Does anyone else shun "collect at the door"?

[Terrel L. Shields]

Sometimes collect at the door is essential when dealing with a distant, unfamiliar client. I'm about to come to the conclusinn that the best answer is not to deal with distant unfamiliar clients. Local, reputable clients who pay in reasonable time is the way to go.

I have, to the best of my knowledge, never collected at the door, ever. But then again, I do not deal with FBN Mortgage companies. Local, established Mort. Co. who deal thru my regular bank clientele Mtg. dept. only.

On private reports, I do try to collect upon delivery of the report.

I am confident that in court if push came to shove, and you collected at the door, the courts will mostly agree that the borrower is a co-client and you best have some explicit text SIGNED BY THE BORROWER that points out regardless where the check comes from, they are NOT an intended user of the report and I believe a high percentage would refuse to sign such a thing.

ter

 

[Anonymous]

As far as coolecting a check goes it's the best in my opinion! Maybe once a month I'll get a bounced check notice in the mail but every state has WORTHLESS CHECK LAWS. If someone write a check that was collected at their home for $200 or more it is a class c felony punishable from 1-5 years in prison and a fine of up to $2,500! So after the first call goes out you then send the certified letter (look up worthless check or larceny by check in your state or loacl govnt. website and you should find the info you need there about this type of letter) and if in 5 days you don't have check in hand, a 10 minute report at your local PD is all it takes. The DA takes it from there unless you get paid. Since I found out @ this 2 years ago, haven't been stiffed yet! Also, have you EVER had a lender accept an appraisal in a borrowers name only??? It never happens, so when new borrower calls to have appraisal put in their name I charge a $35 reprint fee paid by C.C. of course BEFORE appraisal can be relaesed with borrowers permission.

 

[Bobby Bucks]

David good point, but keep in mind Billy Joe and Bobbie Sue may have gotten the money, but they’re also “still running today”.... Blue you have a pending appraisal request in the “Clients, Good, Bad & Ugly” forum. ... Steve you’re right, but I beg to differ due to cost effectiveness and productivity. Dealing with a less than stellar mortgage broker for the majority of your assignments you might get paid 30 to 35 coyote pelts for each 1004. At the ranch, we probably average about 28 coyote pelts per report.....I have a buddy across town who constantly brags about his high fees he gets from a client who is a royal pain to deal with....he gets 35 pelts per report which is far too cheap considering the time, risk and hassle he endures. I can assure you there is considerably less time involved in my 1004s than someone who is doing the majority of their work for questionable mortgage brokers. I rarely have to spend any of the “hassle” time that is so common when doing mortgage broker work.....ie. I can also state without boasting that I get a whole hell of a lot more reports out the door in any given week by avoiding those types of clients......I don’t say this with arrogance, but from my past experience. At one time 60% of my work came from one “nice” mortgage broker.......IMO “nice” mortgage brokers have a lot in
common with “good appraisers”................... of course, like all mortgage brokers, their demands kept on increasing.......they eventually feel like they own you......you get last minute requests, value pressure constantly until one day you awake and realize you are one of those select few.......a “galley slave appraiser”, surviving on stretch refis, gruel and only an occasional ration of grog.....and having only one real client. During the last refi boom, I decided to burn that bridge. It was the best decision I ever made. After all is sliced and diced, we're still paid by the hour. Now, back to Mr. Johnson..... our buddy David is a G Man and we R Men know that G Men charge at least 300 coyote pelts for every narrative which takes them all of 2 hours to complete.....yeah, I know, unlike us, they're getting paid to think, not just to type and take pictures.

 

[Ben Vukicevich SRA]

Mike,

The borrower ordered the appraisal. I have no contact with the mortgage company other than an email address. Who is the client???? The borrower, of course.

By the way, if you have the reference handy that states FNMA won't by the loan if the borrower orders the appraisal, I'd appreciate a page number so I can check it out.

Pan flute?? Isn't Yanni the guy that plays that??????

Ben

 

[Anonymous]

In my world when a lender gets an appraisal in a borrowers name only, in the 12 years Ive been doing this, NEVER has it been accepted as-is. We can quote FNMA guidelines all day long and when you're dealing with a 20 year old underwriter who knows more than god! What are you going to do. It's called MORE RESTRICTIVE INVESTOR GUIDELINES. How can you argue with that thrown in your face! Why bother. Cut off your nose to spite your face? That's just more work for me. You just do it and move. Time is money :lol:

 

[Blue1]

Bobby,

Tell you what, you can HAVE that request!.....If you've got the $$$$$$$ :lol: :lol: In the meantime, I have a file full of checks (all good) for appraisals I haven't done yet. Life is good. How do you get paid for appraisals you haven't even done yet?...........Super secret info.....maybe I'll write a book! 8)

 

[David C. Johnson]

<span style='color:darkblue'>Bobby,

Well, it's taken about all day to get this right, but I think I've finally got the story sorta straight after hiring BudBob's TV Repair, Discount Internet Research & Sheet Metal Work, Co. for a little webwork this afternoon. SO, word is, Billy Joe and Bobbie Sue, first cousins, procured Kiss Assurance Mortgage Co. and its subsidiary KissAMC, all being Kiss for short, for an undisclosed number of mushrooms, beads, lizard skins, and a near full six-pack of St. Pauli Girl, Coors, and several ounces of Bud, along with a well broken in feathered medicine pipe.

Reportedly, the El Paso incident occurred during a scheduled Power Closing involving their typical 200% equity cash-out Castle Crasher Credit line facilitated by multiple shots of Mexican tequila. Hence, "Billy Joe [had many a] shot [with] a man while robbing his castle," thereby securing a hefty personal check for points and fees to Kiss; then Bobbie Sue intentionally sent a blank mortgage contract to Freddie Mac or Billy Mac, or somebody who knows what the fax is, and what the taxes is, or something like that. But regardless, the cousins made like a tree and got out of there bigtime pronto.

And as it turns out, Keith Richards did in fact gave up a fairly promising appraisal career as a youth for an old electric guitar and a semi-tractor trailor load of Marlboro unfiltered cigarettes just months after achieving his trainee licenses -- as he had often cited a lack of job satisfaction, stating: "I can't get no."

I believe that's the ticket...

dcj</span> :lol:

 

[Pamela Crowley (Florida)]

I'm thinking of going to mail the check and then I'll schedule the appointment - also thinking of a check acceptance program that will transfer the money immediately into my account. Being stood up or told by the HO when I arrive that they cancelled and can't understand why I wasn't told really ticks me off!!!

Damn LOs are always finding ways to screw the appraiser.

Can you tell it just happened to me again this morning????? :twisted: :twisted: :twisted:

 

[Verne Hebert]

Collecting a check at the door is one thing. Collecting the check at the door for the client to be mailed with the report is another...enter Express Financial Services.

I welcome a check as soon as possible.

If a borrower call me for a report, I tell them to call their lender and tell them to direct an order............their bird dog work is finished.

If I collect a check from the borrower I have a statement in the condition of appraisal stating the check was collected directly from the borrower with no client relationship existing with this end user.

 

[mikegoff]

Got one of those COD no show and "didn't the lender call and cancel"? yesterday. Customer was so upset, she called lender, lender called me to send inspection invoice. What a surprise, now lets see if the lender pays invoice. You see everything in this business.