Citi Group Watch List - Is there any way to get off?

[Lloyd Bonafide]

Are stories like this going to make appraisers come up with overly conservative values in the future?

I'm trying to think if there is any other type of profession where a person can get put on a blacklist, (sometimes for no good reason), and the result is that they are almost put out of business with all lenders.

I don't really have a problem with a blacklist, because there are a lot of bad appraisers out there, but the quality of many appraisal reviews is so atrocious these days that it's not exactly a fair process.

A friend of mine who I worked for 20 years ago, and who has been appraising for 30+ years got a threatening letter from Chase several months ago alleging multiple USPAP violations on a property he appraised in 2007. He said there was nothing wrong with the report at all, but that values have dropped by almost half in the condo complex since 2007, and I guess Chase has to put the blame somewhere, (it couldn't be their fault, right?). I believe he has since cleared things up with them, but I'm not sure exactly how he did that.

 

[peteles]

It also can come from doing really crappy work ... trust me I see enough of them every day if I had a watch list many would be on it .... lets hope they were having a bad day .. but if consistent crappy work is turned in ... the list may well be appropriate.
We come to this forum and gripe and complain about the work we see that is crap that lenders accept, and then if the lender does something about it, we gripe and complain about Hollowoods Black list ............

The fact Webbed is neither you nor I know why the OP was placed on a watch list ... so talks of McCarthy are a bit premature dont you think?

Thanks for the support out there. Evidence of an altered report and nobody at the bank to talk to, reeks of blacklisting. If you found out one of your reports was altered and a lender blacklisted you with no way to fight back, and they constitute appx 70% of your biz, I'm sure the attitude would change. I have completed over 1000 reports for Citi and Calpers (whom Citi bankrolls) including leaseholds, new construction, multi-million $$ properties and they did seem to have a problem. Over 25 years with not so much as a blemish counts for nothing anymore. Would any bank want to find out who perpetrated the fraud on them immediately and not accept work from the lender? Lender still OK with them. I'm not surviving... McCarthy for prez!!! Assuming appraisers are crappy without evidence is just what I'm speaking of here.

 

[peteles]

Are stories like this going to make appraisers come up with overly conservative values in the future?

I'm trying to think if there is any other type of profession where a person can get put on a blacklist, (sometimes for no good reason), and the result is that they are almost put out of business with all lenders.

I don't really have a problem with a blacklist, because there are a lot of bad appraisers out there, but the quality of many appraisal reviews is so atrocious these days that it's not exactly a fair process.

A friend of mine who I worked for 20 years ago, and who has been appraising for 30+ years got a threatening letter from Chase several months ago alleging multiple USPAP violations on a property he appraised in 2007. He said there was nothing wrong with the report at all, but that values have dropped by almost half in the condo complex since 2007, and I guess Chase has to put the blame somewhere, (it couldn't be their fault, right?). I believe he has since cleared things up with them, but I'm not sure exactly how he did that.

"A threatening letter would have been welcome":new_all_coholic:
quote me...

 

[PropertyEconomics]

Thanks for the support out there. Evidence of an altered report and nobody at the bank to talk to, reeks of blacklisting. If you found out one of your reports was altered and a lender blacklisted you with no way to fight back, and they constitute appx 70% of your biz, I'm sure the attitude would change. I have completed over 1000 reports for Citi and Calpers (whom Citi bankrolls) including leaseholds, new construction, multi-million $$ properties and they did seem to have a problem. Over 25 years with not so much as a blemish counts for nothing anymore. Would any bank want to find out who perpetrated the fraud on them immediately and not accept work from the lender? Lender still OK with them. I'm not surviving... McCarthy for prez!!! Assuming appraisers are crappy without evidence is just what I'm speaking of here.

I would have sued immediately and I hope you have.

As a side note .. I have never let someone be 70% of my business for the exact reasons you are having troubles now. Its simply not worth it and a loss is too huge for the business to handle. Unfortunately that is a lesson learned ... but my comment was not specifically at you ... it was at Webbed's assertation that all lists are bad for the reasons he spelled out ... that is simply not true. There is a ton of bad work out there ... if yours wasnt then I sympathize with you .... there are remedies but as you note they take time.
I hope you get an offer from the toher thread you have posted.

 

[Julia Young]

What is a CitiGroup watch list? Coincidence, because I received a fax from CitiGroup today saying my license was expiring, which it was up for renewal but now renewed. They said if I failed to fax them a copy of the new license I would be removed from their approved list of appraisers. I didn't even know I was on a CitiGroup list. I haven't done work directly for CitiGroup unless they are backing someone else I've worked with. Can anyone explain the structure or provide additional information?

 

[Terrel L. Shields]

Why would anyone want to be OFF their list....? I would wear it proudly because it is evidence that you are an uncompromising and honest appraiser.

 

[Kevin Mc]

I was just removed from an AMC because I filed a complaint against one of their employees who threatened me with a black list. Apparently if you reject orders the banks are taking note of this for documentation against you.

I rejected 2 orders in the last two weeks as they were not in my area and there was an issue of competence. I could do all the things to become such and yada yada but I have my own area and so sent the orders to others... which I figured is good to do + am geographically compliant etc.

Then, this week, I recevied an order the day it was due and so said to them that I had to reject it and get a new due date. I then got a crazy phone call from some lady having a horrible day I guess, wherein she threatened me, like I have some documented history of rejected orders. They apparently don't change due dates and the lender won't let them. She downloaded all sorts of "not mah problem" things about how bad her client/bank is... lol

Apparently, where I filed my compliant on there site went to the bank that she was complaining about and they all got in trouble. I just got a phone call from some other lady accusing me of trying to get them in trouble intentionally. It's pretty ridiculous and I don't know these people from Adam. I have nothing to gain from them getting in trouble and I only filed the complaint 'cause the lady was being an ahole and nasty with me.

Luckily, this AMC is doesn't affect my biz and I only did a few orders for them but still, appraisers should beware that when you reject an order to make sure to put in writing exactly why, hit print screen /screen cap it and put it in the file...

jus sayn

Exhibit A.....

 

[Webbed Feet]

What is a CitiGroup watch list? Coincidence, because I received a fax from CitiGroup today saying my license was expiring, which it was up for renewal but now renewed. They said if I failed to fax them a copy of the new license I would be removed from their approved list of appraisers. I didn't even know I was on a CitiGroup list. I haven't done work directly for CitiGroup unless they are backing someone else I've worked with. Can anyone explain the structure or provide additional information?

Did the fax also demand your S.S.#, address, birth date, mothers maiden name, bank acount balances, and account transfer numbers?

 

[peteles]

I would have sued immediately and I hope you have.

As a side note .. I have never let someone be 70% of my business for the exact reasons you are having troubles now. Its simply not worth it and a loss is too huge for the business to handle. Unfortunately that is a lesson learned ... but my comment was not specifically at you ... it was at Webbed's assertation that all lists are bad for the reasons he spelled out ... that is simply not true. There is a ton of bad work out there ... if yours wasnt then I sympathize with you .... there are remedies but as you note they take time.
I hope you get an offer from the toher thread you have posted.

Companies that pay 100% are rare and they did. If you don't service them, they find other appraisers. Basicly, in May 2009, I had to start over again and i'm NOT working for 40% split. Thats why 70% of my biz is gone. Sucks for me.

 

[GCJim]

While I feel for the original poster and all those walking in his shoes,
the title of this thread should be changed to,

"Why A Self-Respecting Appraiser Should Never Work for Appraisal Manipulation Companies".

(I don't think they work people in third-world sweat shop factories like they work some of our residential AMC appraiser brethren. If they did, hopefully some well-known actors & actresses would take up the cause!!
Shhhheeeeeeeeesh!!! Some of you folks are absolutely OUT OF YOUR MINDS!