National Real Estate Information Services (NREIS) Closing
National Real Estate Information Services (NREIS) to Close in February.
Information is circulating from various sources that National Real Estate Information Services (NREIS) will be closing within the next sixty days.
Sources say NREIS employees have been notified that it will be closing.
If you are owed for unpaid appraisal reports, you should contact NREIS immediately and demand payment.
When the shutdown happens, and you are still unpaid, contact the LENDER directly. LENDERS are responsible under federal lending regulations for the actions of their AGENTS (such as NREIS), and thus are legally responsible for your fee payment.
If you are in a state with an AMC licensing law, and the law includes a surety bond that can be used for appraiser fee collection**, contact your state to file a complaint and to get the contact info for the bonding company. File a claim with the bonding company directly. **Not all states with AMC licensing have this provision.
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Another AMC bites the dust. Good riddance. I’m getting more and more orders directly from small & medium lenders that have setup their own appraisal ordering desks. And they’re paying full fee ($400 for conventional URAR and $440/$450 for FHA URAR). One even pays me via ACH/direct deposit in 3 or 4 days after I submit my report.
Gool luck with that pipe dream. Rates will be going up very soon. As soon as that happens AMCs are back in the driver’s seat.
The only way to kill these parasites COMPLETELY is to boycott against them. If you’re not demanding $400+ from an AMC you are part of the problem.
Boycott Cheapskate AMCs folks. It’s really that simple.
dont all appraisals have to go through an AMC philip?
So my local board is making a big transition as well. Didn’t realize it was all over the nation.