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Businiess name:
Core Logic Valuation Svc
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Review by:
citysearch c.
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Review content:
Ok, lets take these complaints piece by piece. First of all, Core Logic is not an appraisal company. It is what is known as an appraisal management company. Most AMC'S includeing Core Logic were created by and are owned by banks, check who else has an address at 5 Cherry Hill Dr., Danvers MA. The only purpose of an AMC is to take an appraisal order and give it to a local appraiser. Then take the appraisal and give it back to the bank. They do nothing else. Now this is why banks love them. You give the bank $500 to $800 for an appraisal. The bank sends the order to the AMC. The AMC keeps about 50%, $250 to $400 as a processing fee. The appraiser takes these reduced fee appraisals and does them at slow times. In other words, when they don't have anything else. Thats why the slow appraisal time. Now remember the bank owns the AMC. So in this case, you gave the bank money, they skimed of half, you were late to close and had to pay another months interest. This is whats nown as a win win for a bank. Gee this seems like it should be illigal or something....but....welcome to the mortgage industry.
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