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Broker keeping our funds.

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Lanny A Freng

Thread Starter
Sophomore Member
Joined
Nov 28, 2006
Professional Status
Certified Residential Appraiser
State
Minnesota
I thought I had read on here at one point of some regulation pertaining to mortgage companies receiving our appraisal funds out of closing and how many days they have to disperse those funds to us. Does anyone know this regulation or are there any rules pertaining to this? I cant find this anywhere after searching....
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
I thought I had read on here at one point of some regulation pertaining to mortgage companies receiving our appraisal funds out of closing and how many days they have to disperse those funds to us. Does anyone know this regulation or are there any rules pertaining to this? I cant find this anywhere after searching....

That probably varies by state. But, the funds should be in an escrow as they do not belong to the mortgage company. Demand payment and if they do not pay then file suit in small claims court.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
RESPA

There MUST be something much better and MUCH stronger than the appraiser being forced to file in small claims court!!!!!

This should be criminal.
 
Last edited:

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
My regulations do not allow for billing mortgage brokers. The penalty for violating the regulation is explaning to my wife why I don't have enough money to make the mortgage payment on time. Needless to say, I don't violate the regulations.
 

Lanny A Freng

Thread Starter
Sophomore Member
Joined
Nov 28, 2006
Professional Status
Certified Residential Appraiser
State
Minnesota
yeah we have learned our lesson. We have already sued and won on this. I am just curious one of my appraisers is in the "new" continuing education classes for mortgage brokers that is now required for MN. He just called me and said that this group of people were the most unqualified unknowledgable group of professionals he has run across yet. THey were suprised that that was not ethical to keep the appraisers funds??? He is a newer appraiser and will learn quickly how many uneducated mortgage people are out there.
 

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
Laws vary state to state.

I'm not sure what the laws are in your state (or mine for that matter). small claims court is time consuming. Showing your menacing face in their door a few days in a row usually works. That is my law.
 

TEL2002

Elite Member
Joined
Jan 16, 2002
Professional Status
Retired Appraiser
State
Louisiana
Lanny, you said......... "I am just curious one of my appraisers is in the "new" continuing education classes for mortgage brokers that is now required for MN".

I would love to see the course documents on this class. I'd gladly pay to get a copy of them.
 

Lanny A Freng

Thread Starter
Sophomore Member
Joined
Nov 28, 2006
Professional Status
Certified Residential Appraiser
State
Minnesota
YEah I am going to get a copy of his class book and thumb through it. If I find anything interesting I will post it.
 
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