Insiders told HousingWire's Jacob Gaffney yesterday that 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.

Source: HousingWire