19th August 2013

Having problems getting paid by LCAM or Lenders Choice Appraisal Management?

posted in Appraiser News |

Anyone having problems getting paid by LCAM or Lenders Choice Appraisal Management?

We have been notified with payment problems on open appraisals from LCAM/Lenders Choice Appraisal Management.

Before it becomes a big problem and appraisers are stiffed with millions in unpaid invoices, we thought we would reach out to other appraisers first and finally follow up with the AMC in question.

Please post your feedback below.

Bryan Knowlton
http://www.appraiserincome.com

There are currently 5 responses to “Having problems getting paid by LCAM or Lenders Choice Appraisal Management?”

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 August 19th, 2013*/, Steven Schwartz said:

    They are predominately a Reverse Mortgage AMC, to my knowledge. I get a lot of Urban Mortgage work, that I used to get from brokers, through LCAMC. Reverse Mortgage tends to take a long time. Their contracts indicate payment within 60 days, usually this happens. When it goes over, I send a friendly reminder and get paid promptly. No non payment from them in past year.

  2. 2 /*On August 20th, 2013*/, sandiegohelp said:

    Well that is good to know! Thanks for the feedback!

  3. 3 /*On August 19th, 2013*/, Rob Case said:

    I have reviewed by books in regards to Lenders Choice, They had been up to date as of June of this year and now they are lagging behind. I have one current order with them, will call them tomorrow before scheduling in regards to past due invoices…

  4. 4 /*On August 20th, 2013*/, Rob Case said:

    Just finished talking with Accounts Payable and they said they did not know why payment was taking so long but would expedite payment today – offered to send it to a paypal account. Since they are still willing to answer to the phone and are offering faster payment service – it is possible that they were slow in paying due to a financial year end and wanted the bottom line to look better – I have seen this in the past when I was working the A/P field for very successful companies.
    They are to send me an email later today referencing the payment details.

  5. 5 /*On August 20th, 2013*/, sandiegohelp said:

    Rob,
    I really appreciate your comments. As long as an AMC pays within their scheduled time frame (up to 60 days per the previous comment), then I wouldn’t say they are a threat to appraisers. Might want to sign up to a place like http://www.treasurefalleyfactors.com so you get your money faster. Thanks again! Hope appraisers dodged a bullet on this one!

    Bryan



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