Tagged: accounts receivables

Appraisal news for real estate appraisers and real estate professionals regarding accounts receivables. News relating to the Appraisal Industry.

Who Is Responsible for Appraisers' Payments? Planet of Deadbeat AMCs! 20

Planet of Deadbeat AMCs!

So who is really responsible for payments to appraisers?… Where to start with this? Do I have to refer you back to my past articles like What’s Not in Your Wallet or Appraisers Outraged? Where do we even begin… We begin here. Another story of an Appraisal Management Company going out of business, owing tons of money to appraisers for services they provided. Coester VMS, once one of the biggest players in the game, closed its doors recently. They closed them leaving appraisers with thousands of unpaid invoices for services that who knows if they will ever be paid for....

Clarocity's Government Shutdown Excuse for Late Payments 11

AMC’s Shutdown Excuse for Late Payments

Clarocity cites possible upcoming government shutdown as excuse to delay payments to appraiser. From our Sister Coalition in Mississippi: “BEWARE if you accept any orders from Clarocity. I got a call from one of our members today telling me that Clarocity is citing the upcoming government shutdown as a reason appraisers may not get paid timely on the orders they are currently sending out. The scope of work and terms of the orders indicate that the appraisals for USDA may not get paid within the 60 day period if the government shuts down. This is really no excuse but if...

MCS Valuations (AMC) Closing Shop - ABA Supports Raising De Minimus 18

MCS Valuations (AMC) Closing Shop

I saw a posting by another appraiser on a Facebook page on February 5, 2019 that MCS Valuations, based in Lewisville, TX, is closing shop. They are an AMC, and provide BPO’s and other real estate related services. The appraiser posted a letter from the company. They will not be placing any more appraisal assignments, but are asking appraisers to finish any assigned reports already in the pipeline. What’s really striking about this closure is that in 2014, MCS Valuations bought ‘components’ of CoreLogic’s associated entities that CoreLogic no longer wanted in their business! February 5, 2019 This communication is to inform...

Outraged Appraisers Owed Money! End The Appraiser Payment Issue! 23

Outraged Appraisers Owed Money by AMCs!

“I am owed $20,000”. “I am owed $2000”. “I am owed $500”. “I am owed $1500”. These are just some of the quotes pulled from various groups, message boards and forums from appraisers all over the country that are owed money for the appraisal services they provided. Services they provided for a Lender, Mortgage Company or Bank through an Appraisal Management Company or AMC as they are known. What’s an Appraisal Management Company you ask? Well for those that do not know, AMCs have been around a long time. Appraisal management companies (AMCs) are business entities that administer networks of independent...

Bonding Company Info for CoesterVMS for if You Are Owed Money 10

Bond Company for CoesterVMS

…contact information for the bonding company… Appraisers, if any of you are owed money for unpaid appraisals from CoesterVMS, you might want to read and save this message. However, first…often, bonding companies require a Superior Court judgement in writing before they will pay up. So you may need to follow that process in your state. You will need to have invoices for all unpaid reports which document the property address, and report file number, plus lender name if known. A peer appraiser has provided me the name and contact information for the bonding company as filed with the CoesterVMS AMC...

CoesterVMS in Bankruptcy? Not Paying for Orders Completed! 69

CoesterVMS in Bankruptcy?

…all payments on orders completed prior to 11/15/2018 cannot be paid… Appraisers, there is a body of evidence being disseminated via various sources that CoesterVMS, the AMC based in Maryland started by appraiser Brian Coester, is in bankruptcy. This message from CoesterVMS was circulated last week: “Due to financial difficulties all payments on orders completed prior to 11/15/2018 cannot be paid at this time, our BK attorneys will be in contact with all creditors. Coester can guarantee payment next day on all orders completed on or after 11/16/2018. We apologize for any inconvenience.” Does it make any logical sense to...

Coester VMS Surety Bond Claims Exceed Value 9

Coester Surety Bond Claims Exceed Value

Coester VMS Surety Bond Claims Exceed Value… Appraisers licensed in North Carolina received the following email by International Fidelity Insurance Company: Re: Principal: Coestervms Bond No.: TXIFSU0633863 Obligee: NORTH CAROLINA APPRAISAL BOARD Please be advised that International Fidelity Insurance Company (the “Surety”) issued an Appraisal Bond to CoesterVMS (“Coester”). The penal limit of the bond is $25,000.00. This letter will advise you that the Surety has received claims against the above referenced bond in excess of the bond’s penal sum. As a result, the Surety will pay claims on the bond on a pro rata basis according to the amount...

Is Mr. Brian Coester Being Honest? I'm Skeptical... - Appraisers Blogs 17

Is Mr. Brian Coester Being Honest?

The real question I have is simple: Is Mr. Brian Coester being honest with people, and telling the truth about what REALLY happened? I’m skeptical, but I don’t do business with CoesterVMS. Brian Coester claims “We are not out of business,” as AMC runs into financial difficulty – AMC claims bank made mistake I sure have read lots of first-hand comments from appraisers about either slow pay, or not being paid, for reports completed for CoesterVMS. That makes me highly uncomfortable about accepting any assignment from them, unless they pay the report fee UP FRONT, and they don’t get the report until...

coester-vms-bank-accounts-seized 174

Coester VMS Bank Accounts Seized!

VaCAP has been informed the bank accounts of CoesterVMS have been seized. We have received the following email from one of our members. From: *****@coesterappraisals.com> To: Sent: Tue, Nov 20, 2018 10:02 am Subject: CoesterVMS: Accounts Recievables** -I am e-mailing to provide clarity on a letter you may receive from FVC Bank sent by Gilbert Kennedy and Patrick Gil from Shapiro Sher. The letter was sent to provide instructions on account receivables and the proper way of handling them for CoesterVMS as of 11/14/2018. Immediately both Patrick and Gill will be your point of contact for any questions or concerns...

Ditech, You Are Out of Here... Appraiser Whistleblowers Stepping Forward 3

You Are Out of Here…

The New York Stock Exchange has removed Ditech Holdings from trading due to their share value and volume of shares. According to a HousingWire article, Ditech shares are less than $1.00. It’s been a swift fall in the stock price department for Ditech. When the company emerged from bankruptcy, it began trading under a new symbol, “DHCP.” See the article here. Please watch your receivables. The market is slowing and there is chatter about late payments from several amcs and lenders in social media appraisal groups. Save the Date: The VaCAP conference will be held February 7-8th in Northern Virginia!  More...

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