U.S. Bank / Red Sky

[Deleted member 77547]

Good question, Judy, couldn't tell you. I don't make the rules, just the observations!

;^)

Dave...

How would you know then that they would not be considered an AMC under Illinois rules?

 

[CANative]

Good question.

PROFESSIONS AND OCCUPATIONS
(225 ILCS 459/) Appraisal Management Company Registration Act.
(225 ILCS 459/1)
Sec. 1. Short title. This Act may be cited as the Appraisal Management Company Registration Act.
(Source: P.A. 97-602, eff. 8-26-11.)


(225 ILCS 459/5)
Sec. 5. Findings. The General Assembly finds that: It is the intent of the General Assembly that this Act provide for the regulation of those persons or entities engaged as appraisal management companies for the protection of the public and for the maintenance of high standards of professional conduct by those registered as appraisal management companies and to ensure appraisal independence in the determination of real estate valuations.
(Source: P.A. 97-602, eff. 8-26-11.)


(225 ILCS 459/10)
Sec. 10. Definitions. In this Act:
"Address of record" means the designated address recorded by the Department in the applicant's or registrant's application file or registration file maintained by the Department's registration maintenance unit. It is the duty of the applicant or registrant to inform the Department of any change of address, and the changes must be made either through the Department's website or by contacting the Department's registration maintenance unit within a prescribed time period as defined by rule.
"Applicant" means a person or entity who applies to the Department for a registration under this Act.
"Appraisal" means (noun) the act or process of developing an opinion of value; an opinion of value (adjective) of or pertaining to appraising and related functions.
"Appraisal firm" means an appraisal entity that is 100% owned and controlled by a person or persons licensed in Illinois as a certified general real estate appraiser or a certified residential real estate appraiser. An appraisal firm does not include an appraisal management company.
"Appraisal management company" means any corporation, limited liability company, partnership, sole proprietorship, subsidiary, unit, or other business entity that directly or indirectly performs the following appraisal management services: (1) administers networks of independent contractors or employee appraisers to perform real estate appraisal assignments for clients; (2) receives requests for real estate appraisal services from clients and, for a fee paid by the client, enters into an agreement with one or more independent appraisers to perform the real estate appraisal services contained in the request; or (3) otherwise serves as a third-party broker of appraisal management services between clients and appraisers.


RED SKY mission statement:

OUR SERVICES
We are Red Sky Risk Services, LLC, a valuation services company which provides expertise in appraisals and lending support services. Our seasoned staff and advanced technological capabilities allow us to:
• Be solely focused. Residential real estate valuation is our specialty.
• Hire the best. Excellent service starts with identifying, engaging and managing qualified appraisers for our lender clients.
• Facilitate the loan process. We use technology to automatically assign appraisers, monitor their progress and analyze the results so lenders and homebuyers/borrowers receive independent, quality residential property appraisals in a timely manner, well ahead of loan closing deadlines.
• Be quality-oriented. A valuation of a property, that does not pass our system review for accuracy and completeness, or is identified as higher risk, is referred to an experienced staff reviewer who thoroughly checks the report to ensure it's fair, well-supported, compliant, and represents a credible opinion of value.
• Instill confidence. By consistently delivering quality, timely valuations, lender clients and their borrower customers have the confidence to make appropriate decisions based on the information we provide.

Read Less...


________________________________________
OUR GOAL
Red Sky's primary goal is to deliver timely, high quality appraisals. Both quality and timeliness are important to our lending clients and their borrower customers. But we want to make very clear to everyone that for us, quality comes first - speed second.

 

[Donna Quixote]

Trust me, Red Sky is an AMC

 

[ExplainDNA]

If they're an AMC I'm sure the great state of Illinois will let them know, it's not like they're hiding anything.

Dave...