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 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...
AI & 37 Appraisal Organizations pushing back against Appraisal Waivers… Clarification on Treasure Valley Factors: Last week we shared with you information about Treasure Valley Factors no longer accepting invoices from Managed Appraisal Services. Many interpreted this to mean Treasure Valley Factors was no longer accepting appraisal management companies’ invoices. This is not correct. Managed Appraisal Service, Inc. is an Appraisal Management Company located in Horsham, PA. It is this company’s invoices Treasure Valley Factors is no longer accepting. Treasure Valley Factors is still accepting invoices from other Appraisal Management Companies. Treasure Valley Factors reviews each company individually and makes decisions...
For a quiet Holiday Week and the first week of school for many localities, many things to report: VaCAP has learned Treasure Valley Factors is no longer accepting “Managed Appraisal Services Inc.“ invoices. Treasure Valley Factoring has been highly promoted by Phil Crawford and many appraisers utilize their service. VaCAP does not know the reasoning behind their decision, but we can only assume it is risk based, or this AMC simply is not paying. This could be a sign of things to come. Be mindful of your receivables and take early action the first sign of trouble. It is a business...
Let’s Get Back to Real Appraising: We have all encountered the glass is half full / half empty perspective. This perspective could be applied to everything life throws at us. The appraisal industry is no different. We are hearing a lot of doom and gloom over Fannie Mae’s Property Inspection Waivers (PIW) and Freddie Mac’s Automated Collateral Evaluation Program (ACE). On the surface the glass appears half empty. Well, the glass is definitely half full; maybe even 3/4 full. We can now get back to real appraising……. No more UAD, No more 1004mc, No more scope creep, No more false...
We are saddened to learn Bob Barton has passed way. Bob was a true pioneer to the profession and a leader for Virginia. Bob entered the Real Estate Industry in 1965 as a sales agent, later to become the first licensed appraiser in Virginia. His license number is 4001-000001. Bob was also the first Chairman of the Real Estate Appraiser Board and a true friend to Virginia appraisers. He will be greatly missed. The funeral Services are Tuesday August 22 at 11:00 AM. VaCAP has received many expressions of sadness and sorrow. We will forward those condolences to Bob’s Family....
Appraisers Have Choices… So the bartender asks, what’s your pleasure? Appraisers have choices; choices that impact how we do business, with whom we do business and why we do business. Outcomes and consequences of these choices can and will vary. One of the choices we face, and perhaps is one of the most important choice, are you going to be an industry leader or are you going to be a follower? Any organization, appraisal profession or not, needs both leaders and followers to survive. Professional organizations for appraisers are an important part of the future of the industry. Whether it is a national...
What happens when an AMC does not pay or closes its doors & should funds collected for appraisals be kept in escrow? 54.1-2021.1 of the Code of Virginia requires AMCs to post a $100,000 bond or letter of credit. Appraisers may be able to file a claim against the bond or letter of credit and receive funds if they have not been paid. Directly from the statute: Ҥ 54.1-2021.1. Appraisal management companies; license required; posting of bond or letter of credit. In addition to the filing fee, each applicant for licensure shall post either a bond or a letter of credit...
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. Dear Appraiser, 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...
Is the Housing Bubble About to Burst? Subpoenas Have Been Issued; A Stay Has Been Granted; The Case is Moving Forward The FTC vs LREAB case has had numerous articles floating around. Some information that is being stated is inaccurate, some embellished, some truthful. The official case log contains everything from the initial complaint to the Judge’s rulings. Take a look at some of the subpoenas issued and who is filing motions to quash them…. What do these AMC’s have to hide? Click here for the official case log. Wow, Just Wow! “S.1649 – A bill to help States combat abuse...
