ES Appraisal Settlement with Chase

by AppraisersBlogs · Published May 22, 2013 · Updated July 23, 2017

It has come to my attention that the attached settlement is being proposed to the BR Trustee in the ES Appraisal case and thought that it was important that the information be passed along to whomever might need it since many of our members have been affected.

Please forward to whomever you believe might be owed fees in this case.

I would recommend that anyone do their own research on this as I am only passing along information that was given to me third hand.

It is the belief of others that this agreement will forgo millions of dollars in fees owed to appraisers by ES Appraisal and Chase.

If an appraiser is a creditor, they would probably need to take some sort of action to opt out of this, but I am not an attorney and all must analyze this for themselves.

Here is a message from our NC Appraisal Association president:

To any appraiser that is owed appraisal fees from ES Valuations, attached in the NCREAN.ning web-site is the proposed settlement from Chase for their part in the ES Valuation failure.

http://ncrean.ning.com/profiles/blogs/es-valuations-proposed-settlement

Unfortunately, I cannot add attachments through Icontacts, so please go the site to the blog post. I urge anyone that is owed appraisal fees from ES Appraisal to follow the direction and send your letter to oppose this agreement.

If you read this agreement Chase Bank is trying to trick appraisers into a settlement by paying what they owe ES Appraisal. At the time that they went out business they owed 12 million in fees and had 2.3 million that Chase still owed them. Chase is trying to say that if they pay what is owed to ES Appraisal, then all the parties with claims against ES Appraisal will not include Chase. According to Dodd/Frank, if the Lender chooses to use a third party agent, then they are responsible for that agent. Please get the word out to any one that you know is owed funds from ES Appraisal.

Sincerely,

David Cozzarelli
NCREAA President

Peter Gallo

Vice President, The North Carolina Real Estate Appraisers Association (NCREAA)
Vice President, The National Association of Independent Housing Professionals (NAIHP)
Director, Charlotte Regional Mortgage Lenders Association (CRMLA)