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.)
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49 comments:
Frank,
I have no idea if I am on Chase's ineligible appraiser list, but Chase is on my ineligible lender list.
I have been fighting to have my name removed from Chase's ineligible list for nearly TWO years. They did not like the ONE (just one, out of thousands I've done) report I did that was reviewed by an appraiser ALREADY on their list, and then put me on a watch list. When they no longer took brokered loans, Chase moved everyone including me from 'watch' to 'ineligible' and my business slowly died. I lost 2 associates. I'm on life support (FHA) now. Why in God's name would someone ruin other people's careers on such a ridiculous whim? Greed and power are evil. Most of the brokers and lenders I worked with agree with Anonymous; Chase is on their ineligible lender list.
Just got my notice today for one appraisal. The review appraiser used comparables located in inferior neighborhoods and stated I used superior neighborhoods. In addition he used active vacant land listings to discredit the site value used in the cost approach. He included non permited additional GLA in one comp. Stated that I did not use the correct RE Taxes when the data was not available to me ect....
Feels like a witch hunt to me.
I have drafted a four page rebuttle discrediting the review and supporting the opinion of value. Mailing it out today I will let ya know how it goes
I don't know why some review appraisers have the need to be on a 'witch hunt'; power? Ego? Lack of confidence? Lack of competence? Likely all of the above. I wrote a nearly 3 page rebuttal addressing all the wrongs in the reviewer's report and it got me no where. I even asked if my clients would write them, of which half a dozen did, and it got me no where. They just DON"T CARE. I'm on blogs all over the place and have received numerous calls from appraisers recently blacklisted because of ONE report. It's downright wrong. Period. They need to be set straight.
I was told I was on a watch list at WAMU now Chase due to a mortgage broker that is gone now gone.
No way to rebut either. Chase well not give me any satisfaction or phone numbers of the people in charge to get me off the list.
I would just like to talk to somebody and give my side of the story.
How do you get through to the people at Chase to give your rebuttal?
email me your story. some thing has happened to me, I am trying to get as many similar stories that I can to put people together. rhino157@aol.com
I too have been placed on the "ineligible list" due to a review of single report o a very difficult property from an inexperienced reviewer. After a rebuttle letter was sent explaining the errors and unsubstantiated comments in the review, Chase sent the report to the state board for possible USPAP violations! The case was closed by the board with no evidence of USPAP violations. I have lost one AMC client and am wondering if this "blacklisting" will damage my relationship with a long time mortgage cient that is considering selling loans to Chase.
Eric, you are going to have trouble with the clients who might use Chase-they don't want the possiblity of you doing a report and then deciding to send it to Chase; they'd have to order a new one. The same happened to me. And that is a template letter they use - they've sent hundreds if not thousands to state boards across the country landing appraisers in hot water with their boards. Such a waste of time (in most cases). As of Monday, they finally removed my name. The very next day I got an order through my X-Site from a client I've not heard of before. That list is very damaging.
Who has access to this "list" and wondering where one can find it?
I just got my letter yesterday. I quickly wrote my rebuttal and was sent the canned "we will get back to you in 30-06 days", while my business slowly dies as they have removed me from the list PRIOR for me to be able to defend myself.
I guess at Chase you are presumed guilty before the trial. My appraisal was a good report and all that I did was documented and warranted. The house was valued by me at $104,000, reviewer used my comps (and missed adjustments) and came in at $90,000. Chase just takes the lower value no questions asks and tells you (appraiser) to hit the road. I read about a class action suit on this and am considering joining. Anyone have any info on the suit?
I have blogged about a class action suit, haven't read anyone else mention it. I have also contacted many attorneys to get their feedback. Could not find one to take it on a contingency basis. It would be a slam dunk, I would think. And yes, Chase presumes you are guilty and has no desire to see your innocence. I have spoken with many appraisers across the country in this same boat, we are all flabbergasted at their cold and callous policies of ruining careers at a moment's notice.
Several months ago I received a letter from Chase. I did a field review and confirmed the value of the original appraisal. Chase had another field review completed which concluded a much lower value. I replied to Chase to defend my appraisal review. Chase then filed a complaint to the state for possible USPAP violations. I responded to the state, which is not a fun process - providing copies of the report, field notes, research and a 5 year appraisal log. The state dismissed the case. My biggest complaint is that the other field review utilized comparable sales that were distressed sales - 2 foreclosures, and 1 property in need of repair and did not disclose the condition of these sales! It seems that Chase came through with an ax and made a statement - we will get rid of all the bad appraisers, but if we take a few good ones down along the way, well that is just the cost of doing business. While I am upset with the loss of business, it is reassuring that there are others in the same boat. It would be nice to see some changes made over at Chase. The low value is not always the correct answer.
You are correct, the low value is typically not the correct value and Chase is notorious for F***ing up good appraisers' businesses. I am finally off the list, but I refuse to do work for them. I am still in the market for a lawsuit providing I can find an attorney with some kahounas and willing to work with me. They have left the most foul taste in my mouth for doing business with them, nearly costing me my home and my sanity.
Good Morning just wanted to share some good news. I received my ineligible walking papers from Chase in October I took my time in writing an 8 page rebuttal. I completely discredited the review appraisal in addition to noting the numerous USPAP violations, going a step further I contacted the lender who did the loan and discovered at the time of the refi the homeowners new loan was saving them over $800.00 per month however after the loan closed the husband was laid off and the wife filed for divorce and moved to another state, I pointed out in my rebuttal that this has nothing to do with my appraisal and everything to do with the loan and the people as an appraiser I/we have no control over the loan /underwriting process but they do.
Long story short as of 01/07/10 we are back on the Chase list.
My advise is to pull out the USPAP regs and take your time in your rebuttal.
It's not just Chase...Flagstar Bank are complete assholes. Completed an appraisal three years ago. Recently found out I had been "blacklisted" for one file reviewed by an appraiser from out of the contry. Sent letter explaining facts..no luck business down 90% due to the morons at Flagstar. Best of luck guys
I just received my walking papers from Chase; I have been with them for over 15 years. Can somebody recommend a qualified person to help with writing a rebuttal? This person should be proficient in USPAP and have excellent writing skills.
Anonymous, are you saying you were on the black list, then taken off, then put back on again? That's Chase for you, a bunch of ego-centric power mongers happy to ruin a good appraiser's carrer. I will not work for them, at all. They are on MY ineligible list. When they took me off (after 20 months), they put the comment to the effect "if we ever have trouble with you again, you will NEVER get off the ineligible list". Sounds more like a threat than a willingness to work with someone. They use idiots for reviewers (not all, just the ones I've and many others have come across-but obviously enough to make many appraisers scream in frustration). I'm still searching for a lawyer willing to sue on contingency - many are telling me I have a "good case",a "compelling case". Good luck guys, I've started putting in my reports that the report is not to be used by any other institution than noted in the report, and never are they to be used for Chase Bank.
Anonymous, everything you said appears to be very accurate. I was a big vendor for Chase deals over the past years. Unyil about a year ago they removed me due to a prior exterior appraisal done prior to my interior that was a bogus exterior appraisal. AS-IS SALES/BANK/FORECLOSURES, ESTATE AND INFERIOR LOCATION comparables were utilized with no comments. My appraisal was 20% greater in value utilizing comparables with the most similar property characteristics known. After several months and a long detailed rebuttal I was put back on their eligible list. Approximately 2 weeks later I was thrown off again for another deal that an appraiser did a full interior prior to mine. All of their analysis and comments were bogus. They checked off stable for neighborhood property values. However, what they did not include was the prior sale just one year ago for $240,000 less than what it sold for and my opinion of value. After several months of rebuttals and waiting for a response I was put back on the eligible list. No offense to other appraisers but I put a great deal of research into my reports and suffered because they hired
unknowledgeable appraisers to do their work and tossed a guy off of a list twice within 1 year that has three kids and Chase is lucky to have. Where is the justice for my loss of work or my mental anguish I suffered losing work from my biggest clients. Very unfair to do to a hard working Dad of three.
Anonymous, everything you said appears to be very accurate. I was a big vendor for Chase deals over the past years. Unyil about a year ago they removed me due to a prior exterior appraisal done prior to my interior that was a bogus exterior appraisal. AS-IS SALES/BANK/FORECLOSURES, ESTATE AND INFERIOR LOCATION comparables were utilized with no comments. My appraisal was 20% greater in value utilizing comparables with the most similar property characteristics known. After several months and a long detailed rebuttal I was put back on their eligible list. Approximately 2 weeks later I was thrown off again for another deal that an appraiser did a full interior prior to mine. All of their analysis and comments were bogus. They checked off stable for neighborhood property values. However, what they did not include was the prior sale just one year ago for $240,000 less than what it sold for and my opinion of value. After several months of rebuttals and waiting for a response I was put back on the eligible list. No offense to other appraisers but I put a great deal of research into my reports and suffered because they hired
unknowledgeable appraisers to do their work and tossed a guy off of a list twice within 1 year that has three kids and Chase is lucky to have. Where is the justice for my loss of work or my mental anguish I suffered losing work from my biggest clients. Very unfair to do to a hard working Dad of three.
Nucci, you aren't the only appraiser who puts out good quality work. It seems as though the incompetent review appraisers working for Chase don't have the experience to know quality when they see it. I just forwarded these comments to the president of Chase's appraiser panel management team with a note. After 2 years' research trying to get off that miserable, no good, unrealistic, defaming list, I've gathered names and numbers.
Here is who to contact at Chase if you are black listed. Appraiser Panel Management/Collateral Risk Management 1-813-584-2325 Chase 4900 Memorial Hwy (FL2-3320), Tampa, FL 33634 Apm.Risk@chase.com
It seems that Chase is doing that to show the regulators that the foreclosures are due to the appraisers' "misleading appraisals"
Ray, that could be possible, cuz God forbid they look in the mirror and see much of the foreclosures are coming from homeowners who were unqualified to begin with. Stated income? Sure you make $200,000 as a garbage collector! Here's your house! I know full well there were inflated appraisals, but not 100% of them! I really don't know what's up with Chase arbitrarily killing off the good appraisers. And compound their tactics with the HVCC; it's a prescription for disaster.
Has anyone been placed back on the approval list after they sent in there rebuttal?
It took me 20 months to get off. I refuse to do work for them as they have already threatened to ruin what's left of my business if I ever 'land' on it again. The reviewer didn't have the city right, used comps with exorbitant adjustments, and accused me of inflating the cost approach when they didn't even have the Means Residential Square Foot Costs book. Chase's response was that the reviewer 'likely' landed on the list as well (they were already on the list when reviewing my work). Like I said earlier, I'm still looking for a lawyer.
LSL, what did you have to do to get back on the list?
Anonymous-I'm sure you mean get back off the 'ineligible' list. I spoke and met with my E&O insurance attorney who wrote a note on my behalf. Within a few days I had a response, albeit nasty, that ended with: "If future assignments are found to be lacking properly vetted comparables you will be placed on the Ineligible list again and will not be eligible for removal consideration." So now I put in all my reports that they are specifically not for Chase's use. I have also forwarded this site a week or so ago to the president of the APM so he is aware of the mess they are creating. I encourage anyone who lands on this list without due cause (as most are) to contact their E&O Insurance attorney. That's a good first place to start. And if I ever win the lotto (enough to pay an attorney), I will file a suit.
I just received a notice from Chase informing me of a quality review analysis they performed on a completed assignment of mine from 2007. Chase never informed me, either by CMRR, email or even the courtesy of a phone call, that this had occurred. I obtained knowledge from a client that Chase had put me on the ineligible list. My opinion of value, relating to the property in question, is well supported. I am now a part of the alleged witch hunt. My reply to their request was timely submitted, extremely detailed and in compliance with USPAP. I feel the treatment I am receiving is not warrented and intend to fight their actions. I have contacted legal representation, retained on a contingency basis, and intend on moving forward in fighting this miscarriage of justice. I am fighting for my name, my reputation and my livlihood. If you have had similar problems, or situations occur to you, I would like to hear from you. My email is appraiser1977@gmail.com.
I as like all of you have be put on the ineligible list for one appraisal report three years ago. I was told by WAMU that it would be temporary and the were taken over by chase. Haveing a problem contacting some one for chase on the matter. I have left phone calls with no reply.
In the sarasota/manatee area Chase uses Quantrix/Core logic, they have there own staff of peopel who couldn't make it the fee world so the take jobs making a minimal salery unless they can bill over $12,000/month. I was doing reviews for them and telling them how bad there staff was when suddenly I got the letter stating I was on the "Watch List" i really don't want to work for Chase; however, I have other clients who pay full fees of $300-$400 who won't use me now. I am going to contact my E & O attorney asap and see what can be done. Latest I heard was they had lowered the fees below $200 for a full 1004 Try making a living doing those. DB
I've been dealing with this Chase Bank "ineligible" appraiser situation for almost a year now. I was initially notified by Chase as to my "ineligible" status and was provided with the review of my appraisal from four years ago. What a piece of work! Terrible comps, including foreclosures and properties well outside the subject neighborhood, properties not even remotely similar, etc. I contacted the Chase Bank "Collateral Risk Management" department and spoke with someone who literally "yelled" at me over the phone. I remained calm, but after realizing this was going nowhere fast, I asked if they would please provide a specific list of what Chase felt was wrong with the report, and I would supply a rebuttal. In my very detailed four-page rebuttal, I dealt with every point they had brought up- most of them were absolutely ridiculous- and proceeded to ask why they would accept the findings of an obviously "poor" review over the information provided by the appraiser who was actually "there" and knew all the specifics about the property, the neighborhood, the local economy, etc. They responded by saying that I would remain on their ineligible list for "possible" USPAP violations. Shouldn't it be a little more concrete than that if someone is going to mess with your professional life? In a nutshell, I've lost two of my best clients over this (they both loved all my work, and hated to lose me, but their "hands were tied" by this Chase "blacklist"). Short of taking out a lawsuit against a company that is surely "lawyered up", there seems to be no recourse for this irresponsible action taken by Chase. Is there an actual way to reach someone at Chase who might actually listen and respond "reasonably" to my concerns? I don't feel the "Collateral Risk Management" department is the way to go- especially after the way I was treated by them over the phone. Any other ideas out there? I can't believe that I've been an appraiser for almost ten years, with no incidents or problems, and then this happens! It's just not fair play in my book!
LSL and Anonymous, could you email me at drofna@aol.com I'm working through the same issue with Chase and would like to pick your brain on an effective rebuttal?
thanks
I would be happy if I could just talk to someone about the Blacklist. Does anybody have an address or a name or a phone number?
Have y'all considered a breach of contract, interference of contract lawsuit? Treble damages may apply if you can prove malice.
Signed, Chase the Money
I was sent that same letter 3 yrs ago.. The case has finally hit and The Florida Cause Panel of the Florida Real Estate Board determined that " the facts and circumstances did not warrant any formal administrative action " . Now finding someone to put me back on the approved list is impossible. >>>
I am now dealing with the same situation as all of you. I've been an appraiser for 11 years with no problems. I received a letter from Chase and sent in my rebuttal. It didn't even make one bit of difference. They said in their letter, if they were not satisfied with the rebuttal they had the right to forwarded it to the Appraisal Board. This was an appraisal I had done 5 & 1/2 years ago for another lender. I've never done any work for Chase. This appraisal was for a new modular home. In my state, modulars are considered equal to site built homes. Chase's review appraiser used manufactured doublewides as comps. Obviously that reduced the subject's value. The tax records. indicated it to be a single family residence but some of the modulars were reported as doublewides by the. county tax office. We all know how accurate they are. I submitted sales of modulars as comps. I also submitted sales since the appraisal date that had sold through MLS for more than or equal to my appraised value. Most importantly, they were all marketed as modulars and all had the required modular sticker inside. Both these points proved that the review appraiser didn't do proper research and made the assumption the subject was a doublewide.
When I receive a call from an AMC to see if I am available to do an appraisal, my first question is: who is the lender. If it isw Chase or Flagstar my answer is "no thank you".
Several weeks ago I received a letter from Chase stating I may have violated USPAP and supplied about a dozen comparables which they felt were "better" comparables than the ones I selected/used in my original report. If i did not respond to them then would place me on an "ineligible list". I spent an entire day re-butting the comparables supplied to me. ALL the comparables supplied by Chase were deemed superior in one way or another (lot size, location, GLA etc.) What reviewer looked at my appraisal? and why supply a whole bunch of asinine Comps. The letter was not even signed by a person just the "Appraiser Panel Management" Yesterday, I received a letter stating " Based on your response, Chase is reinstating your eligibility to receive future Chase-Related assignments" GREAT! but guess what, from now on Chase is on my ineligible lender list. What a complete waste of my valuable time. I advise everyone that receives a letter from Chase to carefully prepare your rebuttal and cover everything, get that copy of USPAP off the shelf.
I just received an new order today thru a new company and I was told if you are on Chase's black list we can not give you this order. I am on the list for something I did not even do. It was done by someone else who made a mistake and now I am on the list also. This has been over 5 years now and I still am on their list. I have lost many of orders and companies due to this list. I don't understand how they can make good appraisers look bad from 1 mistake that was not even done by me. They should be ashamed of themselves.
In 2001 I upgraded my alamode software and was not aware that the state number and state cert blah blah would simply disappear or move around and this was the first time I started electronically transmitting reports, the state of FL came after me for failure to communicate the report properly even knowing it was a software glitch that alamode semi cured by adding a padlock to the toolbar to over ride their crap--I fought them until 2005 when I lost my eyesight in an accident and let them do whatever and spent a year gaining my sight back in my right eye, in the mean time for the audacity of standing up for myself the state fined me 3K in cash, 3 days out of town attending their meetings, 45 hours of Education and 6 months probation and have branded me a serial killer on the internet for 11 years and hurt me seriously over what would be considered a very minor offense that was an acknowleged software error at the time. Chase saw only that I was fined once 11 years ago and after several thousand appraisal and several thousand reviews with never an issue I am off their list, I guess there is no statute of limitations either, I only have to maintain files for 5 years and yet I am punished for life, I feel like I got the death penalty for jaywalking and trying to talk to chase is like trying to get the congress to do something, if there is a class action suite Im in---Bill
I too have been added to their list for doing a report on a condo that was also part of a rental program. All the comps used in the report were also in rental programs in and outside of the subject's development. This was also explained in the report. So a reviewer doesnt read the addendum and says I ommitted to the fact. So after Chase took over WAMU they added me to their list. The state took up the matter and dismissed it also but Chase won't talk or respond.
I don't know if i am or am not on the "don't use list", but I had an apprentice acquire my electronic signature, built 3-4 websites using my name and office information. He had appraisal orders sent to his home fax, did several appraisals that I never saw that he signed with my electronic signature. As a result of a complaint, I was find by my state board, and put on probation for 2 years. I immediately sent in his license, and my business fell off considerably. How do you find out if you are on the black list or not, and how to request removal of my name. RB from SC
Agreed! and I hope all goes as planned. Although they went through the process of requesting information in regards to a summary residential appraisal after relying on a Ext Review with a more limited scope; it was obvious they either didn't take the time to read my extensive yet concise rebuttal letters. Now they are branching out to all valuation products and other niche markets... I would never complete another appraisal for them but as an employed in-house reviewer for internal company purposes, I cannot believe they have the right. In such markets, they effectively control the appraiser(s) completing particular types of reviews.
In addition, the timing of some of these disputes/complaints occurred when some of us simply could not afford the legal counsel or the time taken to adequately defend an appraisal (2006-2007). I find satisfaction in knowing they paid my employer who wrote my paychecks enabling me to hire legal counsel and fight them back, and I for that, I solute you. Otherwise, I could live w/out.
If anyone has had success getting off the blacklist from Chase bank, I've been told by a fellow appraiser it is difficult, but I am attempting to do so, because I have recent experience with review work which simply pays more consistently and is what I need at the moment, yet I cannot even contract for them because of CHASE and a dispute with an appraisal completed 5+- years prior.
If anyone knows what this consist of within Florida (If location matters...?) I'm going to contact them tomorrow. Any links or advice would be greatly appreciated. If this is already posted, I apologize, but I do not currently have time to read through the several pages of comments -- Although I agree with most of them.
I might change my mind depending on the results and feedback from this and similar posts. But, any links, tips, or other would be appreciated. Thanks in advance.
Wonderfull Chase, the land of egos and as*holes. I had a complaint filed in Jan. 2009 on a file 9/2007. by Chase. The problem was it was not done for Chase and there were small corrections which were needed and were made the same day having been sent to my correspondent lender client. The unamended file was sent to Chase, however file was cancelled that day and the amended file was never forwardered. File was placed in the cancelled files of Chase, as verified by loan officier. Head reviewer pulled file in January 2009 (?) and filed complaint with DBPR (also ego drive,) DBPR would not except amended report - even when verified by client.
A couple of months ago I received a review from 2007 on one of my Appraisals from Chase. This is the first rebuttal request I have ever had. I sent in my rebuttal by Certified email, and they advised me they have moved me back on to their approved appraisers list. I wasn't even aware that I wasn't on it! Not a big client for me...
Got a phone call from a lender/client who informed me that they were trying to sell a mortage to Chase, and that Chase said they could not accept an appraisal from me. How do you know if your on the Black Ball List? and who can you contact to find out the reason, and be removed? Thanks
RB
over the years I performed hundreds of appraisals for chase with no problems, i was doing review work for them and was removed from their panel over a completely diff matter with the FL board that had occurred and was minor in 2001 pertaining to a signature block error as i had just started elec transfer of reports i did not know that some things on my alamode software would simply vanish if i did not lock it in place, as the result of an accident which left me blind for about 6 months and not knowing if i would see again at the time i quit fighting them over this in 2005 and they nailed me to the cross, it had nothing to do with chase or anyone else for that matter but apparently chase will remove you even if you simply defended yourself against the state, are there any updates on changes in their policy, i havnt done an appraisal since the amc's took over and really dont want to but i do like reconciliation work THX Bill
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