Approved list removal

Q: "I did an appraisal for a lender in 2013. A few months ago they wrote to me saying they had a negative review of my report. They asked me to look over the review and to send them my comments. The review they sent me was ridiculous. Two of the 3 comps chosen were REO sales and the third one was a sale that closed 3 months after my appraisal was done. I sent my rebuttal and just heard back from them recently. They said they still found "inconsistencies" in my appraisal. Here are my choices, I can agree to take 2 classes within the next 6 months and send them proof of completion or I can ignore their comments and be taken off their approved list. I can't afford to lose the work but how can they tell me what to do!"

A: Any lender has the right to "tell you what to do" if you want to be on their approved list. It sounds like these folks just bypassed the state board and decided to issue their own discipline. You have every right to ignore what they ask of you. But, if you do that, you will no longer get their work. This really comes down to a business decision on your part. If you want to keep the client "happy", then take the classes. Just to cover your bases, however, I would suggest you respond by saying that you think your rebuttal was well founded and you disagree with their finding of "inconsistencies". Despite this, and in order to preserve the good client relationship you have had for so long, you will agree to take the classes. You want to make sure they understand that you are not admitting you did anything wrong, you are simply agreeing to their demands to keep their business.

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