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Excuses From Lenders...

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Charlotte Dixon

Thread Starter
Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
It's not only the small outfits that pay late! I just collected over $3,000 from a "heavy hitter" mortgage company, and this was in payment for a collection of invoices which date back to last July! I'm talking BIG, SUCCESSFUL Company! Of course they got angry because I wanted to get paid so they aren't sending me anymore work. Then another very large, successful company didn't pay for 3-4 appraisals until 4 months later. I mean, these are the BIG GUYS!! In both cases, these were the excuses...........
1)Oh, our Accounts Payable is undergoing some changes
2)Oh, they moved our Accounts Payable to Texas and are regrouping
3)Oh, did you put loan numbers on your invoices?
4)Oh, we have a new person heading up Accounts Payble now
5)Oh, did you send an invoice with your report?
6)Oh, we have an excellent Accounts Payable Dept. Are you sure you sent your invoice to the correct address?
7)Oh, My!!! (the loan officer said) You should have notified me that our company owes you money. We ALWAYS pay our appriasers. And, NONE Of MY other appraisers have complained.

To get paid by heavy hitter #1, I worked with the local office first, then called and wrote the main office in the same state, then called and wrote the big accounts payable in Texas. As a last ditch effort I called the REALLY big guys in Cleveland. The guy in Cleveland promised me a check within 4 days and he kept his promise.
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
I have found the "really, heavy hitters" have the least regard to paying the appraiser. They have their system and you live with it move on. I do know of some companies that publicly state that they pay 45-90 days. But, you will make it up in volume! Please???? I have not been burned in quite some time, but I was just recently because I got suckered by a big corporation. I am very fearful of issuing credit and this last time they had six full months of steady paying before they screwed me. I have found that you can get satifaction on some of the bigger companies if you go straight to the top. I just collected from Ameriquest on a final inspection by contacting the main office in California through their web site. I also just collected from a Houston company by contacting the state mortgage licensing department about another deadbeat. I wish all appraisal orders could be pay at the door, but sometimes you have to give credit to have any kind of volume. I know every one of my competitors issues credit.
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I got a very interesting excuse for non-payment the other day, and I think the guy was being honest with me.
He explained that he had signed on with a company who 'bulk faxed' potential new clients as a means of getting leads, but the contract he had signed with them had a hook that had put him into deep financial doo-doo. According to him, for every one of these potential leads that faxed back that they wanted OFF of the bulk fax list, he had to pay the advertising company $12 to remove their fax number. He said that in the first two weeks there were 300 requests for removal.
Anyone else heard of anything like this?

Dee Dee
 

jtrotta

Senior Member
Joined
Jan 16, 2002
Sounds like these guys have stoolen a page from the Blues Brothers (JB) :) as they have come up with more stupid stuff then kids in grammer school :lol: Didn't know there were sooooooo many empty suits floating around- well I guess now the dry cleaning industry will dump less polutants with some of these jokers out of the way 8)
 

David S. Roberson

Senior Member
Gold Supporting Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
"We are in the process of changing our accounting system." I know that song by heart.
 

rijman

Junior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
California
We had a large local client who gave us a lot of work but was very slow to pay. When their overdues became excessive and the bookkeeper wasn't following through with promises we held an appraisal hostage. We had a report the client really wanted, super rush deal with a large loan, so we told them we wouldn't deliver the report or continue with any other orders in process until we got a check for all our past dues. The client ran a check over that afternoon and our relationship continued with a new understanding, pay up or shut up!

Regards,
 

Will Granger

Sophomore Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
"The check's in the mail." :roll:
 
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