Appraisal News and Business Tips

AMCs and confusion about Chase and 30 mile limit

One of my readers contacted Chase after reading my email sent yesterday. The reader said that Chase question mark why?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.
Sounds suspect!”
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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.“
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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.

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18 Comments
  1. I worked for Servicelink and Chase till I could not take it any longer. I feel bad for any appraiser having to do chase Work. Chase is on My Ineligible List!

  2. We received the same email, our office is in Central Calif, another “rural” area…Oh well we’ll see what happens with that. From background checks to limitations on service areas nothing surprises me anymore. For the most part I do think it is a good thing, some appraisers that come to Merced County from So Calif really don’t have a clue besides they don’t have business licenses to work in our county and I do like a level playing field. I don’t get how an appraiser from So Calif or the bay area (SF) can come to the Central Valley to appraise and really be geographically competent or even make any money with the price of gas IF the fee is standard or should I say “Reasonable and customary”…LOL! Gotta love this business!

  3. when starting out as a trainee the office willing to train me was 25 miles from my home, towns 15 miles from the office were 40 miles from my home; years later when i started working from home i had more experience 25-40 miles or more from my address than in some of the towns 10 to 15 miles from my address. people who come up with these ideas of capricious limits live in a bubble!

  4. I received the same email from Eqifax

  5. Well, the consensus is that Equifax is either an alter ego for the diabolic Chase or just another dumb AMC. Either way the question remains, why are the mortgage lenders and AMCs persisting and we are disappearing?

    I wonder if anybody, anywhere takes appraisers as seriously as we seem to take ourselves.

  6. Chase is fouled up? Now that is news…..

  7. Our office received the same email, and we just chuckled. We service rural Idaho areas, and they will be lucky to meet this requirement.

  8. Equifax is known for their many extra requirements that they try and pass off as the lenders which they’re not. Havent worked with this company in quite a while for this exact reason.

  9. Equifax and Chase are the lowest form mortgage lending and appraisal management. They pay the least of all and the revision requests are never ending and inane. If you chose to work for either good luck, good business will come along soon or you should consider a new career if this is the only client you have.

  10. I have received this email, and all I ever plan to say is, “Yes, I was within 30 miles of the subject, in fact I was AT the subject property when I inspected it.” I refuse most of their orders due to idiotic requirements and requests anyway.

  11. This is not unusual AMC’s make their own guidelines depending on the AMC I just had an order from an AMC that had 3 pages of requirements one was take a photo of every nook and cranny. I wasn’t aware of what part of the house was the cranny or the nook, and I have been appraising since 1984. Looked in FNMA for a nook and cranny couldn’t find it, looked in all appraisal books websites, design book etc. LMAO

  12. But Ann, didn’t you just say yesterday the Lender’s regulate the AMC’s and not the other way around?

    I can’t speak for anyone else but, as for my company, it isn’t Burger King. After 30 years in this business, you get it “My Way” (within the obvious professional confines), or not at all. Ironically, this has done nothing but increase our business.

  13. Well based on what we know so far, it’s an Equifax requirement.

    I don’t have an explanation, but it does seem to be more of the AMC same old same old left hand could care less what the right one does. My impression is that AMCs place a lot of emphasis on busy work and this address/mileage stuff is just more of it.

    I suppose if I am compelled to give an AMC the benefit of doubt this is some sort of an effort to respond to the allegation that they shop for the cheapest appraiser. Soon we will hear the spin that AMCs ensure quality appraisals by hiring only the best appraisers. But, now that I think about it, what the heck does an address have to do with quality?

  14. Chase uses several AMC’s. I did receive same email stating it was a new Chase requirement but not received from any other AMC’s. I question AMC specifically on this how it could be a Chase requirement if not all AMC’s are doing it. It was explained it was actually the AMC’s requirement for Chase order and not actually from Chase.

  15. 35 years of residential and commercial valuation has taken me to a lot of places including many areas in Nebraska and Iowa (from Omaha) and as far as Missoula, MT, yes Missoula in 1990. One can become competent in ANY market if the appraiser has the ability to perform the research necessary to perform a credible report.

    What the management companies RARELY do is interview the appraisers on their panels to seek out the appraisers, skills, abilities and experience.

    Prior to the AMC wave, those interviews ALWAYS took place during the development of a relationship with a client, be it a bank, relocation company, government entity, etc.

    Granted, their are appraisers who do not have the skills to perform work outside of their markets and I am sure that is the genesis of that rule. Until management companies actually start to perform actual management functions and as long as the primary criteria for selection is price and turn time we will continue to see rules like this.

  16. Sounds like Equifax is seriously overstepping some boundaries.

  17. Just just any idea/model/plan/test…. The concept has to be tested before it it deployed on any national scale (or in special markets).

    There are always monetary benefits to things like this; so Chase will be make more money… some how some way. They WILL always win.

    BTW, I very recently closed on my house yesterday with them …. Worst experience I have ever had in any transaction.

    The Loan Officer never returned calls, postponed and delayed rate lock, misquoted charges and fees. They are still USED CAR SALES MEN! His manager voicemail sounded like he was 22 years old and never called back.

    In the end they b.s’d me out of only $1052 plus the nearly $300,000 interest they will collect over the life of the loan. And MY Beacon is over 800. (can’t imagine what they do to people with 750 and lower….eeeeks)

    History Channel recently released “The Men Who Built America” and JP Morgan was a big part of it. They have a history of evilness down at the root and I’m sure it still exists today.

  18. Just just any idea/model/plan/test…. The concept has to be tested before it it deployed on any national scale (or in special markets).

    There are always monetary benefits to things like this; so Chase will be make more money… some how some way. They WILL always win.

    BTW, I very recently closed on my house yesterday with them …. Worst experience I have ever had in any transaction.

    The Loan Officer never returned calls, postponed and delayed rate lock, misquoted charges and fees. They are still USED CAR SALES MEN!

    History Channel recently released “The Men Who Built America” and JP Morgan was a big part of it. They have a history of evilness down at the root and I’m sure it still exists today.

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