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CODs

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Brad Ellis

Thread Starter
Senior Member
Joined
Feb 7, 2006
Professional Status
Certified Residential Appraiser
State
California
What percentage of your mortgage broker orders are being done COD? Ball park estimates are fine.

Thanks,

Brad
 

larryhaskell

Senior Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Nevada
Our best estimate is 15% to 20% and this even includes some commercial work. For the most part, we don't trust unknown commercial lenders any more than we do residential lenders.
 

CCAAMO

Senior Member
Joined
Sep 17, 2007
Professional Status
Certified General Appraiser
State
California
Our best estimate is 15% to 20% and this even includes some commercial work. For the most part, we don't trust unknown commercial lenders any more than we do residential lenders.

All of my commercial work is COD. Even if you get a 50% deposit, if they cancel the deal or do not pay the remaining 50% balance, you are out a lot of money.

The only non commercial work I bill is for VA appraisals and for some of my clients I have had for over 5 years who pay within 2 weeks at the most, and even then many of their orders are COD. So I guess my percentage would be close to 75%.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
5-10%. CODs are suspect here, we have the NC Banking Commission to help with collections.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
100% for mortgage brokers.

Mr. Rex, North Carolina is the only exception I know of that has State Law to back up appraisers being paid.
 

Lawrence R.

Senior Member
Joined
Mar 27, 2007
Professional Status
Certified General Appraiser
State
South Carolina
Out of town borkers(not a typo, but a new word)---100%

I only have one local MB client. He only sends me work he knows is good because he doesn't want to cross the bridge if he tried not to pay me if a deal didn't close. He knows the fit would hit the shan.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
What are you working on Brad? Or is it Top Secret?
 

larryhaskell

Senior Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Nevada
Pamela:

Nevada has a mortgage division that helps us with payments. If the MB is in NV it's a slam dunk. The MB gets a call from the division and directed to pay. If the MB is out of state they will still call but the state doesn't have the same clout as it does in NV.
 
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