Discussion in 'Illinois' started by Tony Bamert, Apr 4, 2011.
anybody get am AMC letter yet from RELS?? I have asked but have not received one yet.??
They're waiting until they receive a letter from the department on whether they can be co-clients with Wells Fargo...which, of course they can.
Good info, I was just about to post this Q b/c they definitely have it outlined as a requirement in the order stips but when I inquired I didn't receive a response.
How much of RELS is owned by Wells Fargo?
Maybe that is why Rels is able to accept appraisal orders at fees contingent upon a loan outcome?
This was sent out 4/11/2011
To: All Illinois Appraisers
The Illinois Department of Financial and Professional Regulation recently clarified that for purposes of complying with Part 1455.250(a) of Title 68 of the Illinois Administrative Code, it is acceptable to list the AMC and the financial institution as co-clients on appraisal reports.
Effective immediately, appraisal assignments will include the following guideline:
You are directed to identify by name, in all places within your report where the client name is listed, both the financial institution and this AMC; this is understood to be an acceptable manner of complying with Section 1455.250(a) of Title 68 of the Illinois Administrative Code.
The Appraisal Board has published a May 1, 2011 deadline for enforcement of the new “Grounds for Discipline” rules. It is important that you understand your new obligations relative to AMC orders; therefore, we encourage you to review and familiarize yourself with Section 1455.250.
If you have any questions regarding this matter, please contact your Area Manager or Appraiser Relations Specialist. Thank you for your continued cooperation in providing quality appraisal products.
Valuation Support Services Management
I'm glad we don't work for this idiotic AMC. Yeesh.