Comments on: Bounced Checks, Bankruptcies & Waivers

By: Frances Wise

Frances Wise — Thu, 27 Aug 2020 21:18:18 +0000

Hello everyone, we are a small appraisal company in Las Vegas, NV. We did a few appraisals for Appraisal Nation several years ago and we were paid in about 2 weeks and then never heard from them. I did read the letter from their president regarding non payment for appraisers due to COVID-19. Recently we have been getting a few orders from them almost every day but I am reluctant to accept or bid. Has anyone gone back to accepting orders from them and if so, are they back to paying appraisers in a timely manner? Thank you for anyone’s response and stay safe!

By: Baggins

Baggins — Fri, 19 Jul 2019 22:12:15 +0000

One time Ocwen took 3-4 months to pay me. I don’t know how appraisers even go with those programs. When anything starts running late, I turn the water off myself and move down the line.

Appraisers whom extend months of full time and employee time billing credit towards a management company who’s clearly not paying on time, they must be desperate. Why wouldn’t they instead take time to market to direct assignment companies? Pure desperation. Those appraisers would probably do better off and earn more in sales.

Ocwen was in this recent news. One could only hope they laid off their entire amc and appraisal management department.
https://www.thetruthaboutmortgage.com/a-list-of-recent-mortgage-closures-mergers-and-layoffs/

By: Lou Gerak on Facebook

Lou Gerak on Facebook — Mon, 15 Jul 2019 05:36:03 +0000

Glad I’ve given up Bank work!!!

By: Mike Ford, AGA, GAA, RAA, SCGREA, Realtor®

Mike Ford, AGA, GAA, RAA, SCGREA, Realtor® — Sun, 14 Jul 2019 16:37:54 +0000

Assuming the letter is legit, I am inclined to give the benefit of the doubt to the AMC on this one. While these occurrences are not common-they aren’t all that rare either. I’d be concerned about unpaid invoices over thirty days though. THAT suggests they are not paying appraisers from the funds received for the appraisers specific job, but are rather relying on new orders to pay old outstanding prior debts.

THAT is an exceptionally bad but all too common practice!

By: Bill Johnson

Bill Johnson — Fri, 12 Jul 2019 19:13:28 +0000

So lets see, lenders & big brother cause the problem (use of AMC’s, 50% fees, scope creep, 20 page engagement letters, no trainees, no residential appraisers (cert. + only), etc. / no C&R enforcement, increase license requirements, UAD mandated portals, sponsored waivers, no appraisers on congressional hearing panels, etc.), but the solution is to issue a short term waiver where potentially 90% (???), of the residential work goes away overnight? Addressing the issue (not really, as no focus will be on the above issues) in a year, when the state has an equal reduction of active appraisers (90% ???), will only reinforce their decision to make the waiver request permanent.

What a joke!

Seek the truth.

By: Samantha Rambo

Samantha Rambo — Fri, 12 Jul 2019 16:59:41 +0000

I just can’t understand why AMC’s and Banks are not allowing Licensed Residential Appraiser to appraise for fha and various other entities before they open the flood gates?

Why are states putting a time limit on Licensed Residential Appraisers experience logs. Many Licensed Residential Appraisers were forced out of business due to the college degree requirement but still maintained their licenses. Once the Appraiser qualifications were updated to no longer mandating college degrees. The Virginia State Board of Appraisers has implemented a 5 year limit on experience instead of following the AQB Regulations of no time limit for experience. State Boards are stopping qualified Licensed Residential Appraisers from re-entering the Appraisal industry. This needs to be addressed so there will not be a need to have more appraisal waivers granted.