Tagged: surety bond

Who Is Responsible for Appraisers' Payments? Planet of Deadbeat AMCs! 25

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....

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...

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...

CoesterVMS Surety Bond Cancelled 15

CoesterVMS Surety Bond Cancelled

VaCAP has been forwarded an email from the North Carolina Appraisal Board stating the Surety Bond for Coester VMS has been cancelled. We have not heard anything from Virginia or any other state, but will update you as new developments arise. From: NCAppraisal Board ncappraisalboard@ncab.org Sent: Monday, November 26, 2018 11:24 AM Subject: Bond Claims against CoesterVMSThe surety bond holder for CoesterVMS, IFIC, has notified the Appraisal Board that Coester requested the bond to be cancelled. The effective date of the cancellation is February 16, 2019.The bond number is TXIFSU0633863. A scan of the original bond is attached. Note that continuation...

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...

Escrow Accounts Used in Real Estate Transactions... Why Not AMCs? 10

Go Ahead, Just Ask…

If AMCs used escrow accounts, no appraiser would ever go unpaid. Go Ahead, Just Ask… There is a lot of talk going on about AMCs that are in serious financial trouble. We have heard from many appraisers about past due payments and have heard some very concerning situations where AMCs owe appraisers millions of dollars in unpaid invoices for appraisal services. We have heard stories of AMC credit lines being cut off and demand notices being issued by the bank. There are also discussions of several AMCs shutting their doors in the coming weeks. We all know how rumors spread and...

Palm Beach AMC Solicitation Blast & Appraiser's Response 16

Appraiser’s Response to Palm Beach AMC

Palm Beach AMC, thank you for your blind/bulk solicitation. Just out of curiosity, why do you think I would share that kind of personal & confidential professional information with a firm I never heard of? I don’t even know what kind of fee schedule you are used to paying? You offer no references of any kind, yet you expect I will extend credit to you for thirty days? Without exception, THAT means that you will use MY fee to pay YOUR overhead for thirty days before you even consider sending MY fee to me. Firms that do not segregate appraiser...

Bond on TC Valuations: A Defunct AMC's Bond 1

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...

Transcontinental Valuations AMC Bites the Dust 9

Another AMC Folds

Transcontinental Valuations has gone out of business and stated that it can pay only 25% of the amount owed to each appraiser. VaCAP has been forwarded the following email from the North Carolina Appraisal Board. Please use this as a reminder to watch your receivables. No appraiser should go unpaid for their work! From: NCAppraisal Board [mailto:n…@ncab.org] Sent: Friday, September 15, 2017 10:20 AM Subject: Transcontinental Valuations (NC-1174) On August 23, 2017, we sent out an email letting you know that Transcontinental Valuations has gone out of business. Since then, the Board received a cancellation notice from the bond company...

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