Chase Accused Of Strong-Arming Appraisers, Breaking the Law, Blacklisting Those Refusing To Cooperate


8 Responses to “Chase Accused Of Strong-Arming Appraisers, Breaking the Law, Blacklisting Those Refusing To Cooperate”
  1. Ex Appraiser says:

    We also chase appraisers out the industry by forcing them to pay our mafia connection (aka our AMC) 50% of their fees each month to stay in business. Extortion is alive and well at CHASE.


  2. Drew Nostack says:

    The B.S. that once existed that they “care about you” went out the window with the last 8 year Republican admin.
    .Remember to thank them for “Big Business Gone Wild.” And also all the other carnage left along the “Trail of Tears” they inflicted on their fellow Americans. They must be so proud of themselves. Banking must have once been an honorable business.

  3. Beth A. says:

    Just another example of how Chase thinks (and other banksters, but Chase is particularly evil yet powerful) they are above the law and can do anything they damn well please….and no regulator seems to put a stop to it…so they brazenly continue their acts.

  4. j Alonzo says:

    What makes anyone think for a MOMENT the banks care about the law. They are above the law. Everyone knows this. So whats new?

  5. Jason Werner says:

    And this is how it went down when I was in the business (I left the industry because of all the fraud).

    • marty says:

      Look, the example you portrayed almost never happen anymore. However, what does commonly happen is the lenders will often send back a list of small meaningless revisions to the appraiser to the appraiser and ask for another two comps that are not needed and even send address of comps that they say came from an out-side 3rd party. What they are really doing is trying to influence value. They also try to rush the turn times by pressuring the AMC’s who in turn pressure the appraiser. They do this in hope that the appraiser will rush, make mistakes not have enough time and inadvertently inflate the value.

  6. Judith McDonald says:

    Always many sides but only One changed my life on 01/09 Chase received late payments on 2 credit cards in 12/08,my fault, they took interest rates of 6.95% to 28.95% on both of these cards. I called for 5 months asking for help and lower rate, finally a banker saided Ms.McDonald we do not have to help you, I thanked her for honest answer.

    6.95% to 28.95% I was Late in the Month of December 2008 for personal matters.
    Chase Bank is Evil.

  7. talktotennessee says:

    As an appraiser, there are always two sides to a story.. In the height of the bubble appraisers were pressured to “hit the number” to make the sale or the refi. I lost business refusing to pre-comp and guarantee a # as a condition for getting an order. Some appraisers promised #s. My demise began at the beginning of the bubble when companies stopped hiring me to appraise when I would not promise a #.. Not a question of taking extra money to hit the number, most appraiser incentives were continued orders. Appraisers were blacklisted for NOT hitting numbers. I knew several who forfeited licenses, were charged or lost their license, or prosecuted. In the bubble peak orders declined but I was solicited to contract as a HUD reviewer just as the bubble burst. On review, few inflated or bogus appraisals came my way in the random review process. These few bad appraisers give all of us a bad name but most really inflated appraisals were stopped in the loan procedure. As a result, FHA appraisals declined sharply because the house “won’t go.” Everything went through conventional, liar loans, slam dunks, sold to Fannie.

    Sadly, some of my work now is in REO liquidations, short sales. I can’t appraise a property I previously appraised in three years. I still base value on what can be supported in the predominate market. There are two distinct markets. In depressed areas the entire sales inventory is REO investor cash sales and listings. In those markets, it would be misleading to use only normal arms length sales if dominant sales activity exceeds 50% REO cash investor sales, liquidated in 30 days or less.
    If the bank demands an appraiser respond to a previous appraisal, appraisers are required to comply with court orders. Let the bank use the courts to compel appraisers. If high stakes players can’t stand the heat now that the kitchen is a little hot, they need to seek legal counsel. Contact their E & O provider for advice.

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