Collateral Management LLC

Hey guys, I just wanted to give you a head’s up should a company contact you called Collateral Management LLC. They are based out of Florida and maybe Wyoming too.

I received a call from them to provide an FHA inspection on a new construction. I took the order and scheduled a time. I spoke to one of their many reps on the phone and she was pleasant, gave the information I requested and followed up with an email.

In the conversation, she asked my fee and told her what it would be. There was no problem. Nothing else mentioned.

I received the payment this weekend (a little slower than most companies asking for FHA’s) and they had deducted $10 for an “upload fee”.

A little frustrating.

I called them today to get this resolved and they were supposed to email me back. Hasn’t happened.


So, are you an appraiser?

I sometimes pay $20 or more for pay pal fee’s. What was your fee that $10 would make it frustrating?

Jeffrey, no not an appraiser. A fee Inspector

Richard, because it is not PayPal and the fee was never discussed. I have never had a client charge me a fee for providing a service to them. PayPal is not my client. I’m not suggesting that you or anyone not do business with them; I am just telling you all about the fee so that you know.

The fee was so I could upload photos and report to them which was their only method to receive the report.

Thanks for the heads up Bruce. Am also a fee inspector and unfortunately FHA inspectors don’t have but should have a posting board for unethical mortgage companies and titles companies. They have a long standing habit of not sending inspection fee payments.
I put on my invoices that invoices not paid within 30 days incur a $50. upcharge. We don’t really have a way of collecting on that or even the basic charge unfortunately. We should have the power to withdraw an inspection report for non payment. Surprisingly I was able to collect $50. X 3 + basic charge on the 3 month old invoice this summer.
I do have a secret that I just found out last week while trying to collect on an invoice…normally the appraiser does the final when he does the appraisal unless the house is not far enough along. That is when we are called in.
We therefore get ‘dumped’ in the appraisal group in terms of getting paid. The appraisers are not paid, as a standard, for 30 days after closing. I have made it clear to one mortgage company that this is not acceptable and they now paying with within 1 week of invoice submission.

Yes that is true. The appraiser can not do the final inspection if there was something wrong with an earlier inspection. I usually do not have trouble collecting. Most pay me within a week or two. This company was at 4 weeks, which was not bad but they had told me they would pay earlier. Overall I’m not terribly upset with them, except that they have not called me back as I promised about this $10 issue.

Thanks for letting us know about the fee’s Bruce.