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Getting Paid!

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Larry Davis

Freshman Member
Joined
Mar 20, 2002
I would like to see states and possibly FNMA/FHA/VA take a stand on vendor fees for appraisals. A lot of big banks only want to collect the money for you, and pay you later. If the loan doesn't close, many don't ever pay. It is a conflict of interest for the bank/lender to collect the fee from an independent appraiser. This implies pressure to hit a certain value or you don't get paid. The big powers to be should make it a law/rule/whatever that the appraiser/or employee of the appraisal company must collect the fee from the borrower/purchaser/or possibly client.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Here you go, trying to stir up something, like getting paid! Haven't you realized that the appraisal fee is additional income for the banks? :D

Seriously, unless there is licensing by states of lenders and the licensing rules require payment of all escrowed fees, we will keep tilting at these windmills.

Roger
 

Leon Stewart

Member
Joined
Jan 15, 2002
The Payment of the Appraisal Fee is just one part of the problem that's involved with this Lender Controlled Appraisal Process. The Core of the problem is that the Lender decides whether you even work or not, that is, if you are referring to Mortgage Loan Work. You wont have to worry about collecting a Fee if the Lender decides not to use you because you don't get the values that he needs to close his Loans. Most responsible lenders will usually pay, they just might not use you again.

leon
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
The system is what it is and we have to learn to live with it. If in doubt, collect at the door! Just got paid on a couple more than a year old. They paid the late charges and interest too! All in all, collection losses are pretty minimal. Looks like I have about $1,800 over the last two years...some of which I haven't totally given up on yet. The worst seems to be out of state lenders and especially fees for final inspections.
 

Bill_FL

Senior Member
Joined
Aug 23, 2002
Professional Status
Certified General Appraiser
State
Florida
Does anyone else watch the motorcycle builders shows on Discovery?

Jesse James was having trouble getting paid for some of the choppers hehad built. He had:

PAY UP
SUCKA

tattooed on the palm of his hand, so when he put his hand out, palm up, you can read it.
 

Mike Simpson

Senior Member
Joined
Jan 30, 2002
The issue of getting paid isn't nearly the problem it once was. Why???--The State Department of Financial Institutions is one very good reason. The Department of Financial Institutions might be called something different from state to state (in fact I know it is).

In the past--years ago now thankfully--if I'd made every reasonable effort to collect my fee, I'd tell the transgressor, "my next call is to the Department of Financial Institutions." Invariably, I'd get paid every time.

A few years ago I ran into a buzz saw who fancied herself as a "Processor Management Company." This woman was a 'Black Hole' sucking up appraiser's & lenders fees. I discovered through some research she was even padding my bill, and adding insult to injury the witch wasn't paying me. I made a last ditch effort to collect my fee: "There had better be a Federal Express Truck in front of my office tomorrow with my money or I'm calling the Department of Financial Institutions." The next morning there it was--FedEx with my money (I even got a tip!).

On another ocassion I had a pain in the neck client respond, "If you do that (call the DFI) you won't get anymore work from us!" "Hey Einstein," I shot back, "what makes you think I wanna work for a deadbeat like you anyway?" "Hell at this rate it would be cheaper for me to go fishing than to work for you." I got paid, and some months later that company was shut down--I had a Barbeque in celebration!

-Mike
 

USPAP Compliant

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Mike,


I am happy and proud to report that I am six for six on collections! I have filed SIX complaints against lenders (to the NC Commissioner of Banks) and have been pais all SIX times! Our new NC law really works!

Yep, those guys will never use me agains...they will find an appraiser who likes to work for free.
 

Mike Simpson

Senior Member
Joined
Jan 30, 2002
Bob-

Good for you...you worked hard, and deserve to be paid accordingly. A lender who doesn't understand this premise either lacks intelligence, is a crook or both! I find these guys will usually pick up stakes and move after a period (they must) or simply begin a new career, and start their next scam--you can't stay in this business by ripping people off!

...and I was serious about it "...being cheaper to go fishing..." (than to work for some jerk who has no intention of paying me). I just got a call for the third time in a week--"When can we expect the appraisal?" My response, "you've made it my responsibility to collect payment via your engagement letter...we're still waiting and haven't heard from the borrower since we requested a check in advance."

I've got clients (with a history of prompt payment) ringing my phone off the hook who're willing to pay good money for a quick turn time. Money talks...the rest can walk.

-Mike
 
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