Pay to play

[Mike Boyd]

Received an email for an FHA appraisal. They asked me to "Register" in order to get the order.

I typed in all the details they asked for. Interestingly, it did not ask for my license number. Then I went to the next page. This page was a promo for their company called High Tech Funding (or something close).

Registrants must pay $399 to get on THEIR roster.

I will not pay them a dime. The original call came in yesterday from a local mortgage broker. He is brokering the loan to High Tech. So, I know it's real but will not play their extortion game. I think FHA has some rules about this. Anyone know the reference for pay to play? I called the original broker back. He was not aware of this and is going to call them. I will let the forum know what I find out. Anyone ever heard of this company and the pay to play policy?

 

[c w d]

Received an email for an FHA appraisal. They asked me to "Register" in order to get the order.

I typed in all the details they asked for. Interestingly, it did not ask for my license number. Then I went to the next page. This page was a promo for their company called High Tech Funding (or something close).

Registrants must pay $399 to get on THEIR roster.

I will not pay them a dime. The original call came in yesterday from a local mortgage broker. He is brokering the loan to High Tech. So, I know it's real but will not play their extortion game. I think FHA has some rules about this. Anyone know the reference for pay to play? I called the original broker back. He was not aware of this and is going to call them. I will let the forum know what I find out. Anyone ever heard of this company and the pay to play policy?

Damn, they really can offer no fee loans. With all of their vendors paying for the work whats left for the lender to pay out?

What a Fing scam. Think about it. You've been around how long Mike? And this is the first time you've had to do an appraisal for this lender. So, when would you break even on something like that? The sad part is, a bunch of schmuck appraisers have paid to do this. How else would this lender be in business if they couldn't get appraisals expecting the appraiser to pay for the appraisal?

Edit:

The more I think about the incredulous nature of this the more I'm convinced it's time to move on to another line of work. I've been saying I was going to do this for a while now between myself and co-works and bit here and there on the forum. It seems lately, the more I read on this forum, the more appraisals I can't do because of things like reality, etc, etc, etc the more motivated I become to move on.....if others on this forum aren't seeing the writing on the wall then let me spell it out: IT'S OVER. THE GOOD GUYS LOST.

 

[Mike Boyd]

This type of thing has been going on for a number of years....but never, in my experience, from an FHA lender!

The broker called them after I complained and they sent me a regular order. They, apparently, are trying to play AMC. Full fee, COD.