A Defunct AMC’s Bond

VaCAP Board

VaCAP Board

Coalition of Appraisers in Virginia at Virginia Coalition of Appraiser Professionals
Coalition of individual appraisers working together to unite, promote and protect the collective interests of all appraisal professionals in Virginia; to promote needed changes in laws, rules, regulations, policies and standards affecting all appraisers in Virginia; to observe and report the actions of regulatory, legislative, oversight, and standards-setting entities of the Commonwealth.
VaCAP Board

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Bond on TC Valuations: A Defunct AMC's Bond

What happens after you file a claim against a defunct AMC’s bond?

One appraiser has shared the response received from Western Surety Company, the company that issued the surety bond on TCValuations.

“Western Surety Company is in receipt of several claims to date. If the amount of claims exceeds the penal sum of the bond, Western Surety Company will be required to do a pro-rata distribution of funds or file an interpleader action. In an interpleader action, the court will decide the amount that is due each individual claimant and generally represents a pro-rata amount of each individual claim based on the total dollar value of all valid claims and total bond amount.

Claims against this surety bond cannot be satisfied on a first come first serve basis, therefore, the surety will generally wait 3-4 weeks after the last claim received to allow for other claims. To expedite the claims process, we will contact our principal and request a list of potential claimants in order to get an idea of the total amount that will be claimed.”

C. O. D. … Cash on Delivery

Remember the days, when you ordered something from a catalog and the postman brought it your door. You had to pay for it right then and there? It was simple and easy, no money, no package. Appraisers used to collect at the door, no money, no appraisal. Simple and easy.

It may be antiquated, but cash on delivery worked and still works today. Maybe it is time to get back to basics and require C.O.D again? Let the lender figure out how the AMC will get paid; it’s not the appraiser’s problem. Sure, we had a few bad checks, but the report was never delivered until the check was made good.

It is our problem when an AMC does not pay.

Giving credit to any company is a business decision. The terms of any credit given is also a business decision. Make sure you have done your due diligence when granting credit. It is OK to just say no, I will not give you credit. Protect yourself!

Another Lender Nailed for Mortgage Fraud!

Allied Home Mortgage is ordered to pay $296 million for widespread FHA Mortgage Fraud. Apparently this has been going on for over 10 years before they got caught. Once again, no prosecution, just a monetary fine… See the story here.

VaCAP Board

VaCAP Board

Coalition of individual appraisers working together to unite, promote and protect the collective interests of all appraisal professionals in Virginia; to promote needed changes in laws, rules, regulations, policies and standards affecting all appraisers in Virginia; to observe and report the actions of regulatory, legislative, oversight, and standards-setting entities of the Commonwealth.

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1 Response

  1. Baggins Baggins says:

    Well blame the Holder Doctrine for the ability to settle like this with only financial penalties.  That was one thing Trump was stated to possibly be able to move back.  So the article details fraud upon fraud, and lackluster quality control.  Which amc did they use? Click on ‘order your appraisal’ to see the 3 different amc redirects from allied’s wholesale lending website. olde city, appraisal logistics, and estreet. Now what kind of quality control was that?  How could three different amc’s not have caught on to this?  Will they face any liability or penalty for facilitating appraisals on those deals?  Did they stop the practice and get the lender in trouble, ignore the practice, remain unaware of the practice? Please expand that question if you’re able.

    https://wholesale.alliedmg.com/pages/appraisal-requests

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AMC

A Defunct AMC’s Bond

by VaCAP Board time to read: 2 min
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