JVI Solutions aka JVI Appraisal is an appraisal management company that is a third party company that orders appraisals for major lenders like Suntrust, Wells Fargo, Bank of America, etc. For the past 6 months they have not been paying appraisers throughout the country for their services.
JVI has stated that they are no longer paying appraisers, who are owed thousands of dollars in many instances, for the services that have already been performed. JVI has collected the appraisal fees from the lender who has collected the fees from the borrower. Unfortunately, JVI has not paid the appraiser for the work that he or she has done. This has caused appraisers throughout the country to no longer accept work from JVI.
This is not the first appraisal management company who has had problems in their commitment to pay appraisers. AppraiserLoft filed for Bankruptcy protection in 2011. Apparently there is no protection for small business in this senerio, as most appraisal firms are made up of only 1-10 appraisers. AMC regulation is just around the corner but until then, apparently, companies like JVI can operate with impunity.
If you are a homeowner refinancing with a major lender like Wells Fargo, Bank of America, Suntrust etc., be sure to ask if your appraisal will be ordered by JVI because you may pay for, but never receive an appraisal.
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