I Thought AMCs Were Supposed To Be Timely With Payments?

[AppraizinAZ]

I was always told that AMC's were there so we would paid paid in a TIMELY manner. I have one that hasn't paid in months and it was just now brought to my attention. After 3 emails and 3 voicemails to their accounting dept in the past few weeks. I still haven't been paid or given so much as an email. We keep turning down orders from them and tell them its because they don't pay for the work. I just sent off another VM and email. Who do I go to to turn in an AMC??

 

[KYLECODY]

I was always told that AMC's were there so we would paid paid in a TIMELY manner. I have one that hasn't paid in months and it was just now brought to my attention. After 3 emails and 3 voicemails to their accounting dept in the past few weeks. I still haven't been paid or given so much as an email. We keep turning down orders from them and tell them its because they don't pay for the work. I just sent off another VM and email. Who do I go to to turn in an AMC??

Well...go ahead and let us know who they are so we don't waste any time on them?

I hate the non response game when it comes to payment. Have a couple ongoing now.

No longer a state board here but AZ DFI may let you file a complaint and possibly pull money from their bond as a last resort. I would fire off a certified letter to their accounting dept saying AZ DFI has the authority to pull their AMC bond/licensure if they show a history of non payment to appraisers (or some such politely worded statements) and they will be reported to AZ DFI if you don't receive payment in 10 days..Thats a start.

 

[J Grant]

turn your attention to the lender and hold them accountable for payment ,they are responsible for their agent ( the AMC)

 

[Bob Ipock]

I was always told that AMC's were there so we would paid paid in a TIMELY manner. I have one that hasn't paid in months and it was just now brought to my attention. After 3 emails and 3 voicemails to their accounting dept in the past few weeks. I still haven't been paid or given so much as an email. We keep turning down orders from them and tell them its because they don't pay for the work. I just sent off another VM and email. Who do I go to to turn in an AMC??

Unless your state and/or state appraisal board regulates AMCs....you are realistically out of luck. NC Appraisal Board registers AMCs and they are required to pay in 30 days. Have you checked with your board or commission to see what the AMC regulations (if any) say?

 

[Skeletor]

What is the name of the AMC?

 

[miktay]

I was always told that AMC's were there so we would paid paid in a TIMELY manner.

Somebody actually told you that?

 

[Meandering]

Actually if you performed the work, you can hire a factor to get your payment (for a fee) so hopefully you have included costs to collect your fees in your letter of engagement, or you can sue in court, depending on how much money you are owed, would determine which court you can sue in. You can contact the FDIC and claim the lender is not monitoring their 3rd party AMC as required. You can also fill out the interagency complaint form which is linked in the improve the profession. You can even file with the bcfp, formerly the cfpb, because you are due a C&R fee, even if your state does not register AMCs, and $0.00 is not a C&R fee for work performed.

.

 

[glenn walker]

Actually if you performed the work, you can hire a factor to get your payment (for a fee) so hopefully you have included costs to collect your fees in your letter of engagement, or you can sue in court, depending on how much money you are owed, would determine which court you can sue in. You can contact the FDIC and claim the lender is not monitoring their 3rd party AMC as required. You can also fill out the interagency complaint form which is linked in the improve the profession. You can even file with the bcfp, formerly the cfpb, because you are due a C&R fee, even if your state does not register AMCs, and $0.00 is not a C&R fee for work performed.

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A factor generally PAYS 20% to 30% at best and does not take on small accounts, and normally-only large companies or govt accounts etc- No company that we know of takes on appraisers outstanding invoices that I know of ? But if this appraiser has a source or point of contact please cite the source - Phone number - So the rest of us can use there services.

 

[Tim The Enchanter]

Supposed to be. Um yeah.

 

[Riick]

Forget factoring the debt.
Contact a Collection agency.
Had to do that years ago, cost me 50% of the fees, but that was superior to 0%.