An alarming precedent has just been set for real estate appraisers in the bankruptcy case of Evaluation Solutions/ES Appraisal Services (ESA). Despite numerous objections from appraisers and agent/brokers alike, a Florida bankruptcy judge has ruled in favor of JPMorgan Chase in granting a Bar Order which absolves Chase of any liability on future claims from…
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Editor’s Note: The bankruptcy earlier this year of the appraisal management company (AMC) ESA left millions in unpaid fees to appraisers, agents and brokers, who now are trying to collect from Chase, the bank who hired the AMC. What happens will have far-reaching effects on the appraiser-AMC relationship and the industry. Chase Denies Responsibility for…
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Blacklisting with a Twist By Isaac Peck Last issue Working RE reported on an appraiser who was given a tough choice by Chase Bank: violate USPAP by discussing an appraisal with them – an entity other than the client, or face blacklisting (Lender’s Choice- Summer 2012). This time, Chase is offering a third option to...…
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Editor’s Note: Appraisers are well aware that their professional feet are held to the fire regarding USPAP: to know it, understand it and follow it. So what happens when a lender decides they don’t agree with the document and punishes an appraiser for only trying to abide by its guidance? So far, not much. Chase…
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Editor’s Note: Fast becoming one the profession’s most pressing problems, another AMCs has failed; this time leaving individual agents/brokers owed thousands or tens of thousands of dollars. How the lender and regulators respond may create important precedence for the industry. AMC Fails: Appraisers and Agents Stiffed Again By Isaac Peck Evaluation Services/ES Appraisal Services is…
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The new normal for too many appraisers these days is being banished to a “do not use” list by a lender, without any opportunity for rebuttal or even knowing why. Now here’s a new twist: at least one large lender is giving appraisers the chance to rebut a questionable review- the problem is that doing…
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