Probable Cause Panel, Ive seen plenty of the reviews and appraisals that prompted Chase to move appraisers to "ineligible appraiser status". IMHO many deserved the status. However, many did not.