Appraisal Management Company $100,000 Surety Bond 2025

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The document is a Surety Bond Form for Appraisal Management Companies in Illinois, outlining the obligations of the Principal (the applicant) and the Surety (the surety company) to ensure compliance with the Illinois Appraisal Management Company Registration Act. It specifies a $25,000 bond amount to cover potential fines or fees due to non-compliance, details the conditions under which the bond is enforceable, and establishes procedures for termination and renewal.

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Why do lenders use an AMC?

Cost and liability. AMCs add a layer between lender and appraiser. Lenders use them to manage costs and limit liability. Smaller lenders may not need that buffer. Ultimately its a business decision for each lender.

What is the meaning of appraisal management?

Appraisal Management Services means any of the following functions: To recruit, qualify, verify licensing or certification, or negotiate fees and service level expectations with independent real estate appraisers on behalf of a person seeking an appraisal.

What does an appraisal management company do?

Key Takeaways. An Appraisal Management Company (AMC) is an independent real estate appraisal company hired by a lender to perform valuations on potentially mortgaged properties. AMCs select state-licensed or state-qualified appraisers to valuate properties and deliver appraisal reports to lenders.

What does an appraisal manager do?

The Appraisal Manager is responsible for the appraisal of urban, rural, real, personal and commercial properties for tax assessment purposes. The Appraisal Manager maintains the Countys appraisal program in compliance with State tax laws and Administrative Rules.

What is an appraisal management company?

Best Surety Bond Companies Overall The Hartford. Best Overall. Get Quote. From Tivly. Jet Surety. Best for Small Businesses. Get Quote. Call: (855) 296-2663. Travelers. Runner-Up; Best for Small Contractors. Liberty Mutual. Best for Bad Credit. Get Quote. From Tivly. Zurich. Best for Large Contractors.