28th October 2011

Appraiserloft – $3M in unpaid appraiser fees

posted in Appraiser News |

Hopefully you were not one of the thousands of appraisers stuck with unpaid invoices from AppraiserLoft after they unexpectedly closed their doors without any notice or explanation.

According to HousingWire, some feel that appraisers should go after the lender to recoup appraisal fees that might have already been paid out to AppraiserLoft.

I know on my message board we have come up with a few ideas from going after the homeowner who will in turn pressure their mortgage brokers and lenders. Others have suggested going after the bond issued in the state the AMC was required to provide appraisal management services.

After receiving numerous calls for help from fellow appraisers, I have posted a few different articles on my blog about this issue. If you need assistance, please read the posts as well as the comments from other appraisers stuck in this situation.

Hopefully we can work together to get this resolved and appraisal invoices paid.

Good luck out there! Make sure to listen to my recent podcasts as well!

Bryan Knowlton
http://www.appraiserincome.com

There are currently 17 responses to “Appraiserloft – $3M in unpaid appraiser fees”

Why not let us know what you think by adding your own comment! Your opinion is as valid as anyone elses, so come on... let us know what you think.

  1. 1 /*On November 4th, 2011*/, James O'Dea said:

    Bryan: I have spoken with Congressman Scott Garrett who chairs the Banking department. I made there office aware of Appraiser Loft. Waiting to hear back. I will draft a letter to lenders that I completed work through the appraiser loft asking them to pay each invoice of completed work. After all they would have to share some of the blame. They engaged the appraiser loft to act as there middleman. I don’t think they would want to be part of a small claims action.
    Sincerely

    Jim O’Dea
    Skyline Appraisal Company
    New Jersey

  2. 2 /*On November 4th, 2011*/, Eli Pascon said:

    I have contacted CT department of consumer protection regarding AppraiserLoft’s (AL) need to be bonded in the state. They have told me that AL did not need a bond to operate here in CT nor were they regulated. Isn’t that great? Unfortunately they stuck me for $5,000.00 so I appreciate any input you all may have.

    Eli Pascon
    (860) 982-9677

  3. 3 /*On November 12th, 2011*/, joe t said:

    Now I wonder who checks out the AMC’s before they are approved..Is that NMLS? if So wouldn’t they be on the hook for the money owed to appraisers?

  4. 4 /*On November 19th, 2011*/, Patrick Ruhl said:

    I own The Appraisal Place, Inc. in Erie, Colorado and have been left holding over $8,000 worth of unpaid Appraisals. Is there any new news on how to proceed with them to get our money? Any help is very appreciated.

  5. 5 /*On November 30th, 2011*/, Bob D said:

    Appraiser Loft owes me $1,755. The actual lenders on the appraisals were Carnegie Mortgage & Met Life Home Loans. I’ve called and spoke to both lenders and also have written letters to each, but to no avail. They are putting onus on the AMC. I’m wondering if taking A.L to small claims court would be worthwhile or not? I’ve learned that even though they are located in San Diego, CA and I am located in Pennsylvania,I’ve been advised that a phone hearing could be done. The cost is only $50. But I also don’t want to waste $50 if it is going to be a useless exercise. Anyone have any thoughts?

  6. 6 /*On December 2nd, 2011*/, Ray Stark said:

    If anyone has done work for Bellco through Appraiser Loft, please email us at stopfeetheft@gmail.com so we can get a class action suit started.

    Ray Stark

  7. 7 /*On December 7th, 2011*/, Maria Muse said:

    I also have 3 reports that have not been paid by AppraiserLoft..if anybody knows how to get the fees owed to me/us please contact me at muse@hughes.net, thanks Maria

  8. 8 /*On December 11th, 2011*/, gene smith said:

    i got stuck being owed $2,975. makes sense that all of a sudden the last few months, that they were willing to pay your counter offer. AMAM MAKKAR and his “8i7ch” are more than likely back in bombay living it up on all of the money they stole from everybody. is there any government agency after this punk?

  9. 9 /*On December 13th, 2011*/, Bob Baldwin said:

    A.L. owes us over $1,700. Is there someone to write to get these invoices paid? I did work for them in NY and PA. Thanks.. BB

  10. 10 /*On December 22nd, 2011*/, Angela Schrager said:

    Just reading everyone’s post – I can’t imagine how much work was done and feel so badly that you were all owed this. I had just done a little bit of BPO work for them and they owe me $60.00 – I was one of the luckier ones that I hadn’t done more work for them. Goodness knows, as a Realtor, we do enough work and don’t get paid for it – every penny counts in this economy. Good luck everyone with getting your invoices paid, and Happy Holidays!

  11. 11 /*On December 27th, 2011*/, Natalie Papandrea said:

    I guess I am fortunate since I only did a few BPO’s for this company and did not get paid. After they tried to get me to do more, I told them until I was paid for the ones I did I wasn’t doing any more. If there is any info on getting paid, please let me know,

  12. 12 /*On January 11th, 2012*/, Dan Duvall AZ said:

    Ya, Taken me too, Let it be a lessen to all of us Appraiser. If we do not get together, “ORGANIZE” with our State Boards and other appraiser organizations and change things like Higher Bonds for AMC, say $1,000,000 also AMC owners need to purchase E&O like we do!
    If there are any Class Actions suites going on please let me know! NightOwl Appraisal Service, Chandler, AZ.

  13. 13 /*On January 11th, 2012*/, Donna Shaver said:

    We are a small office working in northeastern Colorado. Appraiser Loft left us hanging with $3,050. Has anyone taken any legal action, if so what! I relise that we can file for a judgment, but you have to know where to find them first!!!

    Any information you wish to forward is greatly appreciated!!

    Thank’s Donna

  14. 14 /*On January 11th, 2012*/, sandiegohelp said:

    Thanks for all the great posts. Just keep checking back from time to time on this Appraisal Loft issue. I will keep posting new articles on it as soon as I know something more concrete, but it does like some are getting paid! Attempt to follow the advice from earlier posts.

    Thank you,

    Bryan

  15. 15 /*On March 15th, 2012*/, Jim Sawyer said:

    This is why the AMC should not be collecting our (appraisers) money! These AMCS are able to collect ridiculous amounts of interest on large amounts of money. The lender should pay the appraiser directly. Once again, the HVCC is no longer in force, collecting directly from the borrower is the best and most reasonable approach to payment. Let AMCS collect their own fees. Many AMCS allow the lender to pay 60-90 days which also allows the appraiser to get “stiffed”. Can you imagine how much interest, these AMCS are making on interest alone for holding large sums of money for 30-90 plus days? I have been waiting for this to happen! Also, remember that even if the appraiser has been paid, the Bancruptcy Court will require all fees paid in the most recent 90 days period to be paid back to the court on behalf of the AMC filing for bancruptcy! In conclusion, those who are owed, I feel deeply for your circumstance. Because I am keenly aware that AMCS can file bancruptcy, I do not allow any single AMC OR LENDER to accumulate large outstanding fees and I will cut them off. Remember who caused the whole housing crisis, and never forget…it was the Lenders, and they are still trying to call the shots! Independence means complete freedom from the lender…Sorry folks that is not accomplished by an AMC.

  16. 16 /*On December 17th, 2013*/, Eli said:

    Anyone have an update of AppraiserLoft?

  17. 17 /*On January 27th, 2014*/, Bryan Knowlton said:

    They are long gone at this point. I believe they have settled as well.

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