Remember the Black List Series that Appraisal Scoop began this past Summer? Ken Verrett, aka Runt Rants, did a fantastic job of collecting blacklist stories from appraisers across the nation and presenting them here, in hopes of making a change. This is from Ken's first post in that series:
Many Do Not Use Lists are created solely from input internally within the lending organization from the accuser, perhaps, hopefully, with some second opinion to verify that the reason rises to the level of seriousness required to justify inclusion on the list.
The appraiser is often not notified of the action, evidently for liability concerns on the part of the lender. The lists are typically not made available to appraisers, also evidently for liability concerns. One such list is accessible via the Internet, but before access is granted, a hold harmless agreement must be accepted, evidently to address the liability concerns the list might actually create.
There is evidence that Do Not Use Lists are shared between lenders, presumably for the purpose of adding one lenders experiences to another. Such lists therefore have an exponential potential to shut out the offending appraiser from the market.
The reason that I bring this up again is that I just happened to come across a publicly available Do Not Use or Mandatory Review list by Chevy Chase Bank's wholesale lending division. The list is available from their Documents page: GRF208 Appraisal Review Lists.
According to their site, this list is effective 1/2/2008 and:
Applicability of this list is restricted to transactions involving loans that will be funded or purchased by Chevy Chase Bank, FSB or its affiliates. Inclusion in this list does not imply wrongdoing by, or claims against the individuals, companies, or entities named below. This list should not be relied upon as a determinant in any business transactions other than those within the scope of its intended use.
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