The recorded message to a call to AppraiserLoft, the San Diego-based appraisal management company, says the offices are closed in observance of Columbus Day.
But insiders told HousingWire AppraiserLoft is closed for good.
"On Friday employees were notified the company was insolvent," according to a source inside the AMC. "They were told they would be paid later. [CEO] Aman [Makkar] told them at lunch they will get paid next week, and they won't," the source alleged.
Rumblings about AppraiserLoft's financial woes have swirled for months. A number of entities have said they are owed money from AppraiserLoft and haven't been paid, including HousingWire. Others noted slow payments for some time.
When questioned about payment timelines Makkar said the government-sponsored enterprises were taking 90 to 120 days to compensate his AMC and this impacts his payment timelines.
"The GSEs are taking longer and longer to pay, and as a result payments to appraisers are delayed," Makkar said in an interview with HousingWire.
Read on.
2 comments:
Everything posted above is true. Appraiserloft has officially closed its doors. My heart goes out to all of the employees and thousands of appraisers that will be affected by this, they will probably never see their money.
My heart goes out to who ever finds this Amaan and serves him justice
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