Banks using their own money, or those banks concerned with regulatory compliance would normally want correct asset valuation.

It is the commissioned loan officers and vice presidents who are compensated based on loan volume written and sold; & who believe they will never get ‘caught up’ in a crash-or at least one attributable to their actions that think appraisals are obstructions.

Include virtually ALL mortgage companies in that category. Their sole reason for existing is to package less than premium quality / low risk loans into something ‘doable’. Especially government insured or guaranteed loans.

Amc appraisers deserve whatever losses their masters bid them. An entire industry of persons whom crossed the picket line. I don’t feel sorry for them, they knew it would happen eventually. There is a price to be paid for colluding with another company to defraud borrowers.

I hope that all appraisers with any unpaid invoices take steps to get paid in advance of delivery or withhold the appraisals. AMCs that pay in arrears will have no ability to pay for anything in the pipeline when they cut off new work.

No one has any obligation whatsoever to complete any assignments they have until new payment arrangements are made. If the company you contracted with (the lender’s agent) shuts down, THEY are the ones that have the obligation to the borrower – not the appraiser.

Be open to negotiating directly with the originating lender-client or bank but get an ironclad promise to pay before delivering anything.

We’ve all seen how little integrity banks have when appraisers go back to them because their agents failed to pay. Get written promises to pay up front at a minimum. I’d be asking for the money though.

Sells advertising and referrals on his blog.
Promotes constant lies to demean appraisers.

Why you might ask?

AXIS Appraisal Management Solutions announced it added Rob Chrisman, publisher of Daily Mortgage News and Commentary, to its Board of Directors.