Appraisal Nation’s Payment Issues Again!

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Appraisal Nation is Late Paying Appraisers AgainIn July 2019, appraisers were having payment issues with Appraisal Nation. They were slow paying and when they paid, their checks bounced.

Yesterday, they emailed the appraisers on their panel explaining that they have come up against a back log in their Accounts Payable team due to the threat of COVID-19. One has to wonder how are they capable of sending orders to appraisers, collecting the appraisal fees, asking for revision requests, etc. but paying appraisers on time is an issue during the pandemic?

Dear Appraiser,

We continue to find ourselves living through an unprecedented time as the situation with COVID-19 continues. As you are aware, this crisis has hit the appraisal industry particularly hard. It is because of appraisers like you that we continue to persevere and move forward. I wanted to take a moment to say thank you, and provide you with an important update.

This pandemic has caused massive challenges to the internal operations of many companies, including Appraisal Nation . I regret that these challenges have negatively impacted some of you. We have come up against a back log in our Accounts Payable team due to the threat of COVID-19, and the ensuing North Carolina mandated stay-at-home order. The unfortunate result is that we are experiencing longer than normal pay cycles. For this, I take full ownership and apologize to those impacted.

The good news is that on 5/8, North Carolina entered Phase 1 of our state reopening. Appraisal Nation ’s Accounts Payable team will acclimatize as law permits. We plan to work diligently through the backlog and be up to speed in approximately three weeks.

In the meantime, please direct all payment questions to our Accounting Department. The best way to reach them is via email, accounting@appraisal-nation.com .

Words cannot express my immense gratitude as you continue to produce reports of the highest quality during these difficult times. Appraisal Nation is proud to work with the best appraisers in the industry. Thank you for the immeasurable value your company adds to the appraisal and lending worlds.

I wish you and your loved ones safety and happiness throughout this pandemic.

Sincerely,

Michael Tedesco
Chief Operating Officer & Owner
Appraisal Nation

 

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18 Responses

  1. Avatar SB says:

    Stolen Appraisal Fees (COLLECTED BY AMC AT TIME OF APPLICATION ……BEFORE OUTBREAK) have been spent on Appraisal Nation’s May overhead and employee salaries.

    Layoff employees or pay appraisers???………hmmm what should we do???? Guarantee the money is GONE

    https://appraisalnation.com/management/

    IT’S A HALL OF SHAME…..WAY TOO MANY MOUTHS TO FEED

    11
  2. Avatar CJK says:

    I do not work for any AMCs, so I do not have a dog it the fight. It appears that this letter is saying they have all of the appraisal fees, they want the appraiser to continue to keep working and that they will pay the appraisers whenever they get around to it.

    So, why is it that my lender clients can still pay me every week. I signed up for direct deposit with my lender clients and the deposits are made every week. How difficult is that, I really feel sorry for the appraisers who still need to work for the AMCs.

    Did this company have a back log with all the money that was coming in, or only with the money that needs to go out, think about it. Did they use the appraisers money to pay themselves and other bills and now they are trying to give themselves more time, before they pay the appraiser?

    5
  3. Vince Simon on Facebook Vince Simon on Facebook says:

    I figured a few would start non payment . Memories of 2007

    6
  4. Larvey Harry on Facebook Larvey Harry on Facebook says:

    Again? They’re always late.

    5
  5. Avatar CJK says:

    “We have reviewed and updated our business continuity response plan to ensure we remain fully functional. Our company will continue to operate throughout this pandemic.”

    Pay the appraisers with the money you already received, you goofballs. Or, did you already spend it all on yourself?

    5
  6. Avatar Cotton says:

    When will appraisers ditch the parasitic AMC business model? Stop feeding these parasites.

    9
  7. Avatar Diana N says:

    As long as lenders insist on working through AMC’s appraisers have to be wary of getting taken over the coals like we have in the past . Apparently the lenders and government don’t give a damn what happens to us.

    8
    • Baggins Baggins says:

      Yeah Diana, but the thing is, the most important point; Lenders immediately drop amc’s if they can’t get order fulfillment through them, but can readily get that same fulfillment from more simple to manage utilities like mercury and scope, etc. So many have done that already, and continue to do so with each appraiser whom simply says no to the amc model.

      Lenders just use the amc’s, because it saves them that one or two employment positions they would otherwise have to pay for to run a panel. It’s remarkable because a lender can pay a small group of people a professional wage to accomplish what takes an amc an entire squad of underqualified telecom workers to accomplish.

      Each appraiser that finally acquires a clue and sees how this really works, and subsequently drops out of the amc game and drops off of the amc’s lists, is another step forward, a return to sanity and lender direct. I simply marketed down the list of hundreds of lenders and had more direct assignments than I could shake a stick at. I had to turn it down and pick only one or two of them and I’ve been rolling full fee ever since. I think it’s been 4 or 5 years now, and sanity as returned to my little one man office. No more fee quotes, no more bidding emails, no more unnecessary phone calls, and no more funny payment numbers and I’m back to fees which jump by the 50’s and 100’s. Rotational assignment and you don’t get undercut. And with lender direct assignment I typically work with better qualified people so the stips and illogical revision requests are so far down, I hardly ever deal with kickback anymore. Except when I make an actual mistake, and I’m glad the lender has people there whom know what they are doing that I can readily access and rely on. You can know right off if the lender is worth your time or not. Either they hire an actual appraiser with an actual current and valid appraiser license to manage their internal panel and day to day distribution operations, or they do not. There is no middle ground, it’s a black or white issue. The specific reason amc’s refuse to hire appraisers for those positions is they want to sidestep the accountability which comes with working with licensed professionals. Many lenders do that too, hiring people without licenses to be in charge of their appraisal departments, so it’s not super easy, but escaping amc’s is not all that hard either. And that’s why the companies whom got away from amc’s and hired licensed appraiser managers are doing better than their counter parts in terms of better origination fulfillment, higher closing stats, etc. Support the good guys.

      Amc’s don’t rake appraisers over the coals. The appraisers do that to themselves by accepting the engagement. It’s a client quality issue, there are all types out there. Amc’s are not even the worst. Try the 50 year rent to own easyknock thing. It can get a lot worse. Or it can get a lot better. It’s each appraisers own decision whom they work with and how they engage in solicitation. It felt good to email the mortgage managers directly and simply tell the, oh, that’s too bad, well keep my number and ring me when you get away from amc’s. Stats point to only 1 in 4 actively licensed appraisers being willing to accept amc work. Their grand claims of coverage are severely overstated. Cheers.

      Image attached, fyi. This group started out selling amc lists for fifty dollars a pop. They marketed for amc’s before they actually became an amc. I dealt with 10 years of harassment from this company even though I refused to bid or quote or accept orders. Only after I repeatedly threatened to file state complaints against them if they kept contacting me, did they finally 10 years later take me off their lists. I think appraisers whom like telemarketers are naturally drawn to amc’s, they’re remarkably similar business models. “Keep calling boys, eventually you’ll land that sale.” With amc’s, the appraiser is the customer. The appraiser funds the entire show. No order placement, no sale.

      2
      • Avatar Diana n says:

        Interesting lie enough while I was reading your post I kept getting this message across my computer saying how much is your home worth home value. Com give me a break that’s what we’re up against

        3
        • Baggins Baggins says:

          I know what you need Diana. Attached.

          Just switch to firefox because it rocks. You can tag on ublock, adblock, privacy badger, whatever you need, real time spell check. You can stop all google analtyics. I have not had a banner ad or annoying audio auto load in years. Firefox Quantum now offers anti fingerprinting mode over their standard in cognito. And really cool tech features like controlling save to downloads to better organize files and avoid malicious loads, auto delete all temp on closing, save no history, an awesome bookmark system easy to save, port, and recover, hover links visible, full address bar visible, etc. Then go advanced about;config, vanquish prefetch, control individual aspects, customize the gui, apply additional manual custom security to match your pc settings better. Vanquishing ads is super easy. Just take in the above tools.

          I access this blog site via website direct and browser, and do not have a facebook account. I tried using an ipad. It was a dystopian nightmare, every news site I hit tried to talk to me, and pop ups. It sought to redirect my attention and would not let me free surf. I do not communicate with robots. Use a desktop or otherwise enjoy life and untie from the tech. I try and maintain a one a day commercial advertisement limit. It’s a great way to live. In support of ad free spaces. Try Privacy Badger and Ad Block Plus. They are super fun and easy to use.

          1
  8. Avatar E J Brown says:

    The Ponzi Scheme is collapsing.

    7
  9. In every business endeavor, I ever operated the very first call on revenue was people I owed money to. I don’t get MY cut until everyone else that made doing my job possible was paid.

    AMCs would NEVER have this type of problem if they used the money that client “A” pays them, for paying the appraiser that does Client “A”s appraisal!

    I respect their candor, but that still doesn’t mean I’d ever accept working for free.

    TURN THEM into THEIR state regulators right now, AND send a bill to the lenders involved for each and every outstanding balance. Include a copy of their letter. THEY are responsible for the actions of their agents. Be sure to refer to Nations as ‘”Your appraisal management agent.”

    It’s not the appraiser’s fault if they choose to commingled specific appraisal payments with their normal operating revenue.

    5
    • Baggins Baggins says:

      Genius Mr Ford, the voice of reason. Isn’t there some sort of legal mechanism that appraisers could utilize to audit their books and know more? When other companies say things like this, they get immediately audited by their creditors. The appraisers whom are owed money are their creditors in this instance. And who knows what else they might find.

      This would not be happening if there were appropriately separated fees and the lenders forced the amc’s to bill separately for their services. But lenders would never do that because what it boils down to, is the lender is not willing to pay for amc services, but rather has offloaded their appraisal panel management and distribution costs to the appraiser themselves, via mandated third party amc integration. Appraisers continue to give raises to their oppressors.

      Stockholm Syndrome, now with a side case of hypochondria. Sounds more exhausting than nihilism, I’ll pass.

      4
      • You have to have legally valid access to audit books. FWIW, Mark Skapinetz is going to be interviewing the execs at Appraisal Nation in his next podcast.

        Mark Skapinetz podcasts can be found in youtube under his name.

        Appraiser-Readers here should also join 100% Appraisers Facebook group. A lot of good information there (and some bad, but not that much). Pretty sharp group. Lots of very old time experts. Folks that have been around far longer than I.

        4
        • Baggins Baggins says:

          Marks youtube channel link. Thanks, will check it out.

          https://www.youtube.com/channel/UCPzQBeib8aEZ2dVupcTkyZw

          Been wanting to make time to get back on 100%, will try to land there again too. Thanks.

          2
          • Avatar Bill Johnson says:

            Be sure and watch Mark’s podcast relating to how ones email login password should be different than the password used to login to the AMC’s you might work with. Considering that’s how Brain Coester hacked into his email, it’s a good listen.

            That being said, as Mark is an Appraiser Coach loyalist, AMC user defender, and has shot the messenger (Me) in the past, filter his findings.

            Seek the truth.

            2
            • Avatar Mark skapinetz says:

              Great timing Bill or Joe or John or whoever you really are. Dustin and I are recording a podcast for my show this week.. you should come on as a guest and educate us and others on how to seek the truth. Seriously. I’d love to have you as a guest.

              1

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Appraisal Nation’s Payment Issues Again!

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