Brian Weaver
Senior Member
- Joined
- Apr 16, 2005
- Professional Status
- Gvmt Agency, FNMA, HUD, VA etc.
- State
- Illinois
I get this question a lot. The answer is: Yes & No.
In short...the lowest value between an original report and a second report completed days later...is the winner. That seems to be the common thread amongst all of my Chase complaints.
If they send in a review with a lower value...then that's the winner.
I've never received a Chase complaint where the original value was lower than the second appraisal/review. Never.
Does Chase document USPAP violations...um...yes...and no. They send out form letters and attach the rebuttal report or a field review and rely on those documents to "speak for themselves". Unfortunately, a rebuttal appraisal is just a different opinion of value. It never speaks to the first report. Why would it? The second appraiser is just doing...an appraisal. Not a review or an investigation of the first report. They don't even know a prior report exists.
Can I charge them $1,000? Not so much.
Can I close them without looking at them? Not so much.
Are ALL the Chase complaints bad? Not at all. Sadly, they're biggest complaint is about the number. As a regulator...my biggest problem isn't the number...but how one GOT to a number. Whatever the number.
Do some appraisers deserve to be made "ineligible" by Chase. Sure. I see junk reports all day long.
Here's what I see:
Some appraisers can't cobble a coherent sentence together...so they can't explain what they've done. So Chase bumps them.
Some appraisers couldn't do the Cost Approach with a gun to their head...so Chase bumps them.
Some appraisers chronically ignore easily accessed info...zoning...lot dimensions...neighborhood names...so Chase bumps them.
Are all of these things "death squad-worthy" USPAP violations? Probably not...individually...but collectively...the appraiser looks like a lazy boob.
However...there are cases that I've closed where the original report was adequately documented. The correspondence between Chase and the appraiser seemed reasonable...but Chase still bumped them...because...um...I don't really know why they bumped them. They just did.
What irks me is this "shoot first; ask questions later...then shoot them again" attitude regarding placing appraisers on their ineligible list. But...there's nothing I can do about that. Chase doesn't care what I think about the cases I process. They don't seem too impressed about what our Board thinks, either. So...they can blacklist all 90,000 appraisers if they want. That's a business decision that has nothing to do with the state and regulation. I just press on...wade through the avalanche of both the sublime...and the ridiculous.
In short...the lowest value between an original report and a second report completed days later...is the winner. That seems to be the common thread amongst all of my Chase complaints.
If they send in a review with a lower value...then that's the winner.
I've never received a Chase complaint where the original value was lower than the second appraisal/review. Never.
Does Chase document USPAP violations...um...yes...and no. They send out form letters and attach the rebuttal report or a field review and rely on those documents to "speak for themselves". Unfortunately, a rebuttal appraisal is just a different opinion of value. It never speaks to the first report. Why would it? The second appraiser is just doing...an appraisal. Not a review or an investigation of the first report. They don't even know a prior report exists.
Can I charge them $1,000? Not so much.
Can I close them without looking at them? Not so much.
Are ALL the Chase complaints bad? Not at all. Sadly, they're biggest complaint is about the number. As a regulator...my biggest problem isn't the number...but how one GOT to a number. Whatever the number.
Do some appraisers deserve to be made "ineligible" by Chase. Sure. I see junk reports all day long.
Here's what I see:
Some appraisers can't cobble a coherent sentence together...so they can't explain what they've done. So Chase bumps them.
Some appraisers couldn't do the Cost Approach with a gun to their head...so Chase bumps them.
Some appraisers chronically ignore easily accessed info...zoning...lot dimensions...neighborhood names...so Chase bumps them.
Are all of these things "death squad-worthy" USPAP violations? Probably not...individually...but collectively...the appraiser looks like a lazy boob.
However...there are cases that I've closed where the original report was adequately documented. The correspondence between Chase and the appraiser seemed reasonable...but Chase still bumped them...because...um...I don't really know why they bumped them. They just did.
What irks me is this "shoot first; ask questions later...then shoot them again" attitude regarding placing appraisers on their ineligible list. But...there's nothing I can do about that. Chase doesn't care what I think about the cases I process. They don't seem too impressed about what our Board thinks, either. So...they can blacklist all 90,000 appraisers if they want. That's a business decision that has nothing to do with the state and regulation. I just press on...wade through the avalanche of both the sublime...and the ridiculous.
