Sooner Mike
Freshman Member
- Joined
- Feb 10, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Oklahoma
I took a check at the door payable to the lending institution. They were to hold this check untill closing. Thirty-some-odd days later I get the check in the mail, endorsed to me, and the homeowner has stopped payment.
I faxed the lender an invoice letting them know that the check was no good and the balance of the appraisal fee was still due. After another thirty-some-odd days (and a few other faxes), I get this phone call today:
"Our loan officers are responsible for appraisal fees on appraisals that they order. If the loan does not go through and the customer will not pay for the appraisal, then the loan officer is to pay."
Well, the loan officer is a friend of mine (no longer working there, of course), and I, of course, no longer do business with that particular lender.
If this is not the most insane thing that I have ever heard, then I do not know what is. I guess that I should have had "Joe Loanofficer" as the Client/Lender on the report, do you think that would have gotten past underwriting?
I have yet to file legal action on any client, or deadbeat homeowner, but I think my side of the story just might hold up in court.
I faxed the lender an invoice letting them know that the check was no good and the balance of the appraisal fee was still due. After another thirty-some-odd days (and a few other faxes), I get this phone call today:
"Our loan officers are responsible for appraisal fees on appraisals that they order. If the loan does not go through and the customer will not pay for the appraisal, then the loan officer is to pay."
Well, the loan officer is a friend of mine (no longer working there, of course), and I, of course, no longer do business with that particular lender.
If this is not the most insane thing that I have ever heard, then I do not know what is. I guess that I should have had "Joe Loanofficer" as the Client/Lender on the report, do you think that would have gotten past underwriting?
I have yet to file legal action on any client, or deadbeat homeowner, but I think my side of the story just might hold up in court.