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North Carolina Commissioner of Banks, My Hero

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Charlotte Dixon

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
What a great State!!! What a relief! Finally, an office that won't tolerate the PROHIBITED ACT, Article 19A-11, of not paying appraisers. Wells Fargo will soon receive their formal complaint.
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
Isn't that the place that Austin loves so dearly? Can't wait to see if he has an opinion on this one. :)
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
I have not talked to them but per a Mortgage Broker that attended the classes she was told that the Alabama Banking commission would not in no uncertain terms tolerate non payment to the appraiser. They would pull their license if they didn't pay.

Have not talked to them but I have their number on my computer screen. :)
 

Austin

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Virginia
The most subtle form of applying pressure on an appraiser is withholding payment if he/she appraiser does not hit the number. I do work for a pretty good bank and they owe me $1,000 from last July. Both appraisals were deal killers. One was a manufactured home scam. The guy needed a $140,000 appraisal to make his deal and there are no $140,000 doublewide manufactured homes in this market, and besides the bottom of that market fallen out about that time, so borrower got mad and bank hasn't paid me yet. Second time was a complicated land deal and the land had no public road frontage. About two days after I got the assignment the county changed the subdivision ordinance making it illegal to subdivide land with no road frontage unless the developer installed paved roads to the tracts. The borrower got a copy of the appraisal from the bank, got the seller to drop the price by $40,000 based on the appraisal, still has not contracted for the land and owes me about $800. Happens every time, hit the number and the check comes in the mail, save the banks hide and you don't get paid.

Bobby said I would be glad to see NC did something right for a change. Austin certainly is. I give credit where credit is due and don't hold back when I see something wrong. The nicest state board director of any profession I ever had any dealings with was the NC Auctioneers Board in the 1970's. The NC RE Commission came up with some crap about out of state auctioneers had to have an office inside the state of NC with licenses on the wall in that office and some service of process crap plus filling papers with the secretary of state that was totally unreasonable. I wrote a letter to the Auctioneers Board and told the director my situation, living on the NC border and just a small family one office brokerage business and we couldn't open branch offices and comply with that kind of restrictions. I was sitting at home one night at 8PM watching TV and the State Auctioneer Board Director called me at home and told me to forget that bureaucratic crap. He had talked with the chairman of the NC RE Commission and told me to send my application to him and I would have an auctioneer's license in 48 hours. Now that is service to the people and a man with a brain. He retired and died a few years later and I sent some flowers to his wife because he was a good man and an exception to the rule.
 
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