You're Not Going to Believe This-AMC Using Non-License

[Joe Birrell (NY)]

I just had a visit from a former student (who took appraisal courses in 1994, and never got licensed). She presented me with a proposition. If I hired her as a trainee, she would bring in new clients. When I asked her
what kind of new clients, she took out a sample appraisal (Fannie Mae
1025), done for Citibank, signed by her as inspecting appraiser (she has no license). On the right side of the form (as supervisory appraiser) is the name and signature of an local old timer insurance agent/real estate agent (also not licensed). I asked how is this possible ?! Who gave you this assignment ?! She then took out a copy of an appraisal assignment from an AMC (located in Mass. - sorry I didn't get name - Concepts, something or another). I again asked how is this possible, and of course she didn't know what I was talking about. She left my office without a job offer, told her I don't do cut-rate AMC crapola !

Who is Citibank using as an AMC and how in the hell is this possible ?!!!

 

[George Hatch]

What's not to believe? They apparently have run out of licensed appraisers who will work under those conditions, so now they are using amateurs. They will get what they pay for and not one whit more.


George Hatch

 

[Anonymous]

You can thank the $250,000 de minimus and some mightly poor appraising by "professionals"

 

[Lee SW IL]

CitiFinancial, CitiMortgage use Chesapeake Appraisal & Settlement Services, Linthicum, MD, all members of Citigroup.

 

[Michael Reilly]

citi owns chesapeake.