Bellco Credit Union / Appraiser Loft Complaint
Have you done appraisal work for Bellco who contracted with a California company called Appraiser Loft? We have identified numerous appraisers in Colorado who are owed over $100,000 in fees for appraisals completed where Bellco was the lender. Bellco refuses to take responsibility for paying the appraisers. We contacted Bellco and asked for payment and were told we should “reach out to Appraiser Loft for payment”. Unfortunately, Appraiser Loft became insolvent in October. Because of the small amounts each of us is owed, Bellco knows no attorney is going to look at us individually.
We have filed complaints with the Colorado and California Real Estate Commissions, California & Colorado Attorney Generals and the Colorado Better Business Bureau. So far the BBB seems to be the best bet, but if everyone files complaints maybe some “higher up” will think it might benefit them politically. The Colorado Real Estate Commission did send out an email regarding “non-payment of services with appraisal management companies” but didn’t offer to help us find out who else has been damaged. You’d think it would be in their best interest since this loss of income may force me and others like me out of the business. The attrition rate of appraisers in Colorado is astounding!
If you have a similar story, we’d like to hear from you at “stopfeetheft@gmail.com”. Also, we’d like you to respond to our blog by telling your story; how you got involved, how much you are owed and what you have done so far to right the situation. In addition, please let every appraiser you know about this blog. It’s time we banded together and forced legislation to protect us instead of the banks!
Thanks and have a great week! This might be a start of real change in the Fee Appraisal industry.
