Tagged: payment

Let's Come Together, and Take Control of the Appraisal Process 28

Take Control of the Appraisal Process

If the appraisers want to take back their industry they need to come together… This new law in NY has aroused a lot of comments from appraisers but let’s be honest. Appraiser have been complaining about AMCs for the last 10 years and waiting for the government, regulators and other to solve the problem with the whole AMC disaster. I have written about this before, the appraisers have no one to blame except themselves. If you wait for someone else to solve the AMC problem you are looking in the wrong place. We all know of the problems with AMCs...

Beware of Appraisers Point Solicitations 48

Beware of Appraisers Point Solicitations

Appraisers, a new ‘company’ with “Appraisers Point” in their name has been marketing their services via emails across the fruited plain lately, encouraging appraisers to sign up on their web site and pay an annual fee so that ‘you’ can get on a list to be presented to, or accessed by, unnamed lenders, who might, or might not, want your service. They have a very slick looking web site that makes them look legit. Appraisers Point has no location shown on their website, so in reality, it could be anywhere in the world. The email messages show a location in...

Appraisers Wronged Again & Defrauded by Clarocity Now Called Zaio 10

Clarocity Now Called Zaio Rips Off Appraisers

Clarocity changed back to Zaio…screwing over every outstanding appraiser payment… Last week VaCAP shared information on Clarocity Corporation and how the main investor StableView Assets was seizing the shares and foreclosing on the working assets, which includes Clarocity Valuation Services. StableView in turn had an agreement to sell Clarocity Valuation Services to iLOOKABOUT. We warned to proceed with caution or do not proceed at all. We described the situation as a “soap opera.” We continue to monitor them and have learned many things. We debated on sharing this information with everyone, however we feel obligated to keep our members informed. First of concern...

What Will Happen to Clarocity Valuation Services? Clarocity Soap Opera 30

Clarocity Soap Opera

…so what will happen to Clarocity Valuation Services? VaCAP has been following the Clarocity Corporation Soap Opera since one of our members had trouble getting paid from them back in November of 2017. After doing a bit more research on them, we issued a warning to our members in December 2017 to pay attention as Clarocity was in financial trouble. We kept watching and alerted our members that many of the AppraiserLoft Executives were now at Clarocity. We shared Clarocity was borrowing money at a bought down rate of 24% and repaying in stock shares in lieu of cash; all...

Loan Officer' Letter Instructing Borrower to Push Appraiser for Value 36

A Little Push Can’t Hurt Right? Wrong!!

…forget the risky position foisted on the consumer by the loan officer… Well, here we go again. In my previous blog posts titled “Round and Round” and “Pressure My Story”, I spoke to examples of how lenders and/or AMCs have been pushing and pressuring appraisers to hit certain values on transactions. If an appraiser did not hit these numbers, or make changes to make the transaction work in the lender’s favor, the appraiser would be threatened with non-payment, removal from appraiser panels, and/or blacklisted. If you haven’t read those blog posts, feel free to go back and have a look....

COD at The Door? - Can Appraisers Collect at the Door? 28

COD at The Door?

Can Appraisers Collect at the Door (COD)? In the past, it was common for appraisers to collect their fees directly from the borrower at the time of the property visit (i.e., at the door). I would take credit cards, checks, or cash while at the door. Many years ago, this was common. Now, however, that rarely happens and we usually have to wait 30- to 60-days for payment from the AMC client. So recently, when I got a COD order from HUD, I was really surprised. In fact, I thought something was bogus. I needed to check this out since...

Who Is Responsible for Appraisers' Payments? Planet of Deadbeat AMCs! 34

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 18

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...

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 11

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...

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