Just who is responsible for paying the appraisal fee?

[J in Florida]

Help me out, people. If an LO or processor orders the appraisal, just exactly who is the person legally responsible for payment? If that person quits that company, what recourse does the appraiser have? Does anyone have any good suggestions as to how to collect on VERY overdue fees?

Thanks!!!

 

[Anonymous]

J,
If the LO leaves, the Mortgage Company, et al
is on the hook. I've had Mortgage Companies
go out of business....I'm not above writing a letter
and a bill and sending it to the homeowner.

Bill often....be persistent....be reasonably
polite. Re-bill, phone them. Oh, keep the
original request fax....it usually has the
company logo on it--so if Chase is
on the logo, then I figure they've authorized
Joe Shmo to vendor for them (a reasonable
assumption).

Hey, they just had to have this report yesterday,
so they can pay the bill just as fast.

elliott

 

[vblanche]

The appraisal is not ordered for the loan officer or the processor. It is ordered for the company. It is the company's name that is on the appraisal. The company is responsible for payment of the appraisal. The company is also responsible for collecting the payment from the applicant or taking it from the loan officer's commission.