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  #1  
Old 03-09-2011, 05:04 PM
justinschroeder's Avatar
justinschroeder justinschroeder is offline
 
Join Date: Sep 2007
State: Illinois
Professional Status: Certified General Appraiser
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Default AMC letter

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?
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Old 03-09-2011, 05:15 PM
leelansford leelansford is offline
 
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State: Illinois
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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.
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  #3  
Old 03-09-2011, 05:16 PM
leelansford leelansford is offline
 
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Quote:
Originally Posted by justinschroeder View Post
...

Also should this letter be included in the appraisal report?


No.


.......
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  #4  
Old 03-10-2011, 12:08 PM
Drew Barnes (Illinois) Drew Barnes (Illinois) is offline
 
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State: Illinois
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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  
Old 03-10-2011, 01:17 PM
leelansford leelansford is offline
 
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Quote:
Originally Posted by Drew Barnes (Illinois) View Post
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?

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.
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  #6  
Old 03-10-2011, 01:25 PM
Drew Barnes (Illinois) Drew Barnes (Illinois) is offline
 
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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  
Old 03-10-2011, 01:41 PM
leelansford leelansford is offline
 
Join Date: Mar 2002
State: Illinois
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Default ServiceLink

Quote:
Originally Posted by Drew Barnes (Illinois) View Post
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?

"...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.
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  #8  
Old 03-10-2011, 02:20 PM
Drew Barnes (Illinois) Drew Barnes (Illinois) is offline
 
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Update...

ServiceLink did send a letter similar to what is publised in the March newsletter. You just have to ask for it.
  #9  
Old 03-10-2011, 05:38 PM
Lukasz123us Lukasz123us is online now
 
Join Date: Feb 2008
State: Illinois
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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  
Old 03-10-2011, 06:48 PM
Brian Weaver Brian Weaver is offline
 
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State: Illinois
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The newsletter merely takes a shot of explaining the law. You should be sending your AMC clients the law...

http://www.ilga.gov/commission/jcar/...50F02500R.html
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