1. Welcome to AppraisersForum.com, the premiere online community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

AMC letter

Discussion in 'Illinois' started by justinschroeder, Mar 9, 2011.

Thread Status:
Not open for further replies.
  1. justinschroeder

    justinschroeder Sophomore Member

    0
    Sep 13, 2007
    Professional Status:
    Certified General Appraiser
    State:
    Illinois
    Just for clarification. Does the AMC have to provide a new letter for every report or just provide a master one?

    Also should this letter be included in the appraisal report?
     
  2. leelansford

    leelansford Elite Member

    45
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    I take it that you are referencing the recently enacted "rules" (Administrative Code) and specific to the AMC's relationship (authority emanating from) the lender.

    One "master" letter will suffice (and place a copy in your workfile). However, if the AMC has different levels of authority for different lenders, a letter specific to each is appropriate.
     
  3. leelansford

    leelansford Elite Member

    45
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois


    No.


    .......
     
  4. Drew Barnes (Illinois)

    Drew Barnes (Illinois) New Member

    0
    Nov 4, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    ServiceLink has added the following to their orders...

    "The financial institution named herein has authorized ServiceLink Valuation Solutions to perform the services of an appraisal management
    company with respect to this order."
    The term "appraisal management company" is defined by the Illinois Administrative Code (Part 68, Section 1455.10) and includes all the services typically provided by an appraisal management company."

    Does this satisfy the "letter" requirement or is more needed?
     
  5. leelansford

    leelansford Elite Member

    45
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois

    The statement is a bit vague, is it not?

    I'm going to refer you back to the March 2011 edition of "IllinoisAppraiser": See pages 6 ("Option 2") and page 13. There is some very good advice specific to your question.

    I suggest that, following your further review of the document and those pages, forward on the newsletter to your AMC-client.
     
  6. Drew Barnes (Illinois)

    Drew Barnes (Illinois) New Member

    0
    Nov 4, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Thank You Lee.
    I agree with your assessment of the statement. I'm hoping Brian will chime in on this. I have read the news letter. Just looking for a little more support. We all know this is ServiceLink's attempt to brush the issue aside. The question is... are we going to let them get away with it?
     
  7. leelansford

    leelansford Elite Member

    45
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    ServiceLink


    "...all of the services typically provided by an appraisal management company..." The statement is, I suspect, purposefully vague.

    Ask them to "flesh-out" what "typically" means...as it will certainly entail certain duties for some, but not for others.

    Re-emphasize what it is found in the newsletter.
     
  8. Drew Barnes (Illinois)

    Drew Barnes (Illinois) New Member

    0
    Nov 4, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Update...

    ServiceLink did send a letter similar to what is publised in the March newsletter. You just have to ask for it.
     
  9. Lukasz123us

    Lukasz123us Junior Member

    0
    Feb 12, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    I have had about 50% of my reports kicked back today due to the AMC being the client and them asking to change the client to the lender. I explain and attach the March newsletter to each rejection.
     
  10. Brian Weaver

    Brian Weaver Senior Member

    4
    Apr 16, 2005
    Professional Status:
    Gvmt Agency, FNMA, HUD, VA etc.
    State:
    Illinois
Similar Threads:
Thread Status:
Not open for further replies.

Share This Page