UPDATE - AUGUST 11, 2009 - Talked with folks at Security One - Scroll to bottom for UPDATEThe cascade of problems associated with the closing of Taylor, Bean, & Whitaker continues. Some FOLKS can't get TBW to accept payments on their mortgages. The Massachusetts Division of Banks said it has issued a cease-and-desist order against Taylor, Bean & Whitaker Mortgage Corp. The Florida Office of Financial Regulation released an emergency CEASE and DESIST order August 7th against Taylor Bean. Freddie Mac, now under Federal government control and being supported by taxpayers, said the collapse of lender Taylor, Bean & Whitaker Mortgage Corp. may cause it “significant” losses.
HERE is the Freddie Mac SEC filing. Included within is this tidbit:
"On August 4, 2009, we notified Taylor, Bean & Whitaker Mortgage Corp., or TBW, that we had terminated its eligibility, for cause, as a seller and servicer for us effective immediately. TBW accounted for approximately 5.2% and 2.7% of our single-family mortgage purchase volume activity for full-year 2008 and the six months ended June 30, 2009, respectively. We are in the process of determining our total exposure to TBW in the event it cannot perform its contractual obligations to us. The amount of our losses in such event could be significant. "
Some of the finger pointing has started, including accusations by former employees. Hundreds of former employees are looking for work. We even have a crook taking credit for helping TBW down the road to ruin.
It looks like the media is covering every aspect of the fiasco, except one. What about the recently formed Appraisal Management Company, Security One Valuation Services, LLC, and the countless independent contractor appraisers wondering if and when they will ever be paid for appraisal assignments completed for the firm?
As Appraiser Active noted in a prior post, Security One Valuation Services, LLC is partially owned by Taylor, Bean, & Whitaker. In fact, the Taylor, Bean, & Whitaker web site even has a link encouraging appraisers to sign up because its' "Safe. Simple. Compliant."
Appraisers from across the country have been talking about their unpaid invoices. Although many appraisers have received emails assuring them payments will be made, their emails to the company are bouncing back as undelivered.
In the meantime, some folks involved in lending are asking questions such as: "If a new lender takes over a TBW loan for which you did the appraisal, would you be willing to accept a new assignment from the new lender that updates the original appraisal and has a new effective date? What would you charge for this service?"
Why would an appraiser agree to a lower fee and risk being stiffed by another AMC when they have already taken it on the chin from Security One?
If you are among the independent contract appraisers with outstanding invoices with Security One, please let us know if they make good on their promise to pay within 10 - 14 business days. Appraiser Active has started the clock.
UPDATE - AUGUST 11, 2009 - After reading posts by appraisers from around the country, fielding emails and telephone calls from independent contractor appraisers in Florida concerned about payment of outstanding invoices, I picked up the phone and called Security One Valuation Services, LLC. The number is right on their web site.
My call was answered on the third ring. I asked to speak with Todd Barfield and was asked to hold. After a short wait, a pleasant sounding Tammy came on the phone. After I asked again to speak with Mr. Barfield, she mentioned he was not in but she could answer my questions and help me.
My inquiry concerned the number of appraisers contacting me with concern about their unpaid invoices and what Security One was doing to get them paid. Tammy said (paraphrasing) that Taylor, Bean, & Whitaker was their main client, their closing affected Security One, and that Security One was spending the next two weeks printing checks. She claimed that every appraiser "should" be paid within 10 - 14 working days. When asked if their Independent Contractor Appraisers "should" or "would" be paid, Tammy emphasized "would" be paid.
Ms. Tammy also mentioned that appraisers with questions should direct them to Ember at Security One.
Since Appraiser Active has not outstanding invoices, we're counting on you to keep us informed if this promise is kept. Either email or post your experience here by leaving a comment.
All the best in your quest.
UPDATE #2 - August 15, 2009 - Payments being made to appraisers
From the comments and emails:
I just received the message below from a friend in Pinellas County, Florida. He had 9 invoices outstanding when Taylor, Bean, & Whitaker closed their doors.
"5 DOWN 4 TO GO!!!! WENT TO THE MAIL BOX THIS AM AND THERE WERE SOME CHECKS FROM SECURITY ONE. COULD THERE BE A COMPANY OUT THERE THAT STICKS TO THEIR WORD?"
Paul P said...
Security One is sticking to their word, I have received all my invoices paid for a total of $5500. Took them a little while; however, I got them all paid. I can understand that they would have a little problem paying appraisers if their client shut their doors, but they are keeping their word. A+++++ Company. PCP
UPDATE #3 - August 25, 2009 - It's not good news
Anonymous just posted this comment:
"I just spoke with Security One - TBW filed Chapter 11 and Security One has been instructed to hold all remaining payments to appraisers at this time. So stop checking your mailbox."
UPDATE #4 -August #27, 2009 - A note from Ember at Security One
Attention ALL APPRIASERS: The name is Ember not Amber! We are all doing our level best to process payments and get checks mailed out. Let's clear up a few things-
1. Payments have not been stopped by TBW's bankcruptcy. They have been delayed a few days for close scrutiny of payments to make sure we are in line with the law.
2. Yes, it has taken us a while to get you payment but you don't know the whole story of what has happened so why do you write us off and report our company as horrible? We are very close to getting all of the appraisal payments for the TBW loans out of our pipeline and EVERY appraiser paid.
3. So, you can email and call all you want but my word is as good as it gets when I tell you every appraiser, every appraisal report completed...will be PAID IN FULL!
So, gather your positive side and realize that we have NOT lied to you or disillusioned you. These are the facts. Thank you all for your hard work getting these appraisals completed in mostly a timely manner. May God bless you and keep you in your careers and business! Have a nice day.
-Ember @ SOVS
UPDATE #5 - September 9, 2009 - From the Comments, Ember Says it's Not Looking Good
**Not looking good. Here is the nitty gritty of what I pieced together: Since Platinum Community Bank has been shut down and all accounts frozen over the weekend the checks that were sent out may not be honored. I don't know much since I am not there at SOVS anymore as of Friday but I know that there was a batch of 1,000 checks waiting to be sent out last week that I wonder what will happen now.
It is absolutely terrible...SOVS has the money to pay the appraisers but alas the government has once again swooped down and jerked the last remaining "toe" so to speak (since the legs were knocked out from under SOVS when TBW shut down) out from under SOVS. It makes me want to scream because of the unjustice!!
I don't think there is anyone in the SOVS office to answer any questions...I will try and update the status here when I know something more. Makes me sick thinking about it. I doubt I will see my last paycheck for 2 weeks but that is small potatoes compared to what some of you are waiting on.I know this is long but I am venting my frustration of this whole complex situation! I sincerely hope all of you are able to recoup your losses.
May God keep and sustain you! Until next time, Good night.
(On a personal note - Ember, Thank You for your efforts and updates. For many appraisers across the country unable to get through to Security One by phone or email, your comments on Appraiser Active are the only source of information. -Frank)
Posts
118 comments:
I have 4 outstanding invoices from security one, all of which were for TB&W. The oldest 2 date back to 6/17/09 & 6/26/09. I have been trying to get in touch with Security one but now they don't even answer the phone. They have an automated service and no operator. What good is an AMC if it is owned by the lender as most are IE. (Rels, Quantrix, EappraiseIT, Landsafe Etc.) The HVCC is just a scam for the Lenders to squeeze money out of appraisers. Who is holding AMCs accountable? Nobody.
From Folsom, Ca. I had 6 outstanding invoices with Security One as of Monday, Aug 3. I recieved 4 checks on Tuesday Aug 4 and 2 checks on Aug 10. Seems that they are honoring payment on their completed orders.
Folsom, CA. Thanks for the update. I'm sure there are plenty of folks that will find your post encouraging.
I have currently 2 outstanding invoices from security one dating back to june. Both of which are conventional loans. I just received the updated letter from FHA stating that TBW are shut out from any further FHA lending. I tried to call SOVS and got a Cisco automated operator tat sends you in circles. So what happens with there conventional loans???? This is Bullcrap!! What a great AMC...LOL!!! I currently just saw a property on 8/7/22009 for a purchase which I completed but didn't send in due to the fake automated call center & the recent FHA notification. So this company should be obligated to pay all appraisers down to the last cent. We are not second class citizens & we need to eat just like everyone else. If we don't get paid just compensation then this business is a total sham. I'm not a millionier I'm just trying to do what I love & trying to make my ends meet.(by being legit!! If you can imagine that). Give me a break people!! Stop being so shady, you jerks....
I have 2 unpaid invoices from appraisals that were completed at the end of June. I didn't pursue the money as I figured this was a legit company and would eventually pay me. After recent news of TBW being shut down I immediately got on the phone with Security One but now only receive and automated system that takes you no where. I sent an email as that is the only next alternative with the order #'s of the unpaid invoices. I received what appeared to be an automated email stating that the invoices would be addresses and payment made in 10-14 days... so I will update you with results in 2 weeks.
Thanks for the comments and updates about your accounts. Please keep them coming.
I did 1 appraisal for them and sent it in on May 15th. I'm still waiting.
Security One Valuation, LLC = Todd A. Barfield, State Certified appraiser in Ocala, Florida. How many appraisal orders did his office receive from Security One Valuation???????
I just received the message below from a friend in Pinellas County, Florida. He had 9 invoices outstanding when Taylor, Bean, & Whitaker closed their doors.
""5 DOWN 4 TO GO!!!! WENT TO THE MAIL BOX THIS AM AND THERE WERE SOME CHECKS FROM SECURITY ONE. COULD THERE BE A COMPANY OUT THERE THAT STICKS TO THEIR WORD?"
Security One is sticking to their word, I have received all my invoices paid for a total of $5500. Took them a little while; however, I got them all paid. I can understand that they would have a little problem paying appraisers if their client shut their doors, but they are keeping their word. A+++++ Company. PCP
I can assure you, as someone who monitored these appraisal orders closely, Barfield & Assosciates appraisers did not get any special treatment or extra appraisals. The amount of appraisals completed by the company was very little. In fact 3 of the appraisers they have in their office did not complete a single appraisal order through Security One.
Secondly. Have any of you stopped to wonder why the phones are not being answered? Security One was laid off with everyone else. There are 2 people out of the 45 that worked there, left in that office to process payments to hundreds of Appraisers. I can assure you, Ember, is busting her ass to make sure you are paid.
Stop being so damn impatient and wait the two effin weeks for your check. It may not even take that long. Be grateful you are still getting paid!
Central Florida appraiser, still patiently waiting. I have heard "check's in the mail" too many times! Not holding my breath.
Surprise! Checked my mail again and no word from Security One. Good thing we stocked up on Hamburger Helper when it was on sale!
NE area appraiser here, got my checks in today, all jobs on one check, can't get any better than that!!! TY Security One.
TBW holds my mortgage. I assume if their AMC takes 90 days to pay me, they are OK with me making a mortgage payment every 90 days. I think I'll try it, and see how much patience they have. Hey, they should be "grateful" if I pay...right?
The best part about being an appraiser is working 60 hour weeks and being told to "be grateful that you are getting paid". I mean, how many careers offer that??
"Be grateful your getting paid" for the appraisals that the original lenders had to pay for up front.
I don't really see it that way. Wait 60-90 days (so they said, but that didn't happen either) for the fee that was collected BEFORE the appraisal was ordered?????
And yet someone gives Security One an A+++.
Please remember - Security One collected the appraisal fees, in advance, from the originating lender, and supposedly held that money in trust, to be paid to the appraiser upon completion of the assignment. I would like to know if they were even required to have an escrow account for these funds. Hopefully if the money has been mis-managed (i.e. stolen), someone will go to jail over this. And this will be another nail in the coffin of the HVCC!
It's been about 10 days since I received my "check's in the mail" email, and still nothing from Security One. A+++ they're not!
I also have several invoice still owing. I have spent at least an hour trying to find a way to contact someone at Security one with no luck. Can anyone tell me how to contact them? A name, an e-mail, a phone # with an extention? Help!!!
I tried that number and only managed to get ahold of a secretary (no name). She said that she could not help me. That the office I had reached was a totally different business and gave me the same number available on the Security one web site. No luck there.
Hey "Anonymous" re: be patient and wait two effin weeks: How do we KNOW we're going to get paid? I was burned by First Magnus, and am tired of this. HOW DO WE KNOW? When I email invoices to every available/ findable Security One mailbox, and they ALL bounce back, it doesn't help my confidence, and IT DOESN'T HELP MY PATIENCE.
Jeff
I worked for SOVS and I understand that appraisers are very fustrated with not recieving the payment for completed reports, but what appraisers must understand is this they are not the only ones that is in a bad situation, the employees are just as financially hurt as some of you are, we can't even find work because there is none available, at least you all can continue to do appraisal work for other companies, some of us don't even know where our next meal is going to come from, so at least if it takes awhile you still get paid, what are we going to do? Answer me that. Try wearing some of our shoes right now, we still have our children to feed and our bills to pay as well, so stop your yelling and be thank to God that you still have income coming into your home, some of you, because: WE ARE STRUGGLING!!!
Central Florida appraiser is still waiting for that check in the mail! I think we can all sympathize with the employees who lost their jobs. Just remember the appraisal office has to cover a lot of overhead before we even get to take $$ any home. Plus as independent contractors many appraisers do not qualify for unemployment. We utilize our own personal vehicles/gas to drive to inspections, etc. so all the money is out of pocket long before payment for the appraisal ever arrives. Most of us are barely hanging on to careers we have spent years and $$ obtaining an education, building a client base and a library of research materials, etc.
Crystal- Believe me when I say I understand your sentiments. Also, we are not yelling at those of you who worked for this company. We are yelling because we are forced to take assignments from this company (and others like it) at cut rates that are driving us out of business. In fact the HVCC has essentially stolen our businesses. These companies (not you as an employee) take a cut of our fee and the only thing they can give us as appraisers in return is prompt payment. Now, that does not mean that it is worth it. Often they take much more of a cut than compensates us for this "benefit". Plus they are charging the consumer double or triple the amount they pay us. We are all struggling too. We also don't know when our next paycheck will be able to be paid to us or where the money to grocery shop will come from. Those of us who have owned our own successfull businesses are trying to figure out if we can even afford to stay in business. So, while I feel for you and can totally understand your pain you need to understand we need paid for the honest work we did for a dishonest company. I'd love to hire you and give you a good job, but my job has been stolen right out from undr my feet and I can't even afford to pay myself right now.
I am needing to get ahold of someone at security one vs. my computer at work will not let me open their website to get a phone number. CAN ANYONE GIVE ME A NUMBER
JUST FOR YOUR INFORMATION.
SECURITY ONE VALUATION SERVICES TOOK A MINIMUM OF 30% OF THE MONEY THEY COLLECTED FROM BORROWERS FOR APPRAISAL FEES.
FOR A MEASILY SFR (A-FRAME BUNGALOW)1004 REPORT THEY CHARGED(AND COLLECTED) $500.
APPRAISER ACCEPTED ORDER FOR $350 BECAUSE HE ALSO WAS HUNGRY AND HAD TO FEED KIDS AND PAY RENT AND BUY GASOLINE ASIDE FOR ALL THE FEES FOR MLS, TB MAPS, REALQUEST, C.E., LICENSE AND NOT TO FORGET E&O !!
I AM LOOKING FORWARD AND HOPE FOR A CHANGE FROM WASHINGTON DC.....
GERLOF IN APTOS, CALIFORNIA.
WERE THEY REQUIRED TO HAVE AN ESCROW ACCOUNT FOR THE MONEY THEY COLLECTED AND HELD IN TRUST FOR OTHERS????? It sounds like there has been a huge mis-management of funds. Real Estate professionals are required to maintain and strictly monitor escrow accounts. Are the AMC's not held to any standards that others involved in the real estate industry have to follow? These are rogue companies. And an appraiser who owns one and rips off his coleagues should be blackballed in this profession. Make sure your clients know who they are dealing with...this is NOT above board.
First, SecurityOne only took a max of $75.00 on the appraisals unlike other companies that I myself have worked for that take $200. Second, TBW were the ones that got paid for the appraisals, not SOVS, 30 days after the appraisal was uploaded into the system, SOVS then got paid. They were operated as 2 different companies, which is what they were. There are hundreds of thousands of dollars that SOVS will have to come up with to pay the appraisers that they didn't even get paid for, so be grateful for the 75.00 spread, that is paying your fee. 48 people lost their jobs, 2 are still there working, trying there best to get the appraisers paid in a timely manner, answer the phones and emails and they are not even sure if they are getting paid for this. They are just trying to help YOU out. There intentions were to get everyone paid in 2 weeks, there are way to many checks and emails and phone calls for 2 people to handle and get it done in 2 weeks. It will take longer than your 10-14 days as anticipated. But please be patient, they are going to pay you, they are working as fast as they can. If you need to get in contact with them you can try sovs@securityonevs.com or 866-987-1410. I can't guarantee the phone will get answered at all or your emails will be answered in a timely manner, but your emails will be answered. Your best bet is email. Answer me this, why do people always assume the worst in a situation, you don't really know what is going on but you are quick to slander. How would you like it if someone did that to you? Obviously... you don't give a shit.
I have called Security One this past week concerned about payment. The person I spoke with was exceptionally nice. I certainly hope she will be paid, she deserves it. But the appraisers need to be paid too, we assumed that we were dealing with an honest organization. AMC's have come between us and our hard earned clients, taking part of the fees WE earn, and in return treating us poorly. It's a total rip-off to begin with.
I just received my check today (8/22/09) from Security One on an appraisal I completed back in June '09. Now I'm rushing to the bank to deposit it (hope it clears). Just wanted to let you all know that I've been speaking with a Don at Security One and it appears Amber is dispersing the checks. I seemed to be able to reach Don in the am (est time) during the early part of the week. I hope this helps someone!
I just spoke with Security One - TBW filed Chapter 11 and Security One has been instructed to hold all remaining payments to appraisers at this time. So stop checking your mailbox. Has anybody had any luck contacting Cuomo's office? It seems like there should be som TARP funds, or maybe cash for dealing with a clunker lender, or something coming our way.
August 26, 2009 9:45 am - I tried calling SOV and their automated system got me no where. I also got in touch with Cuomo's office and they told me to get a lawyer..... I just emailed Security One and they responded to my email within a 1/2 hour. Said my check for my appraisals is scheduled to go out on the next batch which is Friday, August 28, 2009. Will wait to see.
This is an email I received from Donald Hardy at security one on 8/24/09.
"We are on track to have all appraisers paid by the end of this month. 2000 checks went out last week and another 2000 are being mailed this week. Thanks for your patience."
We'll See.
Attention ALL APPRIASERS:
The name is Ember not Amber! We are all doing our level best to process payments and get checks mailed out. Let's clear up a few things-
1. Payments have not been stopped by TBW's bankcruptcy. They have been delayed a few days for close scrutiny of payments to make sure we are in line with the law.
2. Yes, it has taken us a while to get you payment but you don't know the whole story of what has happened so why do you write us off and report our company as horrible? We are very close to getting all of the appraisal payments for the TBW loans out of our pipeline and EVERY appraiser paid.
3. So, you can email and call all you want but my word is as good as it gets when I tell you every appraiser, every appraisal report completed...will be PAID IN FULL! So, gather your positive side and realize that we have NOT lied to you or disillusioned you. These are the facts. Thank you all for your hard work getting these appraisals completed in mostly a timely manner. May God bless you and keep you in your careers and business! Have a nice day.
-Ember @ SOVS
I have an outstanding invoice at Security One. Cannot get through to anyone at Security One. Need EMBERS last name AND/OR PHONE CONTACT for automated phone system or ANY/ANOTHER contact NAME AND NUMBER to get paid. My original contact does not answer phone or return calls.
It sounds to me like TB&W had quite a scam going on playing Security one. This should be a wakeup call. The AMC middleman is not working. Thanks Ember, as much as I hope I get paid, I hope you do get paid too. It is very unfair the position TB$W has put you in.
I have 1 outstanding invoice from Security One and immediately after I contacted the first time regarding payment they removed the order from my completed orders list. I still have a hard copy of their order along with the final report submitted to them. Has anyone else experienced this? I hope they still pay us, if they don't, can we file claims? To whom? =)
Friday of this week is my deadline for payments to be processed and out. No one needs to email me their invoice since our system automatically flags you for payment when the appraisal is uploaded on our website and is shown as "Completed." Originally, I was going by date the appraisal was completed but to expedite payments I am going in alphabetical order so we aren't mailing out multiple checks to one appraiser. I am working on the first names starting with "M." I would give out my email and extension but quite frankly since I have all the info I need it will only slow me down talking to everyone and assuring them of payment; researching an invoice takes so much time! Again, you all have been wonderfully patient. I sincerely hope you all make it in this crazy economy. It's been a great ride...but another journey awaits me! =) Take care.
I have gotten the "10-14 days your checks will be in the mail" email 3 times. Waited First 10-14 days no check. Waited Second 10-14 days no check. Finally had to tell them what my next collection efforts would have to be and they said we will definitely be sending you a check in the next 10 days and I got that email last week. BTW if they pay alphabetically and Ember says they are already at M, my first, last and business names all come before M. So what does that tell you? And I Still have gotten no check.
Has anyone received any appraisal payments in the last week of August?
Platinum Community Bank was just shut down. Hope the checks go thru.
9/8/09 **Not looking good. Here is the nitty gritty of what I pieced together: Since Platinum Community Bank has been shut down and all accounts frozen over the weekend the checks that were sent out may not be honored. I don't know much since I am not there at SOVS anymore as of Friday but I know that there was a batch of 1,000 checks waiting to be sent out last week that I wonder what will happen now. It is absolutely terrible...SOVS has the money to pay the appraisers but alas the government has once again swooped down and jerked the last remaining "toe" so to speak (since the legs were knocked out from under SOVS when TBW shut down) out from under SOVS. It makes me want to scream because of the unjustice!! I don't think there is anyone in the SOVS office to answer any questions...I will try and update the status here when I know something more. Makes me sick thinking about it. I doubt I will see my last paycheck for 2 weeks but that is small potatoes compared to what some of you are waiting on.
I know this is long but I am venting my frustration of this whole complex situation! I sincerely hope all of you are able to recoup your losses. May God keep and sustain you! Until next time, Good night.
Nope, the checks sent out on 9/4/09are no good.
As of 09/09/09 the two invoices from July, 2009 are not paid, Appraiser in MA.
July 7th appraisal has not been paid. Property I did appraisal for has settled but no money came my way.
Maryland Appraiser
I have 3 outstanding invoices..can not get through to anyone. Last notice I received was the standard email stating 7-14 business days..received that on Aug 7th.
I too have done appraisals for Security and not been paid. I too have received emails promising payment, but no checks yet. All of my invoices are more then 60 days old.
Every AMC I deal with collects the money BEFORE they send out the appraiser. At the very least, the funds owed directly to the appraiser should be held in a separate trust account to ensure payment. As its is, the AMCs operate, in part, on our money. This is just one of the many problems with AMCs. If the AMC goes under, were left holding the bag. I know for a fact that Security has collected the appraisals fees for all of the appraisals I have done for them.
I do not know about other appraisers, but speaking for myself, the implementation of HVCC and depending on appraisal orders from AMCs has all but killed my once thriving business.
Rob Corcoran
Nokomis, FL
Received a check last week. Bank just called because it bounced. No answer at SOVS office or via e-mail. Anyone with outstanding invoices are just up a creek.
I have 4 outstanding invoices from Security One,but I recieved checks for all outstanding invoices. But the Bank contacted me today and checks are returned insufficient Funds!!!
I received 2 checks from Securityone Valuation on 9/4/2009. The checks were dated 8/25/2009. I deposited the checks and then found out the checks were returned due to insufficient funds. Not only that but now my bank is charging me a returned item fee. Not happy.
I just was notified that Securityone VS's check just bounced for $975. So much for being happy to finally getting paid!
Chalk up one more bounced check......
Since TBW reportedly collected all appraisal fees in advance, where did the money go? Evidently it was not sitting somewhere safely waiting to be sent out to the appraisers who did the work. It sounds like in total, a lot of appraisal fees have been "lost". Maybe other vendors in other professions are in the same boat in this deal...why are we not hearing anything in the media about this royal rip-off? Are AMC's and mortgage companies like TBW not required to account for fees they collect from borrowers, hold in trust for others, to be paid when the work has been completed? Will this become the "norm"...no accountability? Will small businesses continue to get screwed? Will big businesses continue to get bail outs with no accountability for where the money goes? Will small businesses be able to survive?
I got a couple of checks from Security One last week. I just checked my business account online and both of the checks bounced. So not only did it cost me money out of pocket to do these appraisals but I also have to pay a $14 return check fee. So much for working with "safe" "compliant" management companies!
Gas, miles on the car, time (hopefully still worth something), ink, paper, office overhead, all out of the door to complete two jobs for SOVS, months ago. Now, two bounced checks adding bank fees, more money down the hole. Evidently no one has to answer for this, we just work harder to make up for the loss and hope future clients have more integrity. Keep your fingers crossed. I am sure we will all have more appraisal fees lost in the future - here's hoping to just keeping afloat. AMC's are unregulated, unaccountable, and apparently no one "in charge" cares. A seven day work week just to make ends meet, for the entire year of 2009, is making us weary...do you suppose anybody at the AMC's has to work so hard to keep OUR money???
This is really not fair for all of us appraisers!!!!! What they did is FRAUD! You cannot write bad checks! If you or me did this we would be arrested! We have absolutely no rights! Where is this stupid complaint hotline that was supposed to be set up with the HVCC. The same thing happened to me with the whole First Magnus downfall. It's been over 2 years and I still haven't seen a cent. To make matters worse the owners of First Magnus reopened another bank under a new name. Give it a year and I am sure Taylor Bean will do the same probably by using all of the money they robbed from us hard working appraisers!
This is really not fair for all of us appraisers!!!!! What they did is FRAUD! You cannot write bad checks! If you or me did this we would be arrested! We have absolutely no rights! Where is this stupid complaint hotline that was supposed to be set up with the HVCC. The same thing happened to me with the whole First Magnus downfall. It's been over 2 years and I still haven't seen a cent. To make matters worse the owners of First Magnus reopened another bank under a new name. Give it a year and I am sure Taylor Bean will do the same probably by using all of the money they robbed from us hard working appraisers!
I have just sent the below email to CNBC in the hopes that someone will report on this.
Why is no one reporting on the fallout from Taylor Bean & Whitaker. The HVCC enacted by Attorney General Cuomo is causing havoc on the mortgage and appraisal industry. Under the HVCC appraisers can not collect payment from the borrower. The appraisal management companies, who are often a subsidiary of the lender, collect the fees and in the case of Security One Valuation Services (AMC for TB&W) went "belly up" and left hundreds of appaisers being owed thousands of dollars each. Homeowners have paid for appraisals that are often not being accepted by other lenders. While the appraiser has not received payment for the appraisal. The AMC's should be required to hold these payments for appraisals in an Escrow account.
Here is a link for up to date info on this fiasco. I would love to see this brought to light.
http://appraiseractive.blogspot.com/2009/08/security-one-valuation-services-making.html
I would advise everyone to file a complaint with the BBB. If there are enough complaints it might help our cause or at least make SOVS look like a bad company so they get not future business. Also, blog about what happened to us on as many websites as possible (ex: ripoffreport.com). If they are not going to respond to this then we can bring the company down so they lose business. It's worth a shot. Oh yeah, also I checked if the account number that the checks were written from were fully insured and they are. They really have no excuse not to repay all of us with good checks once the funds are moved to a new bank.
We have contacted SOVS repeatedly about our open fees. Below are the responses we have received.
SecurityOne Valuation Services, LLC is continuing business. We are currently restructuring and we have downsized our staff due to Taylor, Bean & Whitaker closing.
8-7-09
We are currently in the process of getting the appraiser payments up to date. If you are inquiring about status on your payment you should receive payment between 10-14 business days.
Please continue with the appraisal request unless otherwise notified.
8-17-09
10-14 business days from the 7th.
9-1-09
Payments for all completed orders are being mailed out daily. There are four of us here working hard to insure all of our appraisers get paid for completed orders. All payments will be complete in the next ten business days. We were on track to have all orders paid by the end of this month until the bank delayed the process. Sorry for the delay and thanks for your patience.
9-1-09 (additional response)
These are to be mailed Friday.
Since 9-1-09, we receive no responses. The question is, now what?
We had 2 outstanding invoices of which were paid. Yesterday the checks were returned - seems their bank Platinum Community Bank has been closed by the FDIC (source internet)Anyone else having this happen?
Yes, it appears the long-awaited checks were mostly no-good. Maybe someone at the FDIC can speak as to what is up with the bank, which reportedly is in some way also tied in with Taylor Bean & Whitaker.
From Diamond Bar, Ca,
I also had 3 invoices that were outstanding. Securityone vs sent me a single check for 1050.00 on Friday 9/11/2009 and it was NSF by 0/15/02009 I wonder how do I sue for the amount of the check if there is no company to sue, since they are all out of business. We have Andrew Cromo to thank for all this mess. He should have stayed out of this mortgage business!
I am located in NJ. As of today 9/16/09 I am still waiting on 2 unpaid invoices from Security One. Not the end of the world, but certainly salt in the wound. Anyone know of a contact at SOVS or any updates on payments?
Just received 2 charged back checks issued by Security One for invoices due from 06/23/09 & 06/24/09 plus service fee from my bank. Can find no website for either Security One or TB&W. Would love to know how to get in touch with Security One to resolve this issue. So much for doing business with AMC. Just another finger poke in our business by goverment.
D Jones
Everyone on here is blaming SOVS for the fact that their checks are bouncing or for the fact that they have not gotten their checks. If you want to bitch at someone contact Platinum Community Bank or the FDIC. They shut down the bank, froze all of the account, and took all the money and no one at the bank or FDIC can seem to tell anyone who was writing the checks for SOVS where the money went. Apparently when the bank closed, SOVS lost all of the money, so the appraisers aren't getting paid, nor are the employee of the AMC nor the AMC itself. So if anyone else out there thinks they can get an answer from the bank and the government as to where your money and my money went, go for it.
I recieved an e-mail from Ember on 09/04 stating that today was her last day. She stated that Donna and Don would be sending out payments in her place and that there were only 300 payments left. She is still assuring that everyone will be paid. Which contradicts her last post. I have tried e-mailing but can't get any response. I don't know what's worse no response or the run around. If this is just a bunch of B.S. just let us know so we can move on.
Ummmm...YEAH were blaming SOVS! The appraisals I did for them were done over 90 days ago! I should have been paid for those appraisals within 30 days especially if the appraisal fees were paid immediately to them. If we would have been paid within 30 days like most management companies pay then we wouldn't of been involved in this mess. It is very fishy that the appraisal fees were not paid well before TBW was closed. It's almost like they knew this was coming and held onto our fees on purpose! I checked the bank account number that the checks were written from on Platinum Community Bank website and it said that the account is fully insured. So when SOVS gets their money back that was in that account are they going to pay us?????? I highly doubt it! Please do not defend them! They were in charge of paying us! So who the heck else would we complain to?????? I take it that you are probably not an appraiser but a former or current employee of SOVS! Appraiser have taken a beating in the past few months and we rely on any money we can get right now! I'm sure you can get some other cushy job with another fraudulent management company no problem.
I am going to pray that god will get rid of all the amc's. They are all crooks ripping off the appraiser and skimming from the borrowers. I wish things were they way they used to be!
Received two checks for payment on five invoices, and was excited to see payment as promissed. Just got my mail yesterday, and the two checks bounced. Don't cash before you verify funds for Securityone Valuation Services LLC linked with Taylor and Bean.
Second returned check to our office, 09/18/2009. Taylor Bean, Security One Val, Platinum Bank...how are they getting away with this? Newspapers have reported that mortgage holders' escrow accounts (taxes, insurance) have been mis-managed by TBW as well. I stupidly thought these types of things were regulated. It is clear only crooks will survive this economic downturn. The honest hardworking person is slowly getting drained.
If Platinum Bank was FDIC insured, wouldn't the checks still be good if Security One Valuation had enough money in the account to cover the checks? And if they did not have the money, but wrote the checks anyway...? Does anybody know the reason the checks are being returned?
Harold Fletcher, Piedmont Realty, Jefferson, Georgia. We were just informed that the three checks sent to us by Security One have been returned. They were charged back to our account Total amt. $975
Looks like they are beginning to bounce checks even if you get them they may not be any good
from Tennessee - I too have a SOVS returned check as of 9/17/09. I'll be watching to see what we all should do.
Just got a SOVS check returned dated 9/12/2009. Our Bank does not say reason it was retured and to contact issuer for explanation....good luck to me on that one eh? NC Appraiser
Ok, I have been reading all the comments posted. I have 4 outstanding invoices dating back to June. I guess the question to ask... Is what do we do now??? Is there any recourse for not getting paid. The borrower paid upfront for the appraisal fee through Security One, so who do we go back on now??? The attorneys closed the transactions and signed a HUD statement verifying the money (appraisal fee was POC). Is that not a violation of RESPA?
Ok, I have been reading all the comments posted. I have 4 outstanding invoices dating back to June. I guess the question to ask... Is what do we do now??? Is there any recourse for not getting paid. The borrower paid upfront for the appraisal fee through Security One, so who do we go back on now??? The attorneys closed the transactions and signed a HUD statement verifying the money (appraisal fee was POC). Is that not a violation of RESPA?
Any more recent updates? All of the phone lines are busy (disconnected?)& website won't let me log in. 9-21-09
Does anybody know who closed these transactions? I think many of them may never even have closed...I think TBW had its own title company, to boot!
I have 2 outstanding invoices with Service link completed for Taylor Bean. I received payment for one of the fees, which was just returned to me for the account being closed. I don't know how I am going to get paid on the two files but I will try to find a way.
Florida Dept. of State Division of Corporations: Security One Valuation Service, LLC MGRM = Todd A. Barfield, Ocala, Florida. Todd A. Barfield is a real estate appraiser in Ocala, Florida. Per website: phone is 352-861-2522
Just got 2 returned bad checks in the mail today(Returned-Bank Closed) from Service One totally $1,800. What to do now?
Friends, there have been a number of comments with telephone numbers for Todd Barfield's telephone number. We understand why you are providing the information, but I'm trying to get Todd to provide me with some information to post.
Before I approve those comments, I'd like to give Todd an opportunity to write an explanation of what is going on.
Thanks for your understanding.
Frank Gregoire
I recieved two checks in August from Security One for a total of $1,400. Both were returned to my bank as "bank closed by regulators." I think it is despicable that anyone, Ember, Amber, or whatever alias that person was using, would post anything trying to reassure us, when it was all fake and they knew they were writing bad checks. I hope some of you recieved actual funds for your issued checks. I for one, did not, as both were returned. So I do not want to read any posts from SecurityOne claiming that nobody is being cheated. WRONG. You cheated everyone.
Thank you Frank for your updates. You have done a great service to bring light of this issue. I look forward to hearing from Todd Barfield & his insight. Thanks once again!
I see alot of posts from SOVS saying it not our fault. Pure crap who recruited us, who engaged us, who promised to pay us? The answer- SOVS. So Ember, Amber whoever you are, you may thank us for all of our hard work and quote god bless you or whatever,but I believe you knew all along we were not going to be paid. If so just look at when TBW was shut down - August 4. We have appraisals that have not been paid dating back to June. So sleep well I think you're all crooks.
I just got off the phone with the FL Atty. Gen. Office, Ocala Police, FBI in Washington and Taylor Bean. It appears that Taylor Bean filed for chapter 11 bankruptcy in Jacksonville, FL (case No. 99-07047) at the end of August, and they own Securityone. They told me to wait and see what the bankruptcy court does, and I don't see too many other options at this time. None of the other authorities that I spoke to were proceeding with an investigation because the FBI was handling it. This is still no excuse why they sent me a check on 9/2/09, if they filed for bankruptcy in August. At some point later down the line, we should see if it is worthwhile seeking to have criminal charges filed against the check writers, because it is a felony to knowingly write a bad check for over $300. Does anyone have the date that Platinum Community Bank wa shut down?
The only GOOD thing that I can take from this is that I never received my check that was promised since the begining of August. If I had, not only would I still be owed the appraisal fees but in addition I would have had to pay for returned checks. Not only did appraisers get stiffed on appraisal fees but they really got bent over on this one by having to pay for bad checks. Can this profession get any worse. Now that FHA has adopted the HVCC who knows what's coming down the pipes for us. SOMEONE STOP THE MADNESS !!!
Why can't appraisers realize that the bank that held all the funds to pay the appraisers (escrow account) was seized by the FDIC. The funds were being held at Platinum Community Bank, which if you do your research, has shut down. That is why all of the checks are bouncing. I know after calling and complaining they (SecurityOne) are fighting w/the FDIC to release the funds due to them, so they can go ahead and pay the appraisers. IT'S PLAIN AND SIMPLE, it's not SecurityOne's fault that they made bad on the payments, it's Platinum Community Bank being seized causing their escrow account to pay appraisers to be frozen. I have read the posts, and it embarrasses me as an appraiser that others out there would make such comments without doing the proper research. I feel bad that I have done so much work without being compensated, but I also I understand, that this was NOT a fraud, and the power is out of their hands, it's within the FDIC hands (as far as the money to pay us.)
HVCC has decimated our business. other than our 2 or 3 SOVS jobs, we basically have done no AMC work. We can't even get on the rotation list with AMC's. It seems that is the situation with all the appraisers we know. We are wondering - who is actually doing the AMC work? Is anybody out there getting jobs from AMCs? Or are we being replaced with Zillow-type services, and nobody is letting is know that it is time for a new career? We would love to know that at least the AMCs are using real appraisers...does anybody know where all of the work has gone?
This is to the reader who mistakenly believes that it is not the fault of Securityone that we are not being paid, but is it the fault of the regulators. Don't be so gullible. Although the bank was closed, they still have their deposited money. I just checked on the FDIC website and confirmed that the account from which our checks were drawn, was fully insured with the FDID and a check would be sent to them. So, the funds have been repaid by the FDIC back to the crooks at Securityone and Taylor Bean who still refuse to pay us for our hard work. We are now doing twice the work for half the money, if we are lucky enough to get paid. The bottom line is: the FDIC paid the fully insured depositor who refuses to pay us!
No payment from Security One on reports delivered in July.........90 days. With management companies holding my money for so long, I can't pay the bills / cost of doing business. Not only am I working for free, I'm in the hole with business costs. : ( Who can we hold accountable for management companies paying for appraisals they order? HELP ____ ????
SECURITYONE CHECK BOUNCED!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I have 3 outstanding invoices, just got paid on one and the check bounced. I can not get through on the phone and no-one will respond to my e-mails. This is so SHADY, can we say Class-action!!! If you know any lawyers, this would be a great time to file on SecurityOne.
Why are they still issuing checks? Isn't it wrong to issue checks when you know they are no good? Doesn't anyone with any authority see some kind of problem here? Amazing that we are a month into this rubber check issue, and everyone but the appraisers receiving bum checks seems to be looking the other way. What is up with this?
The lenders that the homeowner originally went thru have used these reports to close on loans. Yet the appraiser is still not getting paid for work done in good faith. This is not right. Still owed for work I did and not getting paid for, does not pay the bills that way.
As a witness to the TBW shutdown and the FDIC takeover of Platinum Community Bank I will try and explain the current situation with the appraisers being paid by SOVS. After SOVS worked so diligently to cut checks to the appraisers; Platinum Community Bank was shut down by the FDIC and the SOVS account that the checks were drawn off of was frozen. The FDIC does not announce when they are going to shutdown a bank therefore SOVS had no idea the checks they cut would not be honored by PCB. Numerous attempts have been made by Todd Barfield to work with the FDIC to have the funds released to the appraisers. Apparently the FDIC is not very concerned with resolving this issue. It is unfortunate the FDIC could not involve themselves more to simply release funds for the appraisers to be paid for services rendered. I'm not sure I understand the FDIC and their practices. I am certain SOVS will continue to seek resolution and would appreciate nothing more than for the FDIC to release the funds for the appraisers to be paid. Let's make sure the blame is pointed in the appropriate direction.....and it's not SOVS. It is a difficult situation and I sympathize with so many of you who provided a service and have not been paid. I will continue to hope the FDIC will realize these payments need to be released.
I would like to bring a lawsuit against the company and any parties involved. I have a handful of outstanding invoices and have not had any correspondence with Securityone. I am in the process of calling all affiliates of Securityone to inform them of the situation and to let them no of any spin off companies securityone may form.
I for one am getting sick of reading threads that are obviously from SOVS employees/owner stating that it's not your fault, its the fault of the FDIC,etc. You are the company that ordered the appraisals, you are the company that charged the homeowners, you are the company that took 60-90 days to pay, you are the company that wrote bad checks irregardless of the circumstances. Your company won't even bother sending out an email or letter or anything for that matter with any anticipated dates, etc. If myself or any other private individual did what you did we would be in jail awaiting a trial. Your excuses don't pay my bills. Its your company, are you saying you have never turned a profit on it? Maybe you should take personal responsibility for you bills. Maybe you should use any profit you made to make good on your promises to pay "your" vendors. You wanted to play big time AMC owner, but you're nothing but a small time fake/fraud.
I have 2 outstanding invoices to be paid. Are there any options left to get paid?
It's been a while since I've heard from anyone associated with Security One. Over the weekend I'll make an attempt to get some information and/or updates.
Thanks Frank,
It is greatly appreciated. I don't think any of us had heard a word from them.
Ahh, two months and not a word from this wonderful company, except for some internet blogs from a few weeks past. Maybe SOVS can confirm or deny if in fact they had funds released to pay their employees, but not the appraisers. I have heard thru the grape vine that such was the case. I don't see how they can pay their employees, but not the people who actually earned the money, did the work and have the liability who have been blatently screwed over. At this point I am done waiting around. Is anyone else interested in getting together and finding a very good, very expensive attorney, I don't even care if I see any money, because I probably won't, but I don't want them to get to keep it either!!
Has anyone heard anything? Has anyone had any luck with collecting their money? I have called around and NO ONE cares. All I keep hearing is the bankruptcy court will have to work it out. I like an idiot thought that it was illegal to write bad checks, bankruptcy or not. I guess there is a whole different set of rules that these a-holes get to play by. I hope you sleep well at night Todd Barfield. In my opinion you are nothing but a snake oil salesman and a con man. Grow some and have a little respect for all the appraisers you screwed over and at least post an update of what is going on, not that you care, I'm sure you've gotten your money! But I am a firm believer that what goes around comes around and you've got a LOT coming around at you someday buddy!!
11/16/2009
Has any appraiser received a recent "good check" ?
11/20/2009
Is there any chance on getting paid now? Anyone received a "good check" in the last month? Anyone have a contact #?
I have 2 invoices not paid- I didn't ever get a check, so at least I didn't have to pay bank fees. Can I file liens on the propertie(s) I appraised and hope that when they do someday sell that someone will pay for the work I did? Has anyone heard from the bankruptcy court?
I HAVE 5 OUTSTANDING INVOICES WITH SECURITYONE, ALL FIVE WERE PROPERTIRES IN PALM BEACH COUNTY AND ALL WERE OVER 1 MILLION DOLLAR HOMES, THESE APPRAISAL REPORTS WERE DONE IN JUNE AND JULY 2009. I HAVE MADE NUMEROUS ATTEMPTS IN COLLECTING, BUT NO LUCK, HERE IAM IN JAN 2010 AND STILL NO LUCK, ANOTHER COMPANY IS IRRES, WHICH ALSO OWES ME 5 APPRAISAL REPORTS FROM JULY AND AUGUST 2009, THEY SAY THIER CLIENT (FANNIE MAE AND WELLS FARGO HAS NOT PAID THEM SO THEY CANNOT PAY ME.
CAN ANY AMC BE TRUSTED ? NO
WE ARE NOT INDEPENDENT ANYMORE !!!!!
AND I WILL NOT WORK FOR A AMC, PAY ME AT THE DOOR ,I AM AN HONEST APPRAISER.
I received two checks, totally $1,050, both bounced because the bank was closed, who pays for these and the fees associated with the return and all other checks returned because I used the money for other expenses.
I also after more than 100 days received payment, but the check bounced. I am just as outraged as the rest of the reputable appraisers that did work and assumed they would be paid for their professional service.
From Las Vegas, NV. We have 2 outstanding invoices from Security One dating back to June 09 and July 09. Would appreciate any news updates since Sept. 9th on.
Received a 1099 from TBW/Security One. They have reported as income to the IRS funds that were sent to our office in the form of a rubber check.
Frank please update this BLOG with the following: I encourage all appraisers to file a "Proof of Claim" form in the Taylor Bean & Whitaker Bankruptcy Case. You can find out everything you need to at www.bmcgroup.com/tbwmortgage and click the File a Claim tab at the top right. BCM Group is the legal staff for TB&W. Be sure to attach copies of invoices with your "Proof of Claim". Hopefully The Florida Court system will have mercy on our souls. June 15, 2010 is the deadline for filing claims.
Thanks, Patrick
Patrick,
Thanks for the information. Since this is WAY down in the comments, I will update with the information you provided. Give me some time; I'm headed out of the office for a few hours ;-)
I am happy to say that TB&W issued the check but the bank failed and closed before paying. Hopefully the last to the dead beat lenders. After over 40 yrs of appraising I am glad to say I,m finished, retiring. No more brainless underwriters, no more being blamed for the corrupt politicians and their failed regulations, no more appraisal management companies,
silly report cards, unreasonable turn times, low fee, value pushing, no more changing forms that have not improved anything other than software company bottom line. In my family three of us gave up state certification, good luck to those of you that remian in a business that at one time I loved.
I've been waiting for 3 years to get paid on 3 invoices. Is that patient enough?
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