Tagged: payment

Escrow Accounts Used in Real Estate Transactions... Why Not AMCs? 10

Go Ahead, Just Ask…

If AMCs used escrow accounts, no appraiser would ever go unpaid. Go Ahead, Just Ask… There is a lot of talk going on about AMCs that are in serious financial trouble. We have heard from many appraisers about past due payments and have heard some very concerning situations where AMCs owe appraisers millions of dollars in unpaid invoices for appraisal services. We have heard stories of AMC credit lines being cut off and demand notices being issued by the bank. There are also discussions of several AMCs shutting their doors in the coming weeks. We all know how rumors spread and...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Topics Needing Your Attention: AQB, Track Delays & Receivables 3

Action Reminders

Topics getting a lot of attention… Life can be hectic around this time of the year and we wanted to remind everyone of a few items that need your attention and action: First: The AQB has another exposure draft out concerning appraiser licensing qualifications. The big issues are Degree Requirements, Alternative Tracks, Practical Applications and Experience Requirements. These topics have been getting a lot of attention as the “perceived appraiser shortage” card is being played by lenders and AMCs. Please take a few minutes and share your thoughts. The exposure draft and comment instructions can be found here. VaCAP urges every appraiser to comment on these topics. The deadline...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

59

Another AppraiserLoft?

If you do work for Clarocity Valuation Services, you definitely should pay attention… Simple Wall St reports: “Clarocity has limited growth and a worrying balance sheet” On November 26, 2017 VaCAP shared an issue with one of our members not receiving communication from Clarocity Valuation Services concerning past due invoices. Due to our research and public sharing, our member was paid. During that time, VaCAP learned some things about Clarocity and we continued to follow the company. We are not going to tell anyone who to do business with or how to operate their business, but we ask that the analytic...

AMC / Appraisal / Appraisal Management Companies / Appraisal Organizations / AppraiserLoft / Trending

Clarocity May Have Gone Dark.... Have AMCs Gone Dark? 34

Have AMCs Gone Dark?

Clarocity May Have Gone Dark… VaCAP has learned from one of our members the Appraisal Management Company, Clarocity Valuation Services, may have gone dark. The VaCAP member has invoices for their services over 30 days old and Clarocity has been unresponsive to numerous emails and phone calls over the past several weeks. Additionally, new orders are being assigned through their portal, Appraisal Scope. Virginia passed a 30 day prompt payment law that went into effect July 1, 2017. The statute is very clear that an AMC must pay an appraiser within 30 days from the initial delivery of the report....

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Palm Beach AMC Solicitation Blast & Appraiser's Response 16

Appraiser’s Response to Palm Beach AMC

Palm Beach AMC, thank you for your blind/bulk solicitation. Just out of curiosity, why do you think I would share that kind of personal & confidential professional information with a firm I never heard of? I don’t even know what kind of fee schedule you are used to paying? You offer no references of any kind, yet you expect I will extend credit to you for thirty days? Without exception, THAT means that you will use MY fee to pay YOUR overhead for thirty days before you even consider sending MY fee to me. Firms that do not segregate appraiser...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News

4

What Can You Do When AMC Does Not Pay?

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: “§ 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...

AMC / Appraisal / Appraisal Management Companies / Appraisal Organizations / Fannie Mae - Freddie Mac / VaCAP

Metro-West Solicitation Blast & Appraiser's Response 48

Appraiser’s Response to Metro-West

Metro-West Appraisal, thank you for your bulk email solicitation… I will consider accepting work from you on the following basis: My minimum fee for non complex FNMA guideline compliant SFRs is $550 (net). There are no exceptions. Any upload fees or other forms of service charges  or ‘convenience’ fees will be added to that fee. I do not accept or authorize discounting of the fee for any reason. The premium or surcharge for property with a transaction amount or other characteristic that requires completion by a certified appraiser, is a minimum of $250. However the final bid will depend on...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News

Flagstar Bank Eliminating Use of AMCs: Direct Vendor Appraisers Wanted 29

Flagstar Bank Eliminating AMCs

Flagstar Bank’s Direct Vendor Appraisers Appraisers, I have just learned from reading a forum that Flagstar Bank is doing away with the AMCs they use, and bringing appraisal ordering back in-house. However, you must agree to this: PLEASE NOTE: We only pay via ACH (automatic deposit twice a month on the 1st and 15th) so your bank information is also mandatory. There are no other payment methods available at this time so if you prefer not to use automatic deposit we unfortunately cannot add you to the panel. Also effective July 24th, 2017 there will be a click fee charge...

Appraisal / Appraisal News / Appraisers News / Trending / Uniform Standards of Professional Appraisal Practice / USPAP

Legislators Supportive of Appraiser Issues 5

Legislators Supportive of Appraiser Issues

We need supportive legislators! June 13th is an important date for Virginia Appraisers The Republican Primary is June 13, 2017. VaCAP does not care if you are Republican, Democrat or Independent. We do however; think it is important for you to know of several candidates that are supportive on appraiser issues: Senator Frank Wagner is running for Governor of Virginia. Senator Wagner introduced the successful AMC legislation for 30 day payments to appraisers that goes into effect July 1, 2017. Although the bill for using only third party fees when calculating customary and reasonable fees to appraisers did not move forward,...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Legislation to Regulate AMC's & Protect Consumers Opposed by REVAA 38

AMCs Are Not Part of The Appraisal Profession

Foreign entities do not get a voice in what legislation is introduced… Let’s think about this with an open mind… More states are introducing bills concerning AMC legislation, more specifically how AMCs will conduct business. Even states with existing AMC legislation are introducing stricter, more precise legislation. Why is this happening in all 55 jurisdictions? States do not want to interfere in how a company or industry conducts business, but when practices are so abusive that it harms small businesses and consumers, they have little choice. States have the obligation to protect their citizens and businesses that contribute to the...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

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