On The Rejection List?

[Davy]

I emailed one of the AMCs that I do work and have a good relationship with and asked them why the amount of appraisal work has gone down to a trickle. They "received notification" that I am on the Chase rejection list which may be impacting my order counts. I have been in the appraisal industry for 20 years and have only recently gone back out into the field this year AND I have not done any work for Chase that I am aware of, so how, exactly, does this happen? Any ideas on getting this resolved? Perhaps this is why work for me is abysmally slow right now; I'm not sure. Thanks!

 

[DWiley]

I emailed one of the AMCs that I do work and have a good relationship with and asked them why the amount of appraisal work has gone down to a trickle. They "received notification" that I am on the Chase rejection list which may be impacting my order counts. I have been in the appraisal industry for 20 years and have only recently gone back out into the field this year AND I have not done any work for Chase that I am aware of, so how, exactly, does this happen? Any ideas on getting this resolved? Perhaps this is why work for me is abysmally slow right now; I'm not sure. Thanks!

Large lenders buy a lot of loans from others. Getting on the do not use list for a big lender does not require working directly for that big lender.

Also, unlike AMCs, which are required to provide written notice if you are placed on an exclusionary list, lenders have no such obligation. It can be very frustrating for an appraiser.

 

[Davy]

Believe me, I worked for one of the largest lenders for years and I know what kind of work it took to get on their do-not-use list: the work had to be almost completely unsupported. I was in QC and QA, so I was the one who made judgment calls on appraisal work.

If I my appraisal work were questionable or if I knew I took unnecessary chances in my appraisal work, I would blow this off. Unfortunately, I have worked in all aspects of appraising for a number of lenders and there is no reason why I would produce work that was so bad it would relegate me to a rejection list. This affects my income and livelihood. Not giving me any recourse or reasons for this apparent act is unethical. I am looking into this and if I find something concrete I will act upon it.

I may end up suing Chase until I can get some answers, but I have other avenues to go first. I hope it does not come down to a lawsuit, but if it must, it must. Again, I have done less than 100 appraisals this year and NONE that I know of have been for Chase. I find this very curious, but thanks for your insight!

 

[gregb]

There is a history of denial of work actions taken against lenders, where the appraiser was successful in seeking redress, but as far as I know these have occurred only where the appraiser had been a whistleblower with claims against the lender. If Chase has put you on a "do not use list," without any due process or right to dispute their action, sounds like a rotten situation unless you look at the bright side, Chase may be a client to be avoided.

 

[Davy]

LOL, that is true, Greg. They may not want to be a client I do work for, BUT, if an AMC or whoever has a list where I am blacklisted by Chase with no due recourse, that is unethical and may affect my ability to get legit business because of it.

I am hopefully going to find some answers to my questions. I will have my attorney write a letter if I can't get some answers directly from Chase. I need to know what appraisal file and what their findings were. My suspicion is that this is actually a mistake on their part, but it doesn't negatively affect them, only me.

 

[Mr Rex]

Chase is infamous for filing complaints to State boards for paper they had purchased themselves or from others that later defaulted and did not return 100% of investment as REO. So much so that many state boards changed their complaint process to eliminate "frivolous" and "unfounded" complaints from Chase in particular.

 

[Davy]

But I have only been back in the field since May, so this came as a shock to me. I am smart enough to know I don't suck and neither do my appraisals. If they bought a loan from another lender, it would have to have defaulted and been foreclosed upon since May, so I don't think that is the case here. However, it is good to know that information about Chase, so thanks for posting that--I may need some "ammo" as I go deeper. I don't have any complaints filed against me that I am aware of, so putting me on a rejection list is odd.

Their customer service put me on a line with the voicemail to an appraisal leader in the southern states, so I hope he will return my call within 24 hours. If not, step 2.

 

[Bob Ipock]

But I have only been back in the field since May, so this came as a shock to me. I am smart enough to know I don't suck and neither do my appraisals. If they bought a loan from another lender, it would have to have defaulted and been foreclosed upon since May, so I don't think that is the case here. However, it is good to know that information about Chase, so thanks for posting that--I may need some "ammo" as I go deeper. I don't have any complaints filed against me that I am aware of, so putting me on a rejection list is odd.

Their customer service put me on a line with the voicemail to an appraisal leader in the southern states, so I hope he will return my call within 24 hours. If not, step 2.

Bottom line is this. No lender or AMC can be forced to use your services. Your time would be better spent getting some OTHER and MORE AMC or lender lists. If you put up a public fight...well word travels fast among AMCs and their trade groups.

 

[Davy]

Bottom line is this. No lender or AMC can be forced to use your services. Your time would be better spent getting some OTHER and MORE AMC or lender lists. If you put up a public fight...well word travels fast among AMCs and their trade groups.

Thank you for the info. We shall see, no?

 

[timd354]

I may end up suing Chase until I can get some answers, but I have other avenues to go first. I hope it does not come down to a lawsuit, but if it must, it must. Again, I have done less than 100 appraisals this year and NONE that I know of have been for Chase. I find this very curious, but thanks for your insight!

There are a lot of things to consider here. First, how do you actually know that you are some Chase exclusionary list? The guy at the AMC may simply be wrong or is making up things to excuse why they are not sending you work. The other thing to consider is that no lender is required to accept your appraisals and Chase has a lot more resources than you do, so getting into a legal fight with them is going to cost you a huge amount of money, even if you did somehow end up prevailing in court.

I recommend reaching out directly to whomever the head of compliance is with that particular AMC and have a discussion with him or her about what you have been told and ask them to provide you with written confirmation that the reason they are not sending you work is because you are on Chase's (or some other lender's) exclusionary list. Depending on the results of that conversation, I would then reach out to the chief residential appraiser at Chase and/or the head of compliance in the mortgage division and have a conversation with them regarding what the issue is. Only after pursuing all options to resolve this on my own would I involve an attorney in this situation because once an attorney gets involved, they will definitely not provide you with any information and there will be little chance of this situation being resolved in your favor without spending a lot of money on attorney's fees