Appraisal Trainee

[Zoe]

Thanks everyone for the replies! I understand becoming an appraiser may be difficult at this time especially where I am located (Chicago). I am also going on my second year as a broker. I would honestly just like to learn the industry of appraising, to one, hopefully make a little extra income on the side but two differentiate myself from other agents and potentially win listings.

Lot's of agents are leaving the industry as brokers also but also lots of agents who are staying are doing fine. There's ups and downs in every industry I get that. But while it's down I would like to learn so when it's back up I can compete and have a name for myself.

If I'm winning listings, that means, I also have the potential to refer business to the appraisal company I work for. Through clients, lenders, and attorneys I network with. So, while I may "cost" an AMC money in the beginning, I also have the potential to generate income in the future.

That's just my thought process however. I invested my time to become licensed and if someone wants to invest their time in training me, well that's what I may just become. An investment for future referral business.

You won't cost an AMC money. You are truly a rookie.

The AMC takes your money from the borrower.

 

[Zoe]

OTOH, you would cost an independent fee appraiser a bunch for about 2 years.

 

[Zoe]

To further explain, an AMC works for a lender. The lender in some cases owns or has partial interest in the AMC.

The lender is not going to lose money, although they have been known to be bailed out to keep from going bankrupt.

Your tax dollars bailed the lenders out. GSEs have been bailed out with taxpayer money.

An AMC is similar to an Independent APPRAISER in some ways. An AMC is not federally insured or federally guaranteed.