• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Going After The Mortgage Bond

Status
Not open for further replies.

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
I'm into this lender for $2000 since January.
I got a piddly check for $225 from one of the
borrowers. I've sent letters, made phone calls,
nothing.

So I sent the pre-filled out small claims action form.
nothing.

So I'm talking to a local mortgage broker and complaining
about this, and she says, "Elliott, you should go after
their mortgage bond." Hmmm, says I.

The people at the state mortgage department were more
than happy to give me the policy number and the insurer,
Hartford Insurance in Hartford Conneticut,
so I faxed them all my bills and letter. Its Friday, and I
don't expect anything immediately, but I think this might
get someone off dead center. I'll let you know how it
comes out.

elliott
 

Bob Stainbrook

Sophomore Member
Joined
Jan 3, 2003
<span style='font-size:14pt;line-height:100%'>Elliott,
This should be very interesting. I used to be a Mortgage Broker and without that bond it's like us doing an appraisal without E & O insurance. What's the first things any n3w bank requests from us ??????

1. License
2. E & O
3. Resume


I'm already getting my accts. rec. printing as I write this reply.

Thanks,

Bob Stainbrook
Castle Realty Appraisal Services, Inc.
</span>
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
I love that idea!! I hope you added on late fees and/or interest!!

In Bama the Banking Commission will now pull their Brokers Lic. if they don't pay. So now I never turn down a new in state lender. I have decided with some out of state lender calls I will call the State to make sure they are Lic. If not I am sure the state will love to hear they are doing a loan. :mrgreen:
 

jeff samolinski

Senior Member
Joined
Apr 18, 2003
I tried that here in florida and was told by the state that the bond $ is for the state to use to pay for investigations, complaints etc. Was told I could not get any of it for my unpaid appraisals.
 

Tom Barclay

Senior Member
Joined
Apr 7, 2002
Professional Status
Retired Appraiser
State
Oregon
I have done it several times in the past few years, and posted on this before. Every mortgage broker in this state must be bonded if they want to write loans in Oregon. First call I make is to the state agency that licenses mortgage brokers, they also have a web site. The bonding company is listed, as is their policy # and expiration date. I write the offending company a certified letter with a final bill, stating that I have no recourse should they not pay the bill, including late charges and fees. If no $ arrives, send the demand letter to the bonding company, certified. It will take a couple months, but they are required to pay or they will lose the ability to write policies in the state. They contact the mortgage broker to find out why they haven't paid by calling and sending them certified letters, which is why the 60+ day delay. I have been told by one of the largest bonding companies that they immediately suspend their bond, and will revoke it permanently for failure to pay their bills. At the very least, they will raise the premiums. I have completely put two mortgage brokers out of business this way, but I got mine. The slugs then have a little more difficult time setting up shop elsewhere, and I don't have to deal with them anymore.
 

Travis McGee

Senior Member
Joined
Sep 18, 2004
Good idea, but while the results are pending, I would suggest pressing ahead with the small claims court filing. It really works. And, you might try to embarass the lender by letting him know that you will contact all the borrowers you did appraisals for, and ask them to show up at the small :unsure: claims court hearing to state you did the appraisals.

I now try to avoid sleazballs ( dropped half my former client list, now work with fewr, but better clients), and I ask for paymet up front unless a broker has a good consistent payment hisotry with me. Good luck.
 

jtrotta

Senior Member
Joined
Jan 16, 2002
Recently I have been tempting the Brokers by NOT including the "Bill For Services" on several of my recent "Collect At The Door" jobs; I've noted that the phone has been ringing off the hook just prior to closing the transaction - requesting this information be forwarded immediately or the Closing will be "postponed" :mrgreen: :mrgreen: ;

now my little furry friends, this is an indicator to me that these deals, that are not being "paid for" may offer other complications; let me try thisun on ya'll jus fer Sh**ts & giggles; when these guys "Collect" those Funds at closing (under the "Disclosure Act") and fail to pay U and those monies have traveled across borders (State), would it now not behove us to know what Attorney is closing the Deal :question:

I fer one say ya - I thinks we can contact the attorney and tell them to cut our check right there; if they don't and pass the monies along to the Bank (Interstate) and we don't git paid, I think we have every right to pursue the Attorney also in this scam. I think the term - "Interstate Wire & Mail Fraud" should be looked into closely and perhaps more so by the State regulatory system.

jsut a thought

:ph34r:
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
I've tried that and was told by the closing agents that they MUST follow the directions of their lender/client.

I worked a way around this a few weeks ago. The out of state buyer was supposed to send me a check for the COD appraisal and 'forgot'. I decided this one didn't 'smell' right and wouldn't deliver the finished appraisal until I received a check. Everyone's up in arms so I called the attorney/closing agent who told me they MUST follow their lender/client's directions and that if they received a fax from the lender to collect this at closing, that is what they would do, even if the lender later tried to say otherwise, they would demand a paid invoice directly from me before they would close it without dispersing a check to me.

BTW, the only reason I was agreeing with this was that they really did get a good deal and the appraisal was nicely above the contract price. If it wasn't, I would have held on for the money prior to delivery of the appraisal no matter what.

Anyway, the lender sent the fax with directions to pay me directly out of the closing proceeds and I sent the appraisal to the lender. Later that same day when my mail came in, the buyers check was there. I then sent a paid invoice, subject to the check clearing, to the lender and the closing agent.

Just one more way to get paid. Just don't count on the closing agents to pay you because if their lender/client says otherwise, they won't because they can't. Remember, appraisers are the bottom of the totum pole so get your money up front!!!! Shoot, seems to me that some take pride in finding ways to keep our money for themselves.
:twisted:
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Woohoo!! Moi got a fax Monday from the Hartford
Company, telling me they got my fax, they were setting
up a file, and they were contacting the insured. Nice
little note.

*Fingers crossed*

elliott
 

Bob Stainbrook

Sophomore Member
Joined
Jan 3, 2003
I ALSO RECEIVED AN INTERESTING PHONE CALL LAST WEEK FROM ONE OF MY BETTER LOCAL BROKERS. ( YOU KNOW THAT 1 IN A 100 THAT WILL PAY FOR THE APPRAISAL IF MARKED COD AND HOMEOWNER WOULDN'T PAY ). I DID A FULL APPRAISAL $ 300.00 COD 3 WEEKS AGO. HOMEOWNER SAID HE DIDN'T KNOW ABOUT IT OF COURSE. FINISHED THE APPRAISAL, HAD TO ADD 2 ADDITIONAL COMPS DUE TO LACK OF GOOD SALES IN 12 MONTHS. CHARGED $ 350.00 FOR FULL ON THE HUD & $ 50.00 EACH FOR THE 4 & 5 COMP. RECEIVED A CALL SAYING WHY DIDN'T YOU COLLECT AT THE DOOR AND WHY IS THE APPRAISL BILL $ 450.00 ? I EXPLAINED THAT DUE TO THE HIGH VOLUME WE ARE DOING RIGHT NOW I CHARGE $ 50.00 PER PAGE FOR ADDENDUMS AFTER THE APPRAISAL HAS BEEN SIGNED, ( USUALLY STUPID REQUESTS ANYWAY ) $ 50.00 FOR EACH ADD. COMP. IF IT'S WHILE I'M DOING THE APPRAISAL AND $ 75.00 FOR EACH ADD. COMPS IF IT'S AFTER I HAVE SUBMITTED APPRAISAL. HE SAID CUSTOMER HAS THE CHECK NOW AND HE HAD TO GET AN INVOICE FOR PAID IN FULL OR THE TITLE CO. WOULDN'T CLOSE THE DEAL. SINCE THE HOME IS ONLY 5-6 MILES FROM MY HOUSE I DROPPED BY AND PICKED UP THE CHECK FOR $ 300.00 COD. I REMOVED THE 4 & 5 COMP. AND E-MAILED THE PAID INVOICE. RECEIVED A VOICEMAIL TODAY SAYING THAT THE UW IS REQUESTING 2 ADD. COMPS. I PUT THE 2 BACK IN AND CHARGED THEM $ 150.00 FOR THE COMPS. AND SINCE THE TITLE CO. IS CRACKING DOWN ON UNPAID APPRAISAL INVOICES THE LENDER WIRED THE $ 150.00 INTO OUR ACCOUNT TODAY SO THEY COULD GET THAT PAID INVOICE IN TIME FOR CLOSING TONIGHT.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks