Tagged: accounts receivables

Appraisal news for real estate appraisers and real estate professionals regarding accounts receivables. News relating to the Appraisal Industry.

You Are a FEE Appraiser Not a FREE Appraiser - Ponzi Scheme AMCs 32

You Are a FEE Appraiser Not a FREE Appraiser

you are a FEE appraiser, not a FREE appraiser. Do not continue doing business with AMCs who don’t pay you in a timely manner per your state law… There’s an old phrase, whose origination is not precisely known, which says “mind your p’s and q’s.” What it means is ‘watch what you are doing’, or various other aspects of life. How many of you realize that the AMC business model as we currently experience, it is actually a Ponzi scheme in operation? Remember Bernie Madoff? That kind of scheme. It’s been publicized recently in various places that several AMCs, including...

Appraisal Nation Late Paying Appraisers Again 18

Appraisal Nation’s Payment Issues Again!

In July 2019, appraisers were having payment issues with Appraisal Nation. They were slow paying and when they paid, their checks bounced. Yesterday, they emailed the appraisers on their panel explaining that they have come up against a back log in their Accounts Payable team due to the threat of COVID-19. One has to wonder how are they capable of sending orders to appraisers, collecting the appraisal fees, asking for revision requests, etc. but paying appraisers on time is an issue during the pandemic? Dear Appraiser, We continue to find ourselves living through an unprecedented time as the situation with COVID-19 continues. As...

Ocwen Financial Is in Trouble. Appraisers Need to Protect their Businesses 13

Ocwen Financial Is in Trouble

VaCAP concerned about Ocwen financial deteriorating condition… We have all been there; you are busy and you lose track of your accounts receivables. Suddenly, you have 45, 60 and 90 day past due invoices. VaCAP wants to remind you to pay attention not only to your receivables, but industry news to make informed decisions going forward. Two days ago HousingWire reported Ocwen Financial is in trouble with the New York Stock Exchange. According to the article, Ocwen stock has been trading below $1.00 for more than 30 days in violation of the NYSE rules. Ocwen runs afoul of NYSE after stock stays below...

Appraisers CASH the Darn Check! - Appraisers Blogs 52

CASH the Darn Check!

…AMC in question is refusing to allow new vendor appraisers to accept fee payments by check… Appraisers, I had an interesting conversation with a Chief Appraiser at a prominent AMC today (and no, you don’t have to berate or chastise me for using that expression) who told me they have a real problem with appraisers FAILING TO CASH FEE PAYMENT CHECKS! This news was absolutely stunning to hear. It is incredulous to me that people who claim to be ‘professional’ in their work, can’t figure out how to take a piece of paper with their business name on it and...

DOJ Investigates Big Tech - Atlantic1 AMC Not Paying Appraisers 8

DOJ Investigates Big Tech

The Department of Justice announced last week they have initiated a review of anti-trust concerns with Big Tech Companies. From the Wall Street Journal article, the Federal Trade Commission and the Department of Justice collaborated on who would take the lead on this investigation. Also pointed out in the article, both the FTC and DOJ are pursuing separate investigations of Big Tech Companies. Although CoreLogic was not named as an initial target, we suspect it is just a matter of time before they are included. Frank Garay and Brian Stevens did a short 6 minute video on the subject which...

COD at The Door? - Can Appraisers Collect at the Door? 28

COD at The Door?

Can Appraisers Collect at the Door (COD)? In the past, it was common for appraisers to collect their fees directly from the borrower at the time of the property visit (i.e., at the door). I would take credit cards, checks, or cash while at the door. Many years ago, this was common. Now, however, that rarely happens and we usually have to wait 30- to 60-days for payment from the AMC client. So recently, when I got a COD order from HUD, I was really surprised. In fact, I thought something was bogus. I needed to check this out since...

Who Is Responsible for Appraisers' Payments? Planet of Deadbeat AMCs! 34

Planet of Deadbeat AMCs!

So who is really responsible for payments to appraisers?… Where to start with this? Do I have to refer you back to my past articles like What’s Not in Your Wallet or Appraisers Outraged? Where do we even begin… We begin here. Another story of an Appraisal Management Company going out of business, owing tons of money to appraisers for services they provided. Coester VMS, once one of the biggest players in the game, closed its doors recently. They closed them leaving appraisers with thousands of unpaid invoices for services that who knows if they will ever be paid for....

Clarocity's Government Shutdown Excuse for Late Payments 18

AMC’s Shutdown Excuse for Late Payments

Clarocity cites possible upcoming government shutdown as excuse to delay payments to appraiser. From our Sister Coalition in Mississippi: “BEWARE if you accept any orders from Clarocity. I got a call from one of our members today telling me that Clarocity is citing the upcoming government shutdown as a reason appraisers may not get paid timely on the orders they are currently sending out. The scope of work and terms of the orders indicate that the appraisals for USDA may not get paid within the 60 day period if the government shuts down. This is really no excuse but if...

MCS Valuations (AMC) Closing Shop - ABA Supports Raising De Minimus 18

MCS Valuations (AMC) Closing Shop

I saw a posting by another appraiser on a Facebook page on February 5, 2019 that MCS Valuations, based in Lewisville, TX, is closing shop. They are an AMC, and provide BPO’s and other real estate related services. The appraiser posted a letter from the company. They will not be placing any more appraisal assignments, but are asking appraisers to finish any assigned reports already in the pipeline. What’s really striking about this closure is that in 2014, MCS Valuations bought ‘components’ of CoreLogic’s associated entities that CoreLogic no longer wanted in their business! February 5, 2019 This communication is to inform...

Outraged Appraisers Owed Money! End The Appraiser Payment Issue! 30

Outraged Appraisers Owed Money by AMCs!

“I am owed $20,000”. “I am owed $2000”. “I am owed $500”. “I am owed $1500”. These are just some of the quotes pulled from various groups, message boards and forums from appraisers all over the country that are owed money for the appraisal services they provided. Services they provided for a Lender, Mortgage Company or Bank through an Appraisal Management Company or AMC as they are known. What’s an Appraisal Management Company you ask? Well for those that do not know, AMCs have been around a long time. Appraisal management companies (AMCs) are business entities that administer networks of independent...

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