Appraisal management company Landmark Network today announced the launch of PayViewTM report. The launch was made in an effort to increase transparency within the appraisal process by allowing the AMC’s lender partners to see and document appraiser payment practices.
“We want to help mitigate the risk of lenders when they utilize our services. We will ensure that they are able to see and document our payment practices so they know that they have paid us and we have then paid the appraiser.” said Hunter Gorog, President and COO of Landmark Network, Inc.
The report comes at a time when there has been increasing failure in payment of mid- to large-sized AMCs to their appraiser vendors, Landmark said. Recent instances include AppraiserLoft, which closed shop in 2012, reportedly owing more than $3 million in unpaid appraisals and more recently ES Appraisal which left $11 million in debts. The soution allows clients to see all appraisal orders completed in a given month, including detailed order information and payment history.
“We’ve already implemented this monthly report providing our lenders a sense of greater security and confidence that work has been paid for,” said Landmark CEO Erik Richard. “This sets us apart from our competitors in that we are actively engaged in lowering risk for our clients.”
Written by Elizabeth Ecker