Appraiser Sues over Blacklisting

Editor's Note: This story, one of several recent instances of lone appraisers fighting back in court, is further proof that the tide is turning for appraisers: consider the spate of legislative reform now under consideration to support appraiser independence- as reported in the current WRE, and the stunning Fannie/Cuomo agreement, which while flawed, is a signal that appraiser independence is no longer just wishful thinking but on the "to do" lists of folks who have the power to make it happen. 

"No appraiser should have to decide whether to keep putting food on the table or do their job correctly and not violate the law."  - Jennifer Wertz
 

Appraiser Sues over Blacklisting

By Cary Barker, Assistant Editor WRE
 

One appraiser is fighting back in court after allegedly being blacklisted for reporting a "declining market" in one of her appraisal reports.

California appraiser Jennifer Wertz is suing Washington Mutual, eAppraiseIT, Lenders Services and others in a complaint filed in February 2008. The complaint alleges that she was removed from WaMu's "proven" appraiser panel for indicating a "declining market" in a report from May 2007. (Read the complaint: Wertz vs. Washington Mutual.)

Reality Bites

Wertz says she has received numerous emails from "blacklisted" appraisers who say they lost their livelihoods for refusing to give in to pressure from lenders and/or appraisal management companies to "make a loan work."