Two AMCs Disciplined in VA
Disciplinary action against 2 AMCs for late payment & operating without license
You just have to shake your head at what they try to pull off!
At the February 14th Virginia Real Estate Appraisers Board Meeting, Independent Settlement Services and Landmark Network were each disciplined for violations of Virginia AMC Regulations.
Independent Settlement Services was disciplined for not disclosing prior disciplinary action in North Carolina. North Carolina audited them and found only 75 times out of 579 appraisals, they paid appraisers within 30 days as required by North Carolina law. The state of Nebraska also fined Independent Settlement Services for not disclosing the disciplinary action in North Carolina. Virginia then turned around and fined Independent Settlement Services again for not disclosing the disciplinary action in Nebraska. See the complaints below or here. Just type in “Independent Settlement” under license look up and open the complaints tab.
Landmark Network was also disciplined for not disclosing prior disciplinary action in Minnesota. The State of Minnesota disciplined them for operating in Minnesota without a license. See the complaint below or here. Just type in the “Landmark Network” under license look up and open the complaints tab.
Excerpt from Summary of the Informal Fact-Finding Conference
Independent LLC was aware of the requirement but due to cash flow issues they “[got] a little behind” on the payments. (Transcript, p. 14) The average payment was made within forty days. Chezosky stated there were outliers that took longer, but he believed this occurred because some vendors had not submitted tax paperwork in order to be paid.
Although the cash flow issues affected operations across the Board, Chezosky believed they only caused a problem in North Carolina because of the thirty-day deadline. Independent LLC’s major clients paid them on a sixty-day cycle, which made it diffcult to meet the thirty-day deadline. By 2015, the cash flow problems had been resolved, and Independent LLC was able to make all of its payments in North Carolina on time.
Removing the Independent Appraiser from the Industry!
This will impact every appraiser in Virginia and throughout the country, but more importantly, the consumer will be harmed! Listen to the show Voice of Appraisal E141: The Dystopian Nightmare!!!
Contact your representatives now, both State and Federal, to put a stop to this. Protect your profession, neighbors and local communities!
Find your representatives, click here and forward this to every appraiser you know!
- AMC Engagement Letter: Appraisers Do Not Include Your Invoice - July 28, 2023
- We the People… - April 9, 2023
- Federal Valuation Agency Impact on Appraisers & the Public - July 22, 2022