VaCAP has learned that another AMC might be having financial difficulties. There are conversations currently taking place in two appraiser groups on Facebook. The discussions are in 100% Real Estate Appraisers and Appraisal Client Search and revolve around a bounced check from an appraisal management company. The comments are varied and some are stating they are having no issues with this particular appraisal management company when it comes to payment. Others are stating invoices are past due from April and late payments have been the norm with this amc recently. One commenter stated their bank has issued a hold on a check from this amc. Then there is the original post from an appraiser stating the check bounced. VaCAP has no first-hand knowledge and has not verified the information and comments in the discussion so we are not going to release the name of the amc.
VaCAP encourages each of you not only to stop and look at your receivables, but to take action to protect your income. Virginia requires appraisal management companies to pay appraisers within 30 days of initial submission of the appraisal report. Senator Wagner introduced the legislation on behalf of VaCAP and all Virginia appraisers. VaCAP supported the bill to ensure Virginia appraisers are protected.
If you are owned money from an appraisal management company that is past 30 days, do not wait. Take immediate action to obtain your money. Here are some suggestions:
1. Call the amc and discuss the issue.
2. Notify the lender of the situation in writing via certified mail. The amc is an agent of the lender and the lender is responsible for the actions of the amc.
3. Proceed with caution. Consider the consequences by accepting more assignments from the amc until the issue is resolved. .
4 File legal action against the lender and amc to obtain a court ordered judgement. Depending on the amount owed, a small claims court filing may suffice, if not the assistance of an attorney may be beneficial.
5. Once a court ordered judgment is received, file a claim against the amc’s surety bond with the Virginia Appraisal Board. Remember, the longer you wait, the less likely you will see any funds.
Save the Date:
The Virginia Real Estate Appraisal Board will meet on July 30th. This is the last chance to voice a comment concerning the proposes hybrid appraisal guidance document to the Board before the Board votes on the acceptance of the document. In case you missed the opportunity to read all the comments that were posted on Town Hall, there were 153 total comments posted. An overwhelming majority were opposed to hybrid appraisals stating these products do not provide adequate protection for the consumer. Pubic Trust is why appraisers are licensed, and Public Trust is why the Real Estate Appraisal Board exists. See the comments here.and make plans to attend the VREAB Meeting on July 30th.
VaCAP Membership Renewals
Thank you for being part of VaCAP. If you have not renewed your VaCAP Membership, please do so now so our energy can be used for more pressing concerns. Join or renew your VaCAP membership here.