Vendor Registration 6103 W. Montrose Avenue, Chicago, IL p: f:

Transcription

1 Vendor Registration

2 Thank you for your interest in becoming an approved appraisal provider for evaluation ZONE, Inc. (eval). For your review, we have attached our standard appraiser approval package, which outlines eval s expectations for the preparation and delivery of appraisal reports. For consideration as a provider for eval, several factors are examined and ranked with respect to the market and products that you choose to provide, which would include report quality, delivery time frames, delivery methods, timely communication and your competitive fee structure. When considering these items at the time of your application, be sure to recognize the rewards of working with a professional company with over 20 years of experience in collateral valuation and risk management. Our goal is to build a long term relationship with our vendors sharing in the same goal of providing accurate, concise and timely appraisal reports. The following documents are included in this approval package. 1. Policies & Procedures 2. Application 3. Engagement Letter 4. W9 5. Direct Deposit Please forward the completed application along with the additional listed information. Complete application package. Copy of current licenses for you and your associates for any state in which appraiser desires to perform appraisal assignments. Copy of E&O insurance for you and your associates. Engagement letter listing your fees to be signed. Completed and signed W9 form. Completed Direct Deposit form and voided check Resume of Appraisal History. HUD Verification.

3 APPRAISER QUALIFICATIONS At evaluation ZONE, Inc., we enlist and maintain the top appraisers nationwide. After all, the foundation of our business is our professional appraiser panel. eval treats all of our appraisers as business partners with a common goal of providing an accurate and reasonable report in a timely manner and a respectable fee. We strive to develop and build long term relationships with our vendors. To be eligible for the eval Appraiser Panel, an appraiser must meet the following minimum experience and licensure requirements: Be certified by each state included in their service area Have 3 years appraisal experience for each product on their fee sheet No pending litigation By completing the appraiser application package, the appraiser represents and guarantees the following: Has and will maintain any necessary licenses to perform the appraisal work required in accordance with state/local regulations and requirements Will immediately inform eval in the event they no longer maintain such licenses Will conduct the appraisal within requirements as set forth by local, state and/or federal authorities Will carry sufficient E&O insurance to meet state law requirements Inform eval in the event they are expecting/have litigation against them Trainees, Associates, Registered and/or Assistant appraisers DO NOT meet the minimum requirements and are not be eligible for eval s Appraiser Panel.

4 POLICIES & PROCEDURES Nature of Relationship This Agreement does not create or stipulate an employer-employee, principal-agent, or joint venture relationship between the Appraiser and eval. The Appraiser is not, and shall not represent himself/herself, to be an employee of eval. Every Appraiser is an independent contractor and current placement on the eval Approved Fee Appraisers list does not guarantee appraisal work now or in the future. Certification Requirements Only properly certified appraisers will be used for our appraisal assignments. We expect you or your office to be in full compliance with the regulations set forth in the state in which you are appraising. Your license number and expiration dates are kept on file with eval and your approval status will be deactivated upon expiration of your license until we are in receipt of your renewal license. Assignment Policy Every appraisal assignment you receive from eval contains information on the property you are being asked to appraise. Not only is this information important in assisting you on the assignment, it also contains each of our client s underwriting requirements along with the type of appraisal being requested. The order form also details our agreed upon fee for the product in this market along with the expected delivery timeframe. If at any time you or your office cannot comply with the assignment requirements please contact the staff at eval immediately. Scheduling Requirements eval requires all appraisers to communicate the inspection status within 24 hours of receipt of the appraisal order. This confirms receipt of the order by you or your office, and secondly it allows eval to update our clients on the status of their appraisal request. It is important for our retail clients that their borrowers are contacted immediately. eval monitors the timeliness of the appointment setting on a grading system and this data is considered in our vendor selection for each market.

5 POLICIES & PROCEDURES Time Frames Appraisers are responsible for delivering the completed appraisal orders within the time frame noted on the original assignment. If you are unable to meet the established deadline, we ask that you notify your eval representative immediately. For orders requiring an interior inspection, borrowers must be contacted and appointment set within 24 hours. Failure to produce reports within the established deadline without providing eval with an acceptable reason for the delay prior to the due date may result in a fee reduction or a reduction in future assignments. Our clients anticipate the delivery of their appraisal reports within 48 hours of the inspection time. Most importantly, we require that appraisers keep the lines of communication open in keeping with the timely and accurate service that our providers are accustomed to. Communication Communication is the key to a successful relationship between eval and its approved Appraisers. eval relies on its staff to have minimal contact with each of their vendors. Basic communication rules must be followed for optimal efficiency. We require our vendor partners to communicate to eval anytime ETA or time frames that cannot be met or when an inspection cannot be scheduled for any reason. Your communication with eval must be delivered through our website via your own personal user profile and order tracking system. Once you have become an approved vendor with eval your office will be supplied with a user name and password that will allow you to utilize this feature within the vendor access portion of our site. If at any time your office needs to speak to one of our representatives we can also be reached at 773/ Failure to effectively communicate properly with eval will cause unnecessary communication for both of our offices. Any such issues are documented. eval routinely reviews this data when considering future assignment decisions.

6 POLICIES & PROCEDURES Report Delivery Once your firm has completed the appraisal assignment, the report must be transmitted to our website in the form of a MISMO/XML file for UAD forms or Adobe Acrobat PDF file format. These are standard accepted formats used to electronically deliver documents and works with any appraisal software package. eval will provide a list of the required items needed in the report and in which order to be sent at completion. Please utilize eval s order number as the filename. This reference number is located on your order assignment. Reviews Each appraisal report is reviewed by eval quality control staff before it is delivered to our clients. We review for specific requirements the lender has defined to eval in addition to reviewing for industry standard practices. Any specific requirements are provided to you at the time of assignment. Please ensure these items are satisfied before transmitting your report to avoid any unnecessary communication between our offices. Repeated quality concerns may be subject to a reduction in future order volume or removal from our approved appraiser list. Compensation Compensation for the services to be performed as an independent contractor is defined as follows: A. Upon completion of each appraisal, appraiser shall be entitled to a fee in accordance with the agreed upon fee structure between eval and appraiser. B. Appraiser is not to invoice eval or its clients directly. All invoicing is handled automatically through our accounting department. C. eval reserves the right, if needed, to increase or decrease the amount of fees payable upon 30 calendar days prior notice to appraiser. D. Appraiser agrees that any compensation arrangement for appraisal services between eval and Appraiser is confidential in nature and should not be discussed with any third party without the express written consent of eval.

7 POLICIES & PROCEDURES Payment & Billing Utilizing the user name and password supplied to your office, all invoicing should be communicated using our website. Do not send individual invoices with your appraisals. Since our volume of work is high, we cannot process individual appraisal bills. You will be issued a monthly statement detailing the appraisals you are being paid for. Funds are deposited electronically to your designated account. Direct Deposit Effective 10/1/2013, evaluation ZONE will be paperless and will begin issuing all checks to employees, vendors, and the like via electronic delivery. No paper checks or statements will be sent. The accounting department will issue a list of all the files being paid, their individual amounts, as well as a summary statement to your address on file. If you have any questions, upon receipt, please contact the accounting department. Termination of Agreement Either party, upon 30 calendar day s written notice or immediately with cause, may terminate this Agreement. All written notices are to be sent via standard mail to the address shown in your vendor profile at the time of removal. Non-Compete Clause During the term of this Agreement, Appraiser will not solicit appraisal work from businesses introduced to appraiser by virtue of the relationship with eval. This includes referencing your relationship with eval and /or offering to complete appraisal assignments directly for the institution rather than through eval. This non-compete clause will continue in full force for a period of twelve (12) months following termination of this Agreement by either party. Direct acceptance of an assignment prior to termination of the non-compete period will require payment to eval of a fee not less than 50% of the gross fee received by the Appraiser, associate or Appraiser s firm.

8 APPRAISER REGISTRATION Applicant Name: Company Name: Address: City: County: State: Zip Code: Phone: Cell Phone: Fax: Pager: Address: Appraisal Software: Name checks should be payable to: Additional Information Have you or has your firm ever been involved in a lawsuit either pending or resolved? Yes No Have you ever been disciplined by a state appraisal licensing agency or professional organization? Yes No Have you ever been disciplined or sanctioned by HUD? Yes No Have you ever had a claim filed against your Errors and Omissions Insurance? Yes No If you answered YES to any of the 4 questions above, please include a letter of explanation with your returned application Insurance Information Do you have a current Errors and Omissions Insurance Policy? Yes No Carrier Name: Policy #: Exp. Date: Licensing/Certification Information Type of Certification: License #: Date Expires: Type of Certification: License #: Date Expires: Type of Certification: License #: Date Expires: Associate Licensing/Certification Information If you have more than one Appraiser who will be completing appraisal reports for eval, please complete the following information. NO TRAINEE LICENSES ACCEPTED.

9 ENGAGEMENT LETTER The below-signed vendor certifies all appraisals completed for evaluation ZONE, Inc. will adhere to the following requirements: 1. The Uniform Standards of Professional Appraisal Practice will be utilized for all appraisals completed. 2. The vendor agrees that all Associates of the Company will maintain, at a minimum, a state appraiser s certification. 3. Appraisals will be completed in compliance with the requirements of the Financial Institutions and Regulatory Agencies, and will adhere to Fannie Mae and Freddie Mac guidelines. Please review and complete your fee schedule: Full Appraisal (1004, Condo) $ Multi Family/Duplex $ 2055 Interior/2065 Interior $ 2070 Interior $ Drive by (704, 2055 Exterior, Land Only) $ 2065 Exterior $ FNMA 2000 Review $ Evaluation $ Evaluation with Exterior Inspection (2075 Exterior, 2070 Exterior) $ Evaluation with front Photo, Recertification, Re inspection, Home Inspection $ ERC Appraisals $ REO Appraisal $ FHA Appraisal $ Indicate which counties you agree to cover for the above fees:

10 ENGAGEMENT LETTER Appraiser represents & warrants to evaluation ZONE, Inc. (eval): All appraisals must meet USPAP and eval s appraisal quality and service standards, and conform to secondary market guidelines (Fannie Mae, FHLMC, and HUD). All information submitted by the Appraiser to eval in providing appraisal services and in applying for approval as a member of the eval approved residential appraisal panel is true and correct as of the date of submission, and is true and correct as of the effective date of this Agreement. If Appraiser becomes aware of any information that may disqualify Appraiser as a member of the eval approved residential appraisal panel, Appraiser will notify eval of such information immediately. All appraisals completed by Appraiser will be delivered to eval on or before the due date on the assignment as confirmed by Appraiser. Completed appraisals will be delivered to eval electronically in PDF and MISMO/XML format. Appraiser is certified as required in order to perform appraisal services related to property located in the states shown on application, and will provide to eval a copy of each such license and renewal thereof. Appraiser will maintain these certifications throughout the term of this Agreement, and will advise eval immediately of any investigation or proceeding relating to said certification. Appraiser will indemnify eval for any and all losses, damages, fines and/or costs, including reasonable attorney's fees, in connection with any failure by Appraiser to be properly licensed. Appraiser will complete all assignments in person and will not allow assignments to be completed by, or assigned to, Appraisers that are not on eval s approved residential Appraiser panel, or to trainees without notification to, and prior approval by, eval. Appraiser understands that all appraisal reports completed for eval are subject to desk and/or field review. Field reviews may involve an interior inspection of the subject property.

11 ENGAGEMENT LETTER By accepting an assignment, Appraiser acknowledges that he/she has the knowledge and the experience to complete the assignment competently and is familiar with all significant market factors in the geographic areas listed in coverage areas. Appraiser's use of electronic communications to transmit appraisals is secure; only Appraiser knows the password required transmitting appraisals and only Appraiser has the access required to electronically transmit an appraisal with an electronic signature. Indemnification Appraiser will indemnify and hold harmless evaluation ZONE, Inc. for any liability arising out of negligent work, or for the release of any appraisals without eval s permission. In addition, the Appraiser is liable for payment of any legal fees, claims, damages, losses and liabilities resulting from Appraiser s negligence or non-performance of the duties and obligations identified herein. HUD Approval Are you approved by HUD to prepare FHA appraisals and you agree that the above fees apply to both FHA and conventional assignments. Yes No Please sign below indicating your acknowledgement and agreement with the terms and conditions set forth in this engagement letter and eval s Appraiser Procedures. Company Name Print Name Signature Date

12 Form W-9 (Rev. December 2011) Department of the Treasury Internal Revenue Service Name (as shown on your income tax return) Request for Taxpayer Identification Number and Certification Give Form to the requester. Do not send to the IRS. Print or type See Specific Instructions on page 2. Business name/disregarded entity name, if different from above Check appropriate box for federal tax classification: Individual/sole proprietor C Corporation S Corporation Partnership Trust/estate Exempt payee Limited liability company. Enter the tax classification (C=C corporation, S=S corporation, P=partnership) Other (see instructions) Address (number, street, and apt. or suite no.) Requester s name and address (optional) City, state, and ZIP code List account number(s) here (optional) Part I Taxpayer Identification Number (TIN) Enter your TIN in the appropriate box. The TIN provided must match the name given on the Name line to avoid backup withholding. For individuals, this is your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the Part I instructions on page 3. For other entities, it is your employer identification number (EIN). If you do not have a number, see How to get a TIN on page 3. Note. If the account is in more than one name, see the chart on page 4 for guidelines on whose number to enter. Social security number Employer identification number Part II Certification Under penalties of perjury, I certify that: 1. The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me), and 2. I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding, and 3. I am a U.S. citizen or other U.S. person (defined below). Certification instructions. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return. For real estate transactions, item 2 does not apply. For mortgage interest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to an individual retirement arrangement (IRA), and generally, payments other than interest and dividends, you are not required to sign the certification, but you must provide your correct TIN. See the instructions on page 4. Sign Here Signature of U.S. person General Instructions Section references are to the Internal Revenue Code unless otherwise noted. Purpose of Form A person who is required to file an information return with the IRS must obtain your correct taxpayer identification number (TIN) to report, for example, income paid to you, real estate transactions, mortgage interest you paid, acquisition or abandonment of secured property, cancellation of debt, or contributions you made to an IRA. Use Form W-9 only if you are a U.S. person (including a resident alien), to provide your correct TIN to the person requesting it (the requester) and, when applicable, to: 1. Certify that the TIN you are giving is correct (or you are waiting for a number to be issued), 2. Certify that you are not subject to backup withholding, or 3. Claim exemption from backup withholding if you are a U.S. exempt payee. If applicable, you are also certifying that as a U.S. person, your allocable share of any partnership income from a U.S. trade or business is not subject to the withholding tax on foreign partners share of effectively connected income. Date Note. If a requester gives you a form other than Form W-9 to request your TIN, you must use the requester s form if it is substantially similar to this Form W-9. Definition of a U.S. person. For federal tax purposes, you are considered a U.S. person if you are: An individual who is a U.S. citizen or U.S. resident alien, A partnership, corporation, company, or association created or organized in the United States or under the laws of the United States, An estate (other than a foreign estate), or A domestic trust (as defined in Regulations section ). Special rules for partnerships. Partnerships that conduct a trade or business in the United States are generally required to pay a withholding tax on any foreign partners share of income from such business. Further, in certain cases where a Form W-9 has not been received, a partnership is required to presume that a partner is a foreign person, and pay the withholding tax. Therefore, if you are a U.S. person that is a partner in a partnership conducting a trade or business in the United States, provide Form W-9 to the partnership to establish your U.S. status and avoid withholding on your share of partnership income. Cat. No X Form W-9 (Rev )

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