TCValuations Ceasing Operations!
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TCValuations Paying Appraisers $0.25 on the Dollar!
VaCAP has just learned TCValuations is ceasing operations.
They are paying appraisers $0.25 on the dollar!
Some good advice: AMCs ceasing operation may be the beginning of a trend as more lenders stop using AMC’s. Stay on top of your receivables and be careful when granting credit.
It is with much regret, that I write this letter to inform you that TCV has commenced an orderly wind up and liquidation of operations. Unfortunately a significant downturn in revenue and the loss of part of our volume with two key clients in the second quarter of 2017, has forced the company to wind up its operations.
As soon as we recognized the downturn in revenue was more than a temporary decrease, we took immediate steps to wind up the business and salvage as much of our outstanding receivables as possible for the benefit of our appraisers.
We immediately took the following steps:
- Reduced expenses
- Reduced payroll
- Focused on collecting our outstanding receivables
Unfortunately, we were not able to collect all of our receivables and with significant operating losses over the course of the second quarter, we are only able to pay our appraisers twenty five ($0.25) cents on the dollar owed to each of the appraisers.
We thank you for your loyal support and commitment to TCV over the past 9 years.
With much appreciation,
Excerpt from HuffingtonPost article:
AMC executives like Vancellette and his colleagues spend decades cultivating relationships with appraisers, who get paid by companies like TCV as independent contractors. It could easily be argued that appraisers who work with appraisal management companies like Transcontinental or one of its competitors have the best of both worlds,—working independently…being their own bosses. At the same time, they leave the sales, invoicing and other administrative tasks to their appraisal management company.
“They can work as much as they want, or part-time if they have other things going on,” says Vancellette. “We work with a lot of parents and semi-retired seniors who want to work part-time.”