Editor’s Note: Hundreds, possibly thousands of appraisers are left with unpaid invoices as a result of AppraiserLoft shutting its doors; now one major lender is stepping up and paying up. Reprinted with permission from WorkingRE.com
Lender Paying Appraisers Stiffed by AppraiserLoft
By Isaac Peck, Assistant Editor
The argument is unsettled to what degree lenders are responsible for the agents they hire to administrate valuation services- appraisal management companies (AMCs). The case of the AMC AppraiserLoft kicked off the debate when it closed its doors leaving an estimated three million dollars or more in unpaid appraiser fees.
In the meantime, one major lender, Metlife Bank, is saying it will make good on the bad debt created when its agent, AppraiserLoft, shut its doors.