Petition Opposing Coercive & Abusive Behavior Against Appraisers
Petition Opposing Coercive and Abusive Behavior of Chase Bank and Other Lenders Against Appraisers
Please consider signing the online petition launched by John Dingeman opposing the coercive and abusive behavior of Chase Bank and other lenders against appraisers.
Stop Intimidating, Threatening, and Bullying Appraisers
Chase Mortgage Banking, like other financial institutions have come into possession of appraisals where a loan has been assigned or sold to them. If Chase had any issues with these appraisals during the underwriting process when the loans were written, they would have asked the appraiser’s “Client” for clarification, explanations, and/or corrections.
With every foreclosure, Chase Bank is scrubbing each and every one of the appraisals in an attempt to place blame on a loan gone bad on someone else, instead of acknowledging their culpability in greed. Chase Bank is sending out non-registered mail and alleging that USPAP (Uniform Standards of Professional Appraisal Practice) violations occurred and are asking the appraiser to reconcile the violations, explain their appraisal methodology, and discuss with them the value conclusion. If the appraiser does not comply, Chase Bank is threatening the appraiser with placement on their Ineligible Appraiser List and a formal complaint to the respective appraisal board.
The appraiser (Chase Bank is fully aware of this fact) cannot legally comply with their request because Chase Bank is not the “Client” in most cases. They have simply been assigned the loan from another lender/bank or sold to by a mortgage broker.
Confidentiality is NOT limited to the Appraiser-Client relationship. By numerous laws and regulations, including USPAP, it also includes ALL information that is not “public.” The value along with adjustments and descriptions of the house (that is not part of the public record) are confidential and cannot be disclosed to others, including people or companies in possession of the appraisal. This information can be disclosed to the “Client” only but not others.
Just because a Client “Assigns” an appraisal to others, does not change the Appraiser-Client relationship. Assigning the loan file or appraisal to another, like Fannie Mae, only changes things for the lender; nothing has changed the Appraiser-Client relationship.
The appraiser does not have the option of talking to “some lender, like Chase, down the line” or not. The law is very clear; the appraiser can only communicate private information with the Client. Complying with Chase’s coercive request would violate the Gramm–Leach–Bliley Act, the Confidentiality section of the ETHICS RULE in USPAP, and in many cases state law (Arizona Revised Statute 32-3631, Paragraph A.10).
So Chase puts the appraiser in a precarious position. Violate the law and comply or follow the law and suffer the consequences.
There are legal remedies for Chase and that is to engage the appraiser directly, establishing the Appraiser-Client Relationship by ordering a new retrospective appraisal with an effective date of the original appraisal.
(For the lay person – this is no different than your employer walking into your physician’s office and demanding a copy of your medical records and threatening the physician with legal action and board complaints if the physician does not comply. HIPPA laws are in place for a reason. Like it or not the physician is bound by the law and in this case so are the appraisers).
Some appraisers have lost all, if not a considerable amount of their business as a result of this practice. Chase Mortgage Banking should not be threatening and intimidating appraisers but should be acting professionally to engage the appraiser directly in a new assignment.
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And THOSE are their biggest complaints about AMCs?
Whomever created this one must live in a cave or be a part time appraiser.
Did you read the complaint?? Obviously not! Chase is a Bank not an AMC!!! This kind of intimidation has been going on forever and needs to stop! You are obviously the one living in a cave!
Chase Bank owns one of the largest AMCs. Banks have been intimidating appraisers since the beginning of time. Weak appraisers caved in; strong appraisers quickly told the intimidator where they could go. Unfortunately with AMCs ordering over 90% of all lender based appraisals today there are few other clients to turn to.
Learn how to choose your fights.
You certainly chose the right enemy to attack but you’re using the wrong argument.
No, Chase doesnt OWN the AMC’s, Chase controls the AMCs. Trust me, I know, I’ve worked for 2 of those AMC’s and now work for Chase, spending every day fighting Underwriting, Sales, everyone, for almost every appraisal correction, addendum, or addition they want in the report completed for their sloppy loan. All I do is argue over what’s being asked from the appraiser and more importantly, who is really responsible for providing that crap instead of the appraiser. This top 3 lender shows more and more every day that they will continue to make everyone else (mostly the appraiser’s since those are the people supplying the most viable part of their loan’s survival) take the liability for the loan with Chase’s damn name on it because to most of them, the ends will always justify the means, no matter who gets stepped on along the way. Appraisers that have told Chase to SHOVE IT once that threat of being added to the ineligible list, I will always applaud them for that. Those that remain because they have a business to keep, families to take care of, and life in general to support, I’ll continue to risk my job every time crap blows up while I refuse to send something to an appraiser to “comment on” or “provide additionally” because it’s absolutely RIDICULOUS 99% of the time. The AMC’s cave too often because there’s a profit margin to maintain. Most employees within an AMC hate the lender; calling an appraiser to ask for something you completely disagree with is the worst way to spend your day, and they live it all day, as do I. “Choose your fights”? Exactly how much longer does this have to go one before enough is enough???? I keep working and fighting there hoping that at some point, some things will start to change with this appraisal process….. Maybe that’s a useless hope, but people have to try.
Chase uses Quantrix right? They removed me from their panel for asking if an American was available to assist me with complex appraisal issues about a specific order.
Don’t you just love Springhouse then?? With all their off-shore contacts in India? I had the reviewer in India tell me they could not find the comps I used on the internet????? Yeah big surprise!!! That’s why there are appraisers that belong to MLS and the sales all required to be sold in the last 6 months are not on Zillow or Trulia or Realtor.com yet, so I had to speak to Shad Shearer the guy in charge, who got so exasperated with me because I would not budge, “just give them what they want he yelled at me” I would be glad to give them everything they want ass_ _ _ _ I yelled back at him if you would pay me for all the extra time to compile all that data in the report I am more than happy to do so. I know. . . . . I know . . . . he’s right I am always such a pleasure to work with, but you can’t fix stupid and I am so tired of training all these experts on everything to do with their job. Why don’t they all just eat dog shit and die!!!!!
Fed up??? Think you have heard every stupid request in the book? Here’s one for you,,, last week 03/2014 a rep of the lender complaint department sent me an email request based on the home owner ( who bought the property four years ago when I appraised the house 2010 ), wanted to know if she needed to give the home owner my contact information so the homeowner could remedy the issue they had with the statement I made on the report of “peeling paint on exterior of the home” even though the home owner told the complaint department that there was no peeling paint on that side of the house and the complaint department said there was no photo of the said “peeling paint” in the report. I emailed the complaint dept back that if the were in the lending business at all that I had no proceedure for dealing with a home owner as I am not permitted to speak with them and that if I said there was peeling paint there was peeling paint, that sometimes the issues are so numerous that it is not possible to include all the photos in the report, and finally that it was totally up to the lender what they wanted to do concerning the peeling paint issue as it is my job to report to the lender what is there. whew!!! I went further on to tell the rep that if this issue was so all fired important to warrant a remedy now why didn’t they take care of this 4 years ago? That if they wanted to further engage my services order a new appraisal at the cost of 425. or order a reconsideration of the prior 4 year old appraisal at the cost of 650. or let me alone. I should write a book on stupid people or maybe just on stupid AMC’s & Lenders.
Oh yeah in all my excitement forgot to say, HEY HOMEOWNER. . . . . . DUH. . . . KNOW WHY THERE IS NOT PEELING PAINT THERE????? NOW 4 YEARS LATER. . . COULD IT BE THAT THE LENDER MADE THE SELLER SCRAPE AND REPAINT? Wonder what the complaint dept rep gets paid? I bet it’s more than minimum wage . . & she can’t figure that one out???
Hey all just had trimavin offer 330. for an FHA in Logan Co WV no MLS no Realtor Board. and their Letter of Engagement says the fee is customary and reasonable, ha reasonable when in 1945???