One of my readers contacted Chase after reading my email sent yesterday. The reader said that Chase does not have any 30 mile limit. Per the email from an account executive at JPMorgan Chase in Florida: “No we do not have any such guideline or requirement like that.
My original source for the info was Doug Smith in Montana, who received an official letter with a letterhead from Equifax stating that Chase has a 30 miles limit. Here is the emailed letter he received on 11/16/12:
“Attention all Chase Appraisers:
Effective orders assigned tomorrow, Friday November 16th, 2012, all Appraisers completing orders for J.P. Morgan Chase Bank must be within 30 miles of the subject property.“
“You will be asked during the assignment call from Equifax Settlement Services to confirm that the appraiser completing the order is within 30 miles. Any assignment exceptions to this requirement will be noted in the Equifax order notes.“
“Please note, for both Equifax and Chase audit purposes it is IMPERATIVE that the appraiser’s address stated on the report is within 30 miles of the subject property address.“
“We thank you for your compliance with this new Chase requirement.“
Afer inquiring about an order for an appraisal 100 miles from his office (not unusual in Montana), Doug also received an email from Servicelink saying that their contract with Chase did not have that requirement.
What’s happening? I have no idea. The emailed letter sent to Doug from Equifax is very clear.