Getting Paid By Your Local Friendly AMC

[Riick]

This, out-take from my mailbox, originally from Clearbox


We are getting a lot of calls from appraisers about what to do in cases where they aren't getting paid.
The lender is ultimately responsible.
Here are the steps:

Contact the lender and chat with them about the issue in a professional manner. Some lenders really aren't aware of the rules. You will have to figure out who their regulator is in order to know how to proceed with the next step.I
Quote Third Party Oversight rules.
Here is the OCC Bulletin to assist.

https://www.occ.gov/news-issuances/bulletins/2013/bulletin-2013-29.html

Write a letter and cc the state regulator and federal regulator. Throw in everyone and the kitchen sink if you aren't sure. For example, include VA or FHA or the GSEs accordingly.

Send this letter to the appropriate contact at the lender. Tell them in a cover letter that you need to be paid in full via certified funds within 72 hours or you will forward your attached letter to the regulators.

Once you've been paid, do a little dance.

 

[Meandering]

Only works as a threat.

The "agency" is under the common law,
which does not outline fiduciary responsibilities of the principal for the agent.

But I'm not a lawyer.

Nothing has changed since ES went under and Chase did not have to pay those appraisers.

.

 

[Tim The Enchanter]

Do a little dance, make a little love, get down tonight!

Thanks for the buzzkill, Marion.

 

[Elliott]

Avoid lenders who use Clearbox? Most AMCs are getting good at paying within two to four weeks using direct deposit.

 

[JTip]

Thanks to the AF and contributing members posts on non-paying clients, I have never not been paid.

Choose your clients wisely. Note to self: NEVER use Clearbox.

 

[Raven59]

The Clearbox name makes no sense. Clear box was an amplifier tool used to hijack pay phones...yes, to steal. Is Clearbox trying to tell us something?

 

[Overimprovement]

The Clearbox name makes no sense. Clear box was an amplifier tool used to hijack pay phones...yes, to steal. Is Clearbox trying to tell us something?

I remember using that as a teen--the thing I had made the sounds of the coins going through the phone, which made the phone think you had inserted coins.

To you under 40 appraisers--please google 'pay phone'. The entry is next to 'cassette tape'. And 'developing film'

 

[Raven59]

To you under 40 appraisers--please google 'pay phone'. The entry is next to 'cassette tape'. And 'developing film'