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We completed an appraisal on behalf of the mortgage company and VA for use in the underwriting of a VA mortgage loan. The mortgage company has not paid for the appraisal services and has certified at the time that the order was placed that funds were collected and being held for this payment. The order requester XXXX XXXX XXXX ( NMLS # XXXX / AZ license # XXXX ) has misappropriated funds in the lending process.
Funds collected from the veteran borrower to pay for the appraisal were never forwarded to the appraiser for payment of services.
The appraisal was completed on XX/XX/XXXX. A total of 6 invoices have been sent. the VA regional loan center has been made aware of the non payment.
A search of the XXXX website shows that XXXX XXXX XXXX is a trade name of Valorem Lending LLC. Valor lending was contact by email and phone on XX/XX/XXXX. The receptionist confirmed that XXXX XXXX XXXX is doing business under there name. Received payment on XX/XX/XXXX.
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