Tuesday, June 12, 2012

AppraiserLoft Update

It might not be the largest scam pulled on appraisers, or even the latest, but it happens to be the one in the news today. According to Lily Leung at the San Diego Union Tribune:

AppraiserLoft, the company in question, has been at the center of several non-payment and late-payment claims from appraisers, former employees and other parties, before and after it shuttered suddenly in October, according to public records. 
In this bundle of cases, administrative law judge Diane Mihalsky found that the company failed to pay Arizona appraisers for completed work within the required 45 days set by Arizona state law -- 181 times. It appears AppraiserLoft either resolved or made attempts to resolve 10 of those cases, but appraisers in the remaining 171 cases say they haven't seen payments yet, court documents show. 
Mihalsky, in a June 6 order, recommended that the Arizona Board of Appraisal fine AppraiserLoft $5,000 for each of the 171 violations, totaling $855,000, and revoke the company's license as an appraisal management company.
AppraiserLoft joins Global Appraisal Solutions, Appraisal Mediation Solutions, (Larry Holzer affiliated companies), and Security One Valuation Services (a Todd Barfield enterprise), as the poster children of fly by night Appraisal Management Companies. The unpaid fees are in the hundreds of thousands of dollars.
Please be careful in extending credit to unknowns.

Post a Comment