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VENDORAGREEMENTPACKAGE
*
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Insidethispackage,you’lllearnaboutallthewaysLandmarkNetwork,Inc.is
uniqueandwhatsetsusapartfromourcompetition.
landmarknetwork.com|888.272.1214
1. ABOUTLANDMARKNETWORK,INC. P3
2. APPRAISERAPPROVALREQUIREMENTS P4
3. APPRAISERSERVICELEVELEXPECTATIONS P6
4. AKNOWLEDGEMENT P21
5. APPRAISERDISCIPLINARYPROCESS P22
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1AboutLandmarkNetwork,Inc.Foundedin2007,LandmarkNetwork,Inc.(LANDMARKNETWORK)iscomprisedofagroupofdedicatedindividualswhostrivetomeetandexceedtheneedsofourappraisers,lenders,andborrowersallwhilemaintainingcompliancewithUSPAP,FHA,andGSErequirements.LANDMARKNETWORKischangingthewayyouthinkaboutvaluationmanagementandwehaveworkedhardtobecomeatopprovideroftheseservices.Belowisashortlistofthingswedodifferentlyandthebenefitsweofferyouasavaluedclient.
TheLandmarkDifference
Nationwide:Weservicemostofthe50states,PuertoRicoandtheVirginIslands.Ourhoursofoperationare6:00amto6:00pm(PST),MondaythroughFriday.Nomatterwhatyourquestion,therewillalwaysbeaknowledgeableteammemberheretoassist.
BorrowerCommunication:WhileotherAMCsleaveituptotheappraisertomakecontactwiththeborrower,wepersonallytakethesteptocontactandeducatethemabouttheappraisalprocess.Additionally,weaddressanyconcerntheymayhavepriortotheinspection;therefore,resultinginabetterpreparedborrowerandlesschancesforunnecessarycostsrelatedtore‐inspections.
GeoSelect:EveryLANDMARKNETWORKappraisalreportisdeliveredtoourclientwithacertificateofGeographicCompetency,calledthe“GeoSelectCertificate”.Thisensurestheappraiserassignedtothefileisknowledgeableandcompetentintheirspecificmarketarea.
QualityControl:AppraisalreportsaresubjecttobothanautomatedandmanualQCprocessbyourin‐houseQCstaff.Thereisnoautomatedsystemthatcanmatchtheexpertiseofourexperiencedqualitycontrolteamandweworkdirectlywithunderwriterstomaintaincurrentclient,FNMA,FHLMC,FHAandinvestorrequirements.
Payment:Wealwayspayourvendorsandwealwayspaywhatiscustomaryandreasonableforthemarketarea.AtLANDMARKNETWORK,webelievethatyougetwhatyoupayfor.Theprovenresultdeliversabetterproductatahigherlevelofservice,whichiswhatwestrivefor.
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2AppraisalApprovalRequirementsLandmarkplacesalargefocusonrecruitingandengagingCertifiedResidentialorCertifiedGeneralappraisers.Thisisnottosay,however,thatwedonotworkwithalicensedappraiser.Foralllicensedappraiserswhowishtoworkwithus,youmustprovideuswitharesumeshowingaminimumof5years’appraisalworkhistory.Withoutourappraisers,ourbusinesswouldceasetoexistwhichiswhyourobjectiveisalwaystoprovideourappraiserswithanunmatchedlevelofserviceandassistanceinordertoexpectthehighestqualityappraisalreportpossible.
QualificationStandards Appraisermustholdacurrentstatelicenseorcertificationforrealestateappraisal
issuedbyastateorganizationorastate‐regulatedagencywhosecriteriaforcertificationcurrentlymeetstheminimumcriteriaissuedbytheAppraiserQualificationsBoardofTheAppraisalFoundation.LandmarkNetworkwillverifyAppraiser'scredentialsthroughouthis/hertermofAgreement.
Appraisermustbequalifiedandingoodstandingwithanyandallstatelicensing
agenciesandmustnotbeprohibitedfromperformingappraisalworkbyanystatelicensingagency,normisrepresentanyinformationinthisapplicationorothersupportingdocumentcontributingtowardAppraiser'sapproval.
Appraisermustunderstandinvestorandsecondarymarketguidelines,includingthose
ofFNMA,FHLMC,andHUD,andbeabletocompetentlyapplytheserequirementsaswellasanymorestringentrequirementsestablishedbyLandmarkNetworkoritsclientsinthecompletionofallorderassignments.
Appraisermusthaveaminimumof5years’residentialappraisalexperience. Appraisermustbewillingandabletocommunicatewithourofficeviaphoneand/or
email,MondaythroughFriday,excludingholidays.
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ApprovalDocumentationRequirementsLandmarkNetworkusesthefollowingdocumentationcriteriainapprovingApplicantsforourApprovedResidentialAppraiserPanel.Thedocumentationcriteriaaresubjecttochangewithoutnotice.Applicantmust: CompletetheonlineAppraiserApplication.
ProvideacopyofthecurrentstateLicenseorCertificationforanystateinwhich
Appraiserhasregisteredanddesirestoperformappraisalassignments.
ProvideacopyofcurrentDeclarationsPage(Certificate)ofErrorsandOmissionsInsurancepolicy.Minimumrequirementtobeaddedtothepanelis$300,000eachclaim/$600,000Aggregate.
Provideacopyofyourcurrentresumethatincludesallemploymentforthepriorfiveyears,plusalistingofprofessionaleducationclassestakenforlicensingorcontinuingeducationwithinthelasttwoyears.Theresumeshouldnotewhatpercentageoftimewasdevotedtotheappraisalofrealpropertyforeachemploymentperiod
CompletedandsignedW‐9formandacopyofyourIRS147C(LetterforTINValidation)
Listofallcountiescovered
ListofallMLSprovidersyousubscribeto
Pleaseprovide3AMCorLenderspecificreferences
DiscloseonAppraiserApplicationifAppraiserorthefirm,throughwhichcurrentlyorformerlyemployed,haseverbeeninvolvedinalawsuit(pendingorresolved).
CompletethePaymentInformationForm.
CompletetheNoticeandAuthorizationformtoprocureaCriminalBackgroundCheck.
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3AppraiserServiceLevelExpectations General:
1. AppraisershallperformtheServicesinaccordancewiththisAgreementandtheservicelevels,specificationsandtimeframesassetforthinthisAgreementand/orEngagementLetter,asapplicable.Appraiserunderstands,acknowledgesandagreestoidentifytheircompetenciesandthatLandmarkNetworkwilldetermineAppraiser’svolumelimits,geography,andappraisalproductseligibleforServiceshereunderandmaychangesuchrequirementsfromtimetotimeinitssoleandabsolutediscretion.
2. UnlessthePartiesotherwiseagreeinwriting,allServicesprovidedhereundershallbeprocessedand/orprovided,whetherinpartorinwhole,byAppraiser,itsemployeesand/orrepresentativesonandfromalocationorlocationsinone(1)ormoreofthefifty(50)states,andterritories,oftheUnitedStatesofAmericaonly,allsubjecttoapplicablelawsandregulations.
3. ThePartiesareindependentcontractors.NothinginthisAgreementorintheactivitiescontemplatedbythePartieshereundershallbedeemedtocreateanagency,partnership,employmentorjointventurerelationshipbetweenthePartiesoranyoftheirsubcontractorsorRepresentatives.
4. AppraiseragreesthatitshallnotbeconsideredLandmarkNetworksexclusiveproviderofanygoodsorServicesprovidedhereunder.LandmarkNetworkretainstheunconditionalrighttoutilizeothersuppliersintheprovisionofsimilarservices.
5. AsrequiredinthisAgreementand/orEngagementLetter,allappraisalreportsandrelateddocumentation,andinvoices,shallbeprovidedinprintedorelectronicformatsacceptabletoLandmarkNetwork.LandmarkNetworkmayuseandreproduceforinternalpurposesallappraisalreportsandrelateddocumentationfurnishedbyAppraiser,includingdisplayingtheappraisalreportsandrelateddocumentationonLandmarkNetworksintranetorotherinternalelectronicdistributionsystem,inpartorinwhole.Appraiseracknowledgesandagreesthatthelender/clientmaydiscloseordistributeappraisalreportspreparedbytheAppraiserto:theborrower;anotherlenderattherequestoftheborrower;themortgageeoritssuccessorsandassigns;mortgageinsurers;governmentsponsoredenterprises;othersecondarymarketparticipants;datacollectionorreportingservices;professionalappraisalorganizations;anydepartment,agency,orinstrumentalityoftheUnitedStates;andanystate,theDistrictofColumbia,orotherjurisdictions;withouthavingtoobtaintheAppraiser’sorthesupervisoryappraiser’s(ifapplicable)consent.Appraiser’sconsentshallbeobtainedbeforeanappraisalreportmaybedisclosedordistributedtoanyotherparty(including,butnotlimitedto,thepublicthroughadvertising,publicrelations,news,sales,orothermedia).
*AppraiserwillnotprovideacopyorsummaryofanyappraisaldeliveredtoLANDMARKNETWORK,noranyexcerptstherefrom,toanyperson,withoutLANDMARKNETWORKsadvanced,writtenauthorization.
6. ThisAgreementshallbeineffectfromtheEffectiveDateandshallcontinueuntilterminatedunderthetermsofthisAgreement.
7. Exceptasotherwiseprohibitedbyapplicablestateorfederallaw,eitherPartymayterminatethisAgreementforitsconvenience,withoutcause,atanytimewithout
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furtherchargeorexpenseuponpriorwrittennoticetotheotherParty.Withoutlimitingthegeneralityoftheforegoing,Appraiserunderstands,acknowledgesandagreesthatLandmarkNetworkmayremoveAppraiser.
8. Appraiseragreestoattend,athis/herowncost,trainingsessionsandcontinuingeducationasrequiredtomaintainappropriatelicensure.Appraiseragreestostaycurrentwiththeappraisalstandardsandpracticesrelatingtoappraisals,USPAP,andtheInteragencyGuidelinesforBanks&CreditUnions.
AppraiserPersonnel
1. AppraiserislicensedorcertifiedasrequiredinordertoperformappraisalservicesrelatedtopropertylocatedinthestatesonfilewithLANDMARKNETWORKandwillprovidetoLANDMARKNETWORKacopyofeachsuchlicenseandrenewalthereof.OnceanAppraiser'supdatedlicensesorcertificationshavebeenreceived,AppraiseragreestosubmitcopiestoLANDMARKNETWORK.Appraiserwillmaintaintheselicenses/certificationsthroughoutthetermofthisAgreementandwilladviseLANDMARKNETWORKimmediatelyofanyinvestigationorproceedingrelatingtosaidlicenses/certifications.AppraiserindemnifiesLANDMARKNETWORKforanyandalllosses,damages,finesand/orcosts,includingreasonableattorney'sfees,inconnectionwithanyfailurebyAppraisertobeproperlylicensed/certified.
2. Withinforty‐eight(48)hoursfollowingLandmarkNetworksrequest,AppraisershallrequestpermissiontoreassigntoanotherapprovedAppraiserwithintheoffice,ifAppraiserchoosestoassignaLandmarkNetworkordertoanotherqualifiedandapprovedappraiserwithinAppraiser’soffice.
3. AppraisershallinformallofitspersonnelprovidingServicespursuanttothisAgreementthattheywillnotbeconsideredemployeesofLandmarkNetworkforanypurpose,andthatLandmarkNetworkshallnotbeliabletoanyofthemasanemployerforanyclaimsorcausesofactionarisingoutoforrelatingtotheirassignment.
4. AppraisershallnotknowinglypermitaRepresentativetohaveaccesstotheConfidentialInformationwhensuchRepresentative:(a)hasbeenconvictedofacrimeorhasagreedtoorenteredintoapretrialdiversionorsimilarprograminconnectionwith:(i)adishonestactorabreachoftrust,assetforthinSection19oftheFederalDepositInsuranceAct,12U.S.C.1829(a);or(ii)afelony;or(b)usesillegaldrugs.
5. AsmayberequiredbyLandmarkNetwork,AppraiseranditsrespectiveRepresentativesmayberequiredtosubmittoperiodicbackgroundchecks,including,withoutlimitation,priortoperformingServicesunderthisAgreementandonsuchperiodicbasisasLandmarkNetworkmaydetermineappropriateinitssolediscretion.
6. LandmarkNetworkandAppraiserrepresentthattheyareequalopportunityemployersanddonotdiscriminateinemploymentofpersonsorawardingofsubcontractsbecauseofaperson’srace,sex,age,religion,nationalorigin,veteranorhandicapstatus.
OrderManagement:LandmarkNetworkmaymakeoneormorewebsitesavailabletoAppraiser.Appraisershallcomplywithanyandallapplicablepoliciesandproceduresand/ortermsandconditionsofuseofsuchwebsites.Appraiserunderstandsandagreestoutilizethewebsiteasdescribedwithinthewebsite.CurrentlyLandmarkNetworkutilizesaproprietarysystemcalled
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Landscapeforordermanagementaswellasaappraiserpanelmonitoring.TheLandscapedatabasemusthaveacurrentlicenseandE&Oinorderfortheappraisertobeeligibleforassignments.
AssignmentoftheAppraisalOrder:PleasereadeachorderCAREFULLYasitcontainsimportantinformationaboutthepropertyyouarebeingaskedtoappraiseaswellclientspecificguidelinesforcompletingtheinspectionand/orthefinalreport.LANDMARKNETWORKdoesnotbroadcastorderstomultipleappraisers;wepersonallycontacteachappraiserandoffertheorderforacceptance.Ifyoureceiveanappraisalrequestfromus,itisbecauseyouorsomeoneinyourofficeverballyacceptedtheorder.Ifanappraisalorderisreceivedoracceptedinerrororcannotbecompleted,pleasecontactourofficeimmediatelyat888.272.1214x2orsendanemailtovendors@landmarknetwork.com.
AppraiserIndependence:Toensureappraiserindependence,itisthepolicyofLANDMARKNETWORKnottoreleaseappraisercontactinformation(suchasphonenumberoranaddress)tothelenderoforderingpartypriortothecompletionofanassignment.Therefore,ifyoureceiveacallfromalenderoranyoneotherthanaLANDMARKNETWORKrepresentativerequestinginformationaboutaparticularorder,pleaseinformussowemaytakethenecessarystepstopreventthisfromoccurringinthefuture.Itisalsotheappraiser’sresponsibilitytocomplywithappraisalindependenceguidelinesandexpectations.
AppraiserProximity:InacceptingaLANDMARKNETWORKorder–youacknowledgethatyouare:
1. LocatedwithinaMAXIMUM30‐mileradiusfromthesubjectproperty2. Haveaccesstotheappropriatedataforthearea(MLS,CountyRecords,etc.)to
produceasoundandreliablevalueanalysis3. Experiencedandknowledgeableinappraisingthespecificassignmentandproperty
typeinthesubject’smarketarea
Communication:CommunicationisthekeytomakinganyrelationshipsuccessfulandtheonebetweenLANDMARKNETWORKandtheappraiserisnoexception.Wewouldliketokeepphonecontactbetweenourstaffandyourstoaminimum;however,inordertoaccomplishthis,itisimportantforustofollowthebasicruleofcommunication.
AllorderswillbedeliveredtoAppraiserexclusivelyviaLandscape.IfAppraiserdoesnotacceptanorderwithin2hours,itwillbeadditionallyassignedtothenextavailableappraiser.
Appraiseragreestoupdatestatusfortheordersonceaninspectionisscheduledandagreestomakeinitialcontactwiththeordercontactwithin24hoursofacceptance.
Ifquestions,problems,orconcernsariseduringtheappraisalprocess.AppraiseragreestonotifyLandmarkNetworkimmediately.
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Orderswillcomeinassignedtoaspecificappraiser,anotherLandmarkNetworkapprovedappraisermaycompletetheassignmentwithpermissionfromaLandmarkNetworkrepresentative–thismusthappenpriortoinspectionandbenotedintheorderlog.Traineesareencouragedtoparticipateandbenotedinthereport;however,theappraisermustinspectwiththetraineeandsignthereport.
Appraiseragreestomeetdeadlineswithintheorderorcommunicatethereasonsfordelay.Alldelaysmustbecommunicatedimmediatelywhentheyaremet,toavoidcancellation.ThiscanbedoneviaLandscapeorbycontactingLandmarkNetwork.LandmarkNetworkwillotherwiseassumethatinspectionhasbeencompleted,andtherearenodelaysincompletionofreport.
AppraiseragreestoansweranyrequestsforinformationfromLandmarkNetworkwithin24hoursorcommunicatethereasonalongertimeperiodisnecessary.AllrequestsforinformationthatcomefromoutsideofLandmarkNetworkshouldbereferredbacktoLandmarkNetworkforcomment.
AppraiseragreestoimmediatelynotifytheLandmarkNetworkVendorManagerorsendanemailvendors@landmarknetwork.comiftheappraiserbelievesanypartyassociatedwiththeloanorappraisalhasattemptedtoundulyinfluencetheAppraiser.
If,atanytime,youhavequestionsregardingtheorderorutilityofthesite,pleasegiveusacallat888.272.1214x2andspeakwithoneofourrepresentatives.
Timeframes:Ourcustomersrelyonustoprovidethemwithgoodcustomerserviceandtimelyupdatesontheprogressoftheirorders.Inordertofulfilltheirexpectations,itisimportantforyou,astheappraiser,toberesponsibleforcompletinganddeliveringtheappraisalorderswithina5dayoverallturntimeor48hoursofinspection.Ifyouareunabletomeetthisestablishedtimeline,pleasenotifyLANDMARKNETWORKimmediatelyandadviseusofthereasonforthedelay.Delayscausedbytheborrowerorcontactforentrywillnotnegativelyimpactyourperformancerating.
Qualityvs.Timeframe:Atnotimedowewantthetimelineforassignmentcompletiontoovershadowtheoverallworkproductquality.Weunderstandtherearesituationswherethecomplexityoftheappraisalassignmentpreventsyoufrombeingabletocompletethereportwithinapreviouslyagreedupontimeframe.Inthesesituations,weaskthatyoupleasecalloremailourofficeandexplainthereasonforthedelayandsetatentativetimeframefordelivery.Thisinformationwillberelayedtoourclientasanexceptiontotheirnormalexpectations.Ifweareproperlynotifiedofanyandallpossibledelaysinadvance,noactionwillbetakentoreduceyourfeeorfutureassignments.
Fees:LANDMARKNETWORKstrivestopaytheappraiseracompetitiveandfairratefortheirtimeandeffortincompletingappraisalassignmentsandwearecommittedtoofferingtheappraiserafeethatiscustomaryandreasonableforallassignmentscompletedintheirmarketarea.
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Unlessotherwisemutuallyagreedinwriting,LandmarkNetworkshallpayAppraiserfor ServicesprovidedunderthisAgreementassetforthintheAppraisalOrderand EngagementLetter.LandmarkNetworkreservestherighttoamendormodifyitsfees/pricingfromtimetotimeinitssoleandabsolutediscretion.TotheextentAppraiser authorizesLandmarkNetworktopayfeesforAppraiser’sservicesdirectlytoAppraiser’s employeroraffiliatedappraisalcompany(asapplicable),Appraiserwillbedeemedtohave beenpaidinfulluponLandmarkNetworkspaymenttoAppraiser’semployeroraffiliated appraisalcompany(asapplicable);andAppraisershallholdharmlessLandmarkNetwork anditsRepresentativesfromandagainstanyandallclaimsorlegalactionsarisingfrom anydisputebetweenAppraiserandAppraiser’semployeroraffiliatedappraisalcompany (asapplicable)regardingsuchpaymentsmadebyLandmarkNetwork.
LandmarkNetworkshallnotberequiredtopayforServicesthatare:(a)notrequestedby LandmarkNetworkanddocumentedinanAppraisalOrder,or(b)notmeetingthe requirementsofthisendunderavalidstateappraisallicenseforthecorrespondingstatein whichthepropertyislocated,or(d)notcompletedbytheassignedappraiserwithout LandmarkNetworksapprovaltochangeappraiserswithintheorder.Feesforservicesnot subjecttothisAgreementoranapplicableAppraisalOrdershallbeasmutuallyagreedin writingbetweenLandmarkNetworkandAppraiserpriortoperformance.Nofeesforsuch servicesshallbedueunlesssuchservicesandfeesareagreedtoinwritingbyLandmark NetworkpriortoAppraiser’sperformancethereof.
LandmarkNetworkregularlyreviewsfeestudies,suchasthealamodemedianfeestudy andrecognizingthismedianfee,paysabasefeeslightlybelowthemedianandacomplex assignmentabovethemedian.Inaddition,LandmarkNetworkandAppraiserrecognizes thatLandmarkNetworkassumesthefollowingrealexpensesinmanagementprocess including:
1. Creditcardcharges(typically2.75%oftotalfee).2. Ontimepaymentstoappraiser,regardlessofvalueorcloseofescrowdate.3. Chargebackdisputesaccounting(LandmarkNetworkpaystheappraiser,
regardlessofthechargeback/issuesfromtheborrower/orreceiptsofpayment fromthelender/broker).
4. Paneldevelopment.5. Pipelinemanagement.6. QualityControl(priortolender/investorsubmission–anincreasinglender
requirement).7. Marketingandclientdevelopment.8. Statelicensing,bonding,andinsurance.9. Webinarsandnewsletters.10. Uptodateguidanceregardingunderwritingrequirementsandindustrychanges.
Invoices,TaxesandPayments:LANDMARKNETWORKwillautomaticallysendpaymenttoyouforallworkcompleted.LANDMARKNETWORKis currentlylicensedinmoststateswhereitisrequiredandhasconfirmedthatourpayment policy is compliant with all state specifications.
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Ifyoudisagreewithorhaveaquestionaboutyourspecificstate,pleasedonothesitatetocallusat888.272.1214x717oremailusatvendors@landmarknetwork.com.
CancellationPolicy:Whenaclientdeterminesthatanappraisalordershouldbecanceled,aLANDMARKNETWORKrepresentativewillcanceltheorderandnotifytheAppraiser.IfAppraiserisadvisedofthecancellationbythepropertycontact,AppraisershouldnotifyLANDMARKNETWORKimmediately.Acancellationchargewillbeappliedifsomeworkhasbeencompletedontheappraisalorder.Cancellationchargeswillbeassessedasfollows:
o Appraisalorderedand/orassigned,butnotinspected:thereisnoservicefee.o Propertyinspected,butreporthasyettobedeveloped:LandmarkNetworkwill
providea$150fee.o Propertyinspectedanddataentryofformhasbeencompleted,deliveredto
LandmarkNetworkandmeetsQCrequirements:thefullfeeispaid. Invoicesshallnotbeattachedtoappraisalreports. LandmarkNetworkwillnotbeobligatedtopayanyinvoiceswhichfailtocomplywith
theAppraisalOrderNotes,andcorrespondingEngagementLetter. ThePaymentsmadebyLandmarkNetworkforServicesperformedbytheAppraiser
shallincludeallsales,useorexcisetaxesleviedinaccordancewiththegeneralstatutesorotherauthoritativedirectivesoftheapplicabletaxingauthorityonamountspayablebyLandmarkNetworktoSupplierpursuanttothisAgreement;andLandmarkNetworkshallnotberesponsibleforremittanceofsuchtaxestoapplicabletaxauthorities,whichshallbetheresponsibilityofAppraiser.
LandmarkNetworkshallnotberesponsibleforanyadvalorem,income,grossreceipts,franchise,privilege,valueaddedoroccupationaltaxesofAppraiser.LandmarkNetworkandAppraisershalleachbearsoleresponsibilityforalltaxes,assessmentsandotherrealorpersonalproperty‐relatedleviesonitsownedorleasedrealorpersonalproperty.
Appraisershallnotcontactlender,borrowerorAffiliatesforpayment.AnyandallbillingquestionsshallbesubmittedsolelytoLandmarkNetwork.Appraisermaycontactaccounting@landmarknetwork.comforbillingquestions.
AppointmentTimes:LANDMARKNETWORKrequiresallappraiserstocommunicatetheinspectiondateandtimewithin24hoursofreceiptoftheappraisalorder.Thisinformationisthenrelayedtotheclientsotheyareawareoftheactualdateofinspection.Itisimperativetoourclientsthattheirborrowersarecontactedimmediately.Failuretoscheduleanappointmentwithin24hourswithoutreasonmayresultinaloweredrankingorlossoffutureassignments.Atnotimeshouldyoudiscussextendedreportdeliveryorturntimeswiththeborrower.Iftheborrowerasksquestions,pleasereferthemtocontacttheirlender.
SchedulingInspections:Whencallingtoscheduleinspection,weaskthatyouoryourrepresentativepleaseinformtheborrowerorcontactforentrythatyouarecallingonbehalfofLandmarkNetworkand
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thelender.ThisisbecauseallpaymentsarebeingmadeouttoLANDMARKNETWORKorthelenderanditistopreventanyconfusiononthepartoftheborrowerorcontactforentry.
UADRequirements:UADcomplianceisrequiredforthefollowingFannieMae/FreddieMacappraisalreportforms:1004/70,1073/465,1075/466,2055/2055.Standardizedformats,abbreviations,ratings,anddefinitionsmustbeinaccordancewithUADspecifications.PriortoXML/PDFconversion,appraisersmustscrubtheirreportsforUADcomplianceusingreviewtoolsprovidedbytheirappraisalsoftwareproviderinanefforttoensuresuccessfulUCDPprocessing.AdditionalinformationregardingUADrequirementsforappraiserscanbefoundonlineathttps://www.efanniemae.com/sf/lqi/umdp/uad/index.jsp.
AppraisalReportDelivery:AllappraisalsMUSTbecompletedinUADformat.Oncecompleted,thereportmustbeuploadeddirectlyontotheorderpageintheformofanAdobeAcrobat.PDFfileandin.XMLformat.Werequiretheentirereport(allpages)includingdigitalphotos,signature,sketches,maps,andacurrentcopyofyourlicenseandE&Oinsurancetobesentatthetimeofcompletion.PleaseDONOTincludeyourinvoiceforserviceswithinthecompletedappraisalreportasclients/borrowershavealreadymadepaymenttous.Ifrequiredbyyourstateregulatoryauthorities,youmayrecordyourfeewithintheappraisalreportasacommentonanattachedaddendum.
Licensing/CertificationRequirements:Currently,LANDMARKNETWORKisonlyacceptingapplicationsforFHAcertifiedResidentialandFHAcertifiedGeneralappraisersacrossall50states.LANDMARKNETWORKwillonlyuseproperlycertifiedappraisersforourappraisalassignmentsandweexpectyourofficetobeinfullcompliancewiththeregulationssetforthbythestateinwhichyouareappraising.Yourlicensenumberandexpirationdatesarekeptinoursystemandarecross‐referencewiththeASCandFHAdatabasestoensurecontinuedcompliance.
OrderAcceptance:Onceanorderisaccepted,anappointmentshouldbescheduledwiththeborrowerorcontactforentrywithin24hoursandnotifyLANDMARKNETWORKofthedateandtime.Ifforanyreasonyouareunabletoscheduletheappointment,pleaseadviseLANDMARKNETWORKASAP.Thefollowingareacceptablereasonsforanordertogoforlongerthan24hourswithoutaninspectionbeingset:
1. Theborrowerhasadvisedtheappraiserthattheywouldliketodelayscheduling.Ifthisoccurs,pleasemakesuretheyprovideyouwiththeirreasonforwantingtodelaytheinspectionsowemayadvisetheclient.
2. Appraiserhasnotbeenabletogetintouchwiththeborrower.InthiscaseyoumustcontactLANDMARKNETWORKimmediatelytoobtainadditionalcontactinformation.
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IfanappraiserdoesnotcommunicateastatustoLANDMARKNETWORKwithin24hours,theorderwillbereassignedASAPandyouwillforfeittheorder.
Scheduling:Anappraisalinspectionshouldbesetwithin2daysofacceptanceand/oraccordingtotheborrower’sschedule.PLEASEDONOTacceptanorderifyourworkloadwillnotallowyoutoaccommodatethistimeline.Ifaborrowerhasrequestedaninspectiontobesetfor3+daysaftertheacceptancedate,pleaseadviseLANDMARKNETWORKsowemayinformtheclient.
Inspections:Onceyouhavecompletedaninspection,werequiredeliveryofthereportwithin24‐48hoursunlessyouhaveadvisedusofadelay.
QualityControl:Anin‐houseQCstaffmembermanuallyreviewseachreportdeliveredtoLANDMARKNETWORK.Ifareportissentbackafterreviewwithquestionsorcorrections,itisourexpectationthatthesecorrectionswillbecompletedimmediatelyuponreceiptandarevisedreportwillbesubmittedthroughthewebsiteinordertopreventlongdelaysindelivery.Ifyouareunabletocompletetherequestedcorrectionsimmediately,pleasecontactourofficeandadviseusofanexpectedtimeofdelivery.
UnderwritingConditions:Ifanunderwriterrequestsacondition,wewillnotifyyouviaemail.Weaskthatyoupleasegivetheseconditionsthehighestpriorityandworktocompletethemasquicklyaspossible.Wewillasktohavetheconditionscompletedandarevisedreportreturnedtoourofficewithin24hoursofreceipt.Ifthisisnotpossible,pleaseinformourofficeimmediatelyandprovideuswithanestimatedtimeofdelivery.
ReconsiderationsandAppeals:Theremaybeinstanceswhentheborrowerorlenderwillhavequestionsregardingyourreportandwillrequestclarifications,orsubmitadditionaldataforyourreview.Restassured,whenyoureceivearequestforreconsideration,ithasbeenauditedbyoneofourcertifiedstaffappraiserstoensurevalidityandaccuracybeforebeingsenttoyou.Weaskthatyoupleasereviewalltheinformationthoroughlyandprovideaprofessionalresponsewithinanaddendumtotheoriginalreport,orconfirmtherequestedcorrectionsandresubmittherevisedreporttoourofficeASAP.Standardturntimeforreconsiderationis24‐48hours.
Insurance:AppraisershallatitsownexpensesecureandcontinuouslymaintainthroughouttheTerm,theinsurancecoverage’srequiredbyLandmarkNetworkundertheLandmarkNetworkPoliciesandProcedures,asapplicable.Appraisershall,withinseven(7)calendardays
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followingLandmarkNetworksrequest,furnishtoLandmarkNetworkcertificatesandrequiredendorsementsevidencingsuchinsurance.
o Appraisercertifieshe/shewillmaintainanErrorsandOmissions(E&O)Insurancepolicyinforceatalltimes,withoutanylapsesincoverage,asanapprovedAppraiserwithLANDMARKNETWORK.Minimumcoverageamountsare$300,000eachclaimand$600,000aggregate.AttimeofE&Opolicyrenewalorwhensubmittingproofofrenewedlicensesandcertifications,Appraiseragreestoalsoprovideproofofcontinued(orrenewed)E&OInsurancecoverage.Appraiserunderstandsitishis/herresponsibilitytoensureLANDMARKNETWORKhasacurrentpolicycopyofE&Oinsuranceatalltimes.
o ThefailureofLandmarkNetworktoobtaincertificates,endorsements,orotherformsofinsuranceevidencefromAppraiserisnotawaiverbyLandmarkNetworkofanyrequirementsfortheAppraisertosecureandcontinuouslymaintainthespecifiedcoverage.LandmarkNetworksacceptanceofcertificatesand/orendorsementsthatinanyrespectdonotcomplywiththerequirementsofthisSectiondoesnotreleasetheAppraiserfromcomplianceherewith.ShouldAppraiserfailtosecureandcontinuouslymaintaintheinsurancecoveragerequiredunderthisAgreement,AppraisershallitselfberesponsibletoLandmarkNetworkforallthebenefitsandprotectionsthatwouldhavebeenprovidedbysuchcoverage,includingwithoutlimitation,thedefenseandindemnificationprotections.
o AppraisermustnotifyLandmarkNetworkimmediatelyifcoveragechangesaremadeaftersuchtimethatthecertificatesareissuedtoLandmarkNetwork.
ConfidentialityandInformationProtection:PrivacyInformation:TheprivacyregulationsandinformationsecurityguidelinesissuedbythefederalfinancialregulatorspursuanttotheTitleVoftheGramm‐Leach‐BlileyAct("GLBA")wentintoeffectonJuly1,2001.Pursuanttothoseregulationsandguidelines,coveredfinancialinstitutionsandserviceproviderswithaccesstoconfidentialdataarerequiredtoensurethatallserviceprovidersandmarketingpartnerswhohaveaccesstocustomerinformationprovideforconfidentialityandsecurityofsuchinformation.TofacilitateLANDMARKNETWORKsabilitytodemonstratecompliancewiththeprivacyrequirementsofGLBA,Appraiseragreesandunderstandshis/herobligationstothefollowingwhichwillapplytoalldataprovidedtoAppraiserbyLANDMARKNETWORK:
1. Asusedherein,theterm"CustomerInformation"shallmeanany"nonpublicpersonalinformation"aboutthe"customers"and"consumers"(asthosetermsaredefinedinTitleVoftheGramm‐Leach‐BlileyActandtheprivacyregulationsadoptedthereunder)ofLANDMARKNETWORK."ServiceProvider"shallmeanthePartyacceptingbelowas"Appraiser"andeachofitsaffiliatesandsubsidiariesthatarenoworhereaftermaybeprovidinganygoodsorservicestoLANDMARKNETWORK.
2. AppraiseracknowledgesthatLandmarkNetworkhasaresponsibilitytoitscustomersandotherconsumersusingitsservicestoConsumerInformationstrictlyconfidential.Appraiserherebyagreesthatitwillnot,andwillcauseitsRepresentatives,consultants,Affiliatesandindependentcontractorsnottodisclose
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ConfidentialInformation,duringoraftertheTermofthisAgreement,otherthanona“needtoknow”basisandthenonlytoAppraiser’sRepresentatives.AppraisershallnotuseordiscloseConfidentialInformationforanypurposeotherthantocarryoutthisAgreement.AppraisershalltreatConfidentialInformationwithnolesscarethanitemploysforitsownConfidentialInformationofasimilarnaturethatitdoesnotwishtodisclose,publishordisseminate,butnotlessthanareasonablelevelofcare.UponexpirationorterminationofthisAgreementforanyreasonoratthewrittenrequestofLandmarkNetworkduringtheTermofthisAgreement,AppraisershallpromptlyreturntoLandmarkNetworkordestroyaccordingtotheInformationDestructionRequirementsdescribedwithin“InformationSecurity”,atLandmarkNetworkselection,allConfidentialInformationinthepossessionofAppraiserorAppraiser’sRepresentatives,subjecttoandinaccordancewiththetermsandprovisionsofthisAgreement.
3. TheobligationsofconfidentialityinthisSectionshallnotapplytoanyinformationthat(i)Appraiserrightfullyhasinitspossessionwhendisclosedtoit,freeofobligationtoLandmarkNetworktomaintainitsconfidentiality;(ii)AppraiserindependentlydevelopswithoutaccesstoConfidentialInformation;(iii)isorbecomesknowntothepublicotherthanbybreachofthisSectionor(iv)isrightfullyreceivedbyAppraiserfromathirdpartywithouttheobligationofconfidentiality.AnycombinationofConfidentialInformationdisclosedwithinformationnotsoclassifiedshallnotbedeemedtobewithinoneoftheforegoingexclusionsmerelybecauseindividualportionsofsuchcombinationarefreeofanyconfidentialityobligationorareseparatelyknowninthepublicdomain.
4. AppraiseracknowledgesthatLandmarkNetworkisrequiredtocomplywiththeinformationsecuritystandardsrequiredbytheGramm‐Leach‐BlileyAct(15U.S.C.6801,6805(b)(1))andtheregulationsissuedthereunder(12C.F.R.Part40),theFairandAccurateCreditTransactionsAct(15U.S.C.1681,1681w)andtheregulationsissuedthereunder(12C.F.R.Parts30and41)andwithotherstatutory,legalandregulatoryrequirements(collectively,“PrivacyLaws”).Ifapplicable,AppraisershallmakeitsbesteffortstoassistLandmarkNetworktosocomplyandshallcomplyandconformwithapplicablePrivacyLaws,asamendedfromtimetotime,andwiththeLandmarkNetworkpoliciesforinformationprotectionasmodifiedbyLandmarkNetworkfromtimetotime.
5. ThroughoutthetermofthisAgreement,ServiceProvidershallimplementandmaintain“appropriatesafeguards”asthattermisusedinSection314.4(d)oftheFTCSafeguardRule,16C.F.R.Section314(the"FTCRule")forall"customerinformation"asthattermisdefinedinSection314.2(b)oftheFTCRule,ownedbyLANDMARKNETWORKanddeliveredtotheServiceProviderpursuanttothisagreement.
6. AsaconditionofaccesstotheConfidentialInformationofLandmarkNetwork,andupontherequestofLandmarkNetwork,AppraisershallmakeavailabletoLandmarkNetworkacopyofitswrittenInformationSecurityProgramforevaluation.Theprogramshallbedesignedto:(a)ensurethesecurity,integrityandconfidentialityofConfidentialInformation;(b)protectagainstanyanticipatedthreatsorhazardstothesecurityorintegrityofsuchConfidentialInformation;(c)protectagainstunauthorizedaccesstooruseofsuchConfidentialInformationthat
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couldresultinsubstantialharmorinconveniencetothepersonorentitythatisthesubjectofsuchConfidentialInformation;and(d)ensuretheproperdisposalofsuchConfidentialInformation.
7. Appraisershallensurethefollowing:(a)adequategovernanceandriskassessmentprocessesareinplacetomaintaincontrolsoverConfidentialInformation.AsecurityawarenessprogrammustbeinplaceorimplementedthatcommunicatessecuritypoliciestoallAppraiserpersonnelhavingaccesstoConfidentialInformation;(b)notificationtoLandmarkNetworkofchangesthatmayimpactthesecurityofConfidentialInformation.Suchchangesrequiringnotificationinclude,bywayofexampleandnotlimitation,outsourcingofcomputernetworking,datastorage,managementandprocessingorotherinformationtechnologyfunctionsorfacilitiesandtheimplementationofexternalweb‐enabled(Internet)accesstoConfidentialInformation;and(c)useofstrong,industry‐standardencryptionofConfidentialInformationtransmittedoverpublicnetworks(e.g.Internet,non‐dedicatedleasedlines).
8. Appraiseragreeshis/heruseofelectroniccommunicationstotransmitappraisalsissecure;onlyAppraiserknowsthepasswordrequiredtotransmitappraisalsandonlyAppraiserhastheaccessrequiredtoelectronicallytransmitanappraisalwithanelectronicsignature.
9. ServiceProvidershallpromptlynotifyLANDMARKNETWORKinwritingofeachinstanceof(i)unauthorizedaccesstooruseofthatcustomerinformationthatcouldresultinsubstantialharmorinconveniencetoacustomerofLANDMARKNETWORKor(ii)unauthorizeddisclosure,misuse,alteration,destruction,orothercompromiseofthatcustomerinformation.
10. ServiceProvidershallindemnifyandholdharmlessLANDMARKNETWORKfromandagainstanyloss,claim,costs,penalties,andexpensesthatLANDMARKNETWORKmaysufferduetoServiceProvider'sbreachofanyprovisioninthissection.
MutualRepresentationsandWarranties:
1. EachPartyrepresentsandwarrantsthefollowing:(a)theParty’sexecution,deliveryandperformanceofthisAgreement:(i)havebeenauthorizedbyallnecessarycorporateaction,(ii)donotviolatethetermsofanylocal,stateorfederal,law,regulation,orcourtordertowhichsuchPartyissubjectorthetermsofanymaterialagreementtowhichthePartyoranyofitsassetsmaybesubjectand(iii)arenotsubjecttotheconsentorapprovalofanythirdparty;(b)thisAgreementisthevalidandbindingobligationoftherepresentingParty,enforceableagainstsuchPartyinaccordancewithitsterms;and(c)suchPartyisnotsubjecttoanypendingorthreatenedlitigationorgovernmentalactionwhichcouldinterferewithsuchParty'sperformanceofitsobligationshereunder.
2. IfatanytimeaftertheEffectiveDateofthisAgreement,AppraiserorAffiliateisengagedinlitigationorpendinggovernmentalinvestigationoractionwhichcouldinterferewithAppraiser’sperformanceofitsobligationshereunder,AppraiseragreestocontactaLandmarkNetworkVenderManageruponnoticeofimpendinglitigationorgovernmentalinvestigationoraction.
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RepresentationsandWarrantiesofAppraiser:
1. InrenderingitsobligationsunderthisAgreement,withoutlimitingotherapplicableperformancewarranties,AppraiserrepresentsandwarrantstoLandmarkNetworkasfollows:(a)Appraiserisingoodstandinginthestateofitsincorporation/organizationandisqualifiedtodobusinessasaforeigncorporation/organizationineachoftheotherstatesinwhichitisprovidingServiceshereunder;(b)Appraisershallsecureorhassecured,andwillcontinuetomaintain,allpermits,licenses,regulatoryapprovalsandregistrationsrequiredtorenderServicessetforthherein,includingwithoutlimitation,registrationwiththeappropriatetaxingauthoritiesforremittanceoftaxes,(c)exceptasmaybespecificallydisclosedinwritingtoLandmarkNetworkbyAppraiserandacknowledgedinwritingbyLandmarkNetwork,Appraiserhasnothadanydisciplinaryaction(s)againstitinthestate(s)whereitislicensed/certifiedwithinthelastfive(5)years,and(d)AppraiserpossessesgeographicandproductcompetenceforeachAppraisalOrderaccepted.
2. Appraiserwillnotacceptorcompleteassignmentsinwhichhe/shehasaninterest,directorindirect,financialorotherwiseinthesubjectproperty.
3. Appraiserhastherighttorefuseanyandalloffersofappraisalassignments.Appraiserretainssoleandabsolutediscretion,control,andjudgmentinthemannerandmeansofexecutingtheappraisalassignmentinaccordancewithappropriateregulatoryguidelinesorrequirements.IntheeventAppraiserhasanexcessiveamountoforderdeclines,LANDMARKNETWORKreservestherighttoevaluateand/ormodifyAppraiser'scoverageareaonfilewithLANDMARKNETWORK.
4. AppraiserrepresentsandwarrantsthatitshallperformtheServicesinatimelyandprofessionalmannerusingcompetentpersonnelhavingexpertisesuitabletotheirassignments.
i. Whenanorderisaccepted,Appraiseragreestocompletetheorderwithinthestatedturnaroundtime("TAT"),product,andclientexpectationsasindicatedintheappraisalorder,LANDMARKNETWORKAppraiserCompanyStandardsPolicy,and/ortheLANDMARKNETWORKResidentialAppraisalGuidelines.Theturnaroundtime(definedasthetimeinwhichthereportmustbeelectronicallydeliveredtoLANDMARKNETWORK)beginswhentherequestfortheappraisalisreceivedandacceptedbyAppraiser,asverifiedbytheelectronicmaildateandtime.Ordersthataresubjecttoclient/realtordelays,propertyaccessissues,orincomplete/incorrectorderswillbeadjustedintheturnaroundtimecalculations.Appraiserwillmanageexceptionsonacase‐by‐casebasisbycontactingLANDMARKNETWORKassoonasAppraiserlearnsoftheoccurrenceofthedelay,andtheclockwillrestartwhentheinspectioniscompleted.TheturnaroundtimeclockstopswhenAppraisercompletesthereportandelectronicallytransmitsthereport,asverifiedbytheelectronicmaildateandtime.
5. AppraiserrepresentsandwarrantsthattheServicesshallconformtoorexceed,inallmaterialrespects,thespecificationsdescribedherein,aswellasthestandards
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generallyobservedintheindustryforsimilarservices,andintheEngagementLetter.AppraiserrepresentsandwarrantsthattheServicesshallcomplywiththecurrentUniformStandardsofProfessionalAppraisalPractices,allapplicablestateandfederallaws(including,withoutlimitation,FIRREATitleXI,theEqualCreditOpportunityActandtheFairHousingAct,GLBPrivacyAct)andallapplicableappraisalguidelinespublishedbyFannieMae,FreddieMac,HUD,theFDIC,theOTS,theOCCandtheNCUAandthathe/shewillprepareappraisalsthatmeetthosestandardsasapplicable.Inaddition,AppraiseragreestoperformhisorherresponsibilitiesunderthisAgreementincompliancewithallapplicablefederalandstatelaws,regulatoryrequirementsandprofessionalstandardspertainingtotheappraisalofrealproperty,includingbutnotlimitedtotherequirementsspecifiedinorestablishedunderTitleXIVoftheDodd‐FrankWallStreetReformandConsumerProtectionAct,TitleXIoftheFinancialInstitutionsReformRecoveryandEnforcementActof1989(FIRREA).LANDMARKNETWORKmayfromtimetotimeissueitsownappraisalstandardstowhichtheAppraiseragreestoadhere.AppraiserwillbesubjecttoongoingqualityassurancereviewsbyLANDMARKNETWORKtoverifyAppraiser'scontinuedcompetency.
6. Anyclient‐specificrequirementsand/orspecialinstructionsattachedtotheordermustbestrictlyadheredtowhencompletingassignments.Pleasebesuretoreadinstructionsassociatedwitheachorderasclientrequirementsmaychange.
7. Appraiserwillcompleteallinspectionsinpersonandwillnotallowassignmentstobecompletedby,orassignedto,anyotherappraiserswithoutpriorapprovalbyLANDMARKNETWORK.Theinspectionofthepropertymustbeapersonalon‐siteinspectionandcannotbea“virtual”inspection.Theinteriorandexteriormustbeinspectedunlesstheassignmentisforan“Exterior‐OnlyInspection”appraisalreport.
8. AppraiseragreestoutilizetheLANDMARKNETWORKwebsite(https://www.landmarknetwork.com)onaregularbasistokeeptrackofassignedorders,providetimelyupdatestothoseorders,andtorespondtoweb‐initiatedrequests.ThefollowingworkitemsneedtobeprocessedviatheLANDMARKNETWORKwebsite:
i. OutstandingCommunications:1. Viewandacknowledgeoutstandingordercommunications
submittedthroughthewebsite.2. PreviouscommunicationsaredisplayedontheOrderNotestabfor
eachorder.ii. OutstandingOrders:
1. Obtainalistofoutstandingorderstobecompleted.2. Retrievetheassignmentreportforeachorderonline.3. Provideinspectiondatesonline.4. Providecommentsforeachorderonlineasnecessary.
iii. OrderFollow‐up:(Ordersthatrequirefollow‐upforanInspectionDate,EstimatedCompletionDate,etc.)
1. Obtainalistoforderfollow‐updetails.2. Provideinspectiondatesonline.3. Providecommentsforeachorderonlineasnecessary.
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9. AppraiserrepresentsandwarrantsthattheWorkProductandServicesfurnishedunderthisAgreementdonotandshallnotinfringe,misappropriateorotherwiseviolateanyIntellectualPropertyRightsoranyotherrightsofanythirdparty.
10. AsoftheEffectiveDate,therearenoactions,suitsorproceedingspending,ortotheknowledgeofAppraiserthreatened,againstAppraiserandAppraiser’sRepresentativesalleginginfringement,misappropriationorotherviolationofanyIntellectualPropertyRightsrelatedtoanyWorkProductorServicecontemplatedbythisAgreement.
11. AppraisershallimmediatelynotifyLANDMARKNETWORKifhis/herappraisallicenseissuspended,revokedorlimitedbyanystatelicensingorgoverningagency.
12. AppraisershallberesponsibleforensuringthatAppraiser’sRepresentativesandshallperformallobligationsofAppraiserunderthisAgreementincompliancewithalllaws,rules,regulations,guidelinesandotherlegalrequirements.Inaddition,theAppraiserrepresentstheyareincompliancewithallfederalconsumerfinanciallaws,includingregulationsrelatedtounfair,deceptiveorabusiveactsorpractices.USPAPviolationsshallbereportedtoallapplicablestateboards,alongwiththecorrespondingreport.
13. AppraiserCommunications/Reconsiderations:Appraiseracknowledgesthathe/shemaybecontactedbyrealestatebrokers,salespeople,homebuyers,homesellers,orotherswhoseekadjustmentstothevalueconclusionsinhis/herappraisalreports.AppraiseragreesthatheorshewillimmediatelyreferorreportallsuchcontactsorrequeststoLANDMARKNETWORKforeachLANDMARKNETWORKclientandwillnottakeanyresponsiveactionsunlessaformalAppraisalReconsiderationRequestisreceivedfromLANDMARKNETWORK.Appraiserfurtheragreesthatinrespondingtosuchrequests,heorshewill:(i)utilizeLANDMARKNETWORK‐requiredformsandadheretootherapplicableappraisalreviewpolicyrequirementsimposedbyLANDMARKNETWORKand/oritsclients;(ii)complywithUSPAPandotherapplicablelaws,rulesandstandards;and(iii)refrainfromsubmittinganyalteredappraisalreportunlessallchangeshavebeenadequatelysupportedandappropriatelydocumentedintherevisedreport.
14. RevisionstoSalesContracts:Appraiseracknowledgesthatinconnectionwithhis/herappraisals,he/shemayreceiverevisedsalescontractsthatchangethepurchase.UponreceiptofarevisedsalescontractthatmodifiesthepurchasepricetheAppraiserwillanalyzethechange(s)andmakeappropriaterevisionstotheappraisalreport.Therevisionstothereportincludeidentifyingthetermsofthecontractforsaleinanappraisaladdendum;andiftheopinionofvalueischanged,provideadetailedexplanationforthechangeinvalue.
15. AppraiseragreestonotifyLANDMARKNETWORK,wheneverpossible,viaitswebsiteofanyabsences,atleast1weekpriortostartdate,bysubmittingarequesttobeplacedonblackout.
16. IntheeventthatAppraiser'sapprovalstatuswithLANDMARKNETWORKisterminatedbyAppraiserorbyLANDMARKNETWORK,allpaymentsthereaftermadetoAppraisershallbemadeinaccordancewiththecompensationagreementineffectatthetimethattheassignmentisorderedwithAppraiser.
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LimitationofLiability:NeitherPartyshallbeliabletotheotherforanyspecial,indirect,incidental,consequential,punitiveorexemplarydamages,including,butnotlimitedto,lostprofits,evenifsuchPartyallegedtobeliablehasknowledgeofthepossibilityofsuchdamages,provided,however,thatthelimitationssetforthinthisSectionshallnotapplytoorinanywaylimittheobligationsoftheSectionentitled“ConfidentialityandInformationProtection”orAppraiser’sgrossnegligenceorwillfulmisconduct.
LawtoGovern:ThisAgreementshallbegovernedbyandconstruedandenforcedinaccordancetothelawsoftheStateofCalifornia.
Severability:TheprovisionsofthisAgreementareseverable,andifanypartofitisfoundtobeunenforceable,theotherparagraphsshallremainfullyvalidandenforceable.ThisAgreementshallsurvivetheterminationormodificationofanyarrangementscontainedhereinorinanyExhibitsorAddendumsattachedhereto.
EntireAgreement:ThisAgreement,whichconsistsofalldocumentsandexhibitsaslistedonPage4‐5oftheVendorPackageAgreement,encompassestheentireAgreementbetweenAppraiserandLANDMARKNETWORKandsupersedesanyandallpriorAgreementsand/ordiscussions.LANDMARKNETWORKshallhavetheauthoritytounilaterallymodifythisAgreementasneededatitssolediscretion.
Disclaimer:IfyoudisagreewithanyportionofthisagreementandwouldlikeLANDMARKNETWORKtoremoveyoufromourlistofpossibleappraisers,pleaseforwardanemailtoourofficeatvendors@lendmarknetwork.comrequestingtoberemovedfromthepanel.
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AcknowledgementBysigningthisAppraiserAgreementpackage,theappraiserherebyacknowledgesandwarrantsthefollowing:
Appraiserhasandshallmaintainanynecessarylicensestoperformtheappraisalworkrequiredinaccordancewithstate/localregulationsandrequirements,aswellasallLANDMARKNETWORKrequirements.
TheappraisershallimmediatelyinformLANDMARKNETWORKintheeventtheynolongermaintainsuchlicenses.
Appraiserwill,atalltimes,conducttheappraisalwithinrequirementssetforthbylocal,state,and/orfederalauthorities.
AppraisershallcarrysufficientE&Oinsurancetomeetlender/investorandstaterequirements.TheminimumE&OrequirementstobeapprovedwithLANDMARKNETWORKis$300,000eachclaim/$600,000aggregate.
WerequesttheappraisertoprovideanelectronicsignatureasacknowledgementofallitemsaddressedwithintheSLE. Appraiser(PrintedName) Address City State,Zip Signature Date
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4AppraiserDisciplinaryProcess
WhatyouneedtoknowaboutMandatoryReportingofanappraiser.Reportinganappraisertoastateand/orotherregulatoryagenciesisseriousbusinessandshouldbetreatedassuch.Inordertoreportanappraiser,astrongsuspicionthattheyhavemateriallyfailedtocomplywiththeUniformStandardsofProfessionalAppraisalPractice(USPAP)orotherethicaland/orprofessionalexpectationsshouldbeevident.Additionally,suchsuspicionsshouldleadareasonableanddisinterestedthirdpartytobelieveamaterialfailuretocomplyhasoccurred.Toclarify,amaterialfailureisonethatwillsignificantlyaffectthefinalvalueoutcomeforasubjectproperty,usuallymakingadifferenceof10%ofmore.Ifafailuretocomplyisidentified,LandmarkManagementwillcompletethefollowingstepsinordertodeterminewhetherornottheappraisershouldbereportedtotheappropriateagency.
Contacttheappraisertoreviewanddiscusstheidentifiedconcern(s).
Appraiserwillberequestedtoprovideawrittenrebuttalorexplanationofconcern(s).Ifareasonableresolutioncannotbeobtainedthroughcorrectionorexplanation,Landmarkwillbegintheprocessofreportingtheappraiserandspecificmaterialfailuretothestateboardand/orregulatoryagenciesthatgovernthelocationofthesubjectproperty.Inaddition,theappraiser’sapprovalstatusonLandmark’spanelwillbeplacedonholdpendingthefinaloutcomeandfindingsoftheregulatoryagency.
YouShouldKnow1. Thebusinessofreportinganappraisershouldnotbetakenlightly.
2. Amaterialfailureisonethatwillsignificantlyaffectthefinalvalueoutcomefora
subjectproperty.
3. Onlyafteranindepthinvestigationintothecomplaintincompleted,andtheappraiserhascompletedtheirappealprocess,willLandmarkbegintheprocessofreportinganappraiser.