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Chase tightens some appraiser qualifications

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Lloyd Bonafide

Thread Starter
Senior Member
Joined
Jan 15, 2006
Professional Status
Certified Residential Appraiser
State
California
• Appraisals for loans less than or equal to $417,000 (conforming loan
limit) can be performed by either of the following:
• a State-Licensed appraiser, or
• a State-Certified appraiser (residential or general certified appraiser).
• Appraisals for loans greater than $417,000, but less than or equal to
$750,000, must be performed by a State-Certified appraiser (residential or
general certified appraiser).
• Appraisals for loans greater than $750,000 must be performed by either a
• a CRM-approved appraiser, or
• a State Certified appraiser (residential or general certified appraiser)
selected by a CRM approved national appraisal service provider.
A second appraisal performed by a CRM-Approved appraiser is required for
all loans greater than $1,000,000.
 
Last edited:

Lobo Fan

Elite Member
Joined
Nov 28, 2004
Professional Status
Certified Residential Appraiser
State
New Mexico
Please excuse my ignorance but what is a CRM approved appraiser?
 

Lloyd Bonafide

Thread Starter
Senior Member
Joined
Jan 15, 2006
Professional Status
Certified Residential Appraiser
State
California
Appraisal - General Requirements -2- Revised 07-30-07

Appraiser Qualification Levels

To perform real estate appraisals that are acceptable to Chase, real estate appraisers must be state certified or state licensed according to the Code of Federal Regulations, Title 12, Chapter 34 – 12 CFR, and as amended from time to time.

There are four acceptable appraiser qualification levels:▪ State Licensed,▪ State Certified Residential,▪ State Certified General, or▪ Chase Risk Management (CRM) Approved.

(Requirements for receiving CRM Approved status are located in the Collateral Administrationwebsite.)

NOTE: CRM approved appraisers will always meet the “state certified” requirement.


I believe that their approved panel is handled by Fidelity / Hanson Quaility.
 

Greg Bell

Senior Member
Joined
Jul 7, 2006
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
Chase has always been a weenie outfit.Maye , with luck , they will tank like the rest of the weenies.Licensed appraiser unite!!!
 

Bama Bayou

Senior Member
Joined
Oct 19, 2006
Professional Status
Certified General Appraiser
State
Alabama
I recieved an appraisal request from them about three months ago. Completely out of the blue, but I noticed the request said "appraiser must be CRM approved" or something like that. I had no idea I had been so honored since I had no idea what it meant until this thread.

The appraisal request had a fee on it much higher than I would have quoted, and I'm not cheap. I decided to just accept their fee rather than tell them my usual fee for that type of property is about half of what they put on the request.
 

Charles Witt

Senior Member
Joined
Dec 13, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
I was CRM approved over 7 years ago but when they went with eAppraiseIT, I decided to leave. After all, I do not work for 3/4 price! Now it is only 60% of price. :new_2gunsfiring_v1:
Watch for more loans going south announcments.....
 

Scott Kibler

Elite Member
Joined
Oct 7, 2003
Professional Status
Certified Residential Appraiser
State
Illinois
Probably by having a license and the lowest fee in your market.
 

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
You must be on their list.

Please excuse my ignorance but what is a CRM approved appraiser?

CRM

Chase Risk Management

If you are on Chase's approved list,you are most likely CRM certified.
 

Lloyd Bonafide

Thread Starter
Senior Member
Joined
Jan 15, 2006
Professional Status
Certified Residential Appraiser
State
California
I do think we're going to see more lenders following suit - requiring certified appraisers for loans larger than the conforming limits.

If you're not certified, you should work towards it, unless maybe you are in an area where there are very few jumbo loans.
 
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