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Editor’s Note: The bankruptcy earlier this year of the appraisal management company (AMC) ESA left millions in unpaid fees to appraisers, agents and brokers, who now are trying to collect from Chase, the bank who hired the AMC. What happens will have far-reaching effects on the appraiser-AMC relationship and the industry. Chase Denies Responsibility for…
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Editor’s Note: Fast becoming one the profession’s most pressing problems, another AMCs has failed; this time leaving individual agents/brokers owed thousands or tens of thousands of dollars. How the lender and regulators respond may create important precedence for the industry. AMC Fails: Appraisers and Agents Stiffed Again By Isaac Peck Evaluation Services/ES Appraisal Services is…
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From the Publisher Reward, Risk and Bankrupt AMCs The extent of my business savvy is pretty simple: make more money than you spend. So it’s hard for me to imagine a reasonable scenario in which Evaluation Solutions/ES Appraisal Services (ES) can go out of business owing appraisers and real estate agents $11 million. Neither, by...…
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