Appraisal Articles

Can you believe it?

Since I returned from my honeymoon, I have been working on collections. I have to give credit where credit is due, Karen Mizell at the NC Commissioner of Banks is a dedicated individual. I have to deal with non-paying banks a few times a year, but she has to deal with them everyday.

Can you believe it?

It is not a job I relish, in fact I put it off as long as she recommends before I turn them in, which is after 6 months. So I am working on collecting genuine money due unpaid by crafty lenders and general deadbeats. My advice to you is don’t wait before turning some of these lenders in, it only gets worse if you do. My other advice is keep a paper trail. Do not delete an email requesting something done on an appraisal, it will help you to collect what is rightfully due. If you have to delete them for space, print a copy and put it in the file for backup. It will save you a lifetime of aggravation.

My advice to you, passed on to me by Karen, is don’t let a few bad lenders ruin your day. Just turn them in to the NCCOB, and let the NCCOB handle it, that is their job. And it will make other appraisers jobs easier if we can get rid of some of the less savory individuals.

And for those of you appraisers who are not familiar with the Mortgage Lenders Act of 2001, failure to promptly pay when due reasonable fees to a licensed appraiser for appraisal services when requested by the lender in writing is not permitted. If proven in a hearing that the lender did owe money, the NCCOB can fine the lender substantial amounts and possibly refuse to renew their licenses. Also attempting to influence or coerce the result of appraisal assignment is also not permitted, but that is a topic for another day…

May you have the Luck of the Irish and not have to deal with deadbeat lenders!

If you have an interesting story or mishap you would like share, please send me an email.

Amanda Rivera