Thank you for your interest in partnering with AppraisalBridge AppraisalBridge is a management agent for lenders, regulatory and enforcement agencies and other institutions that rely on real estate valuation services. Independent Contractors must agree to a contract relationship with AppraisalBridge to manage appraisal assignments available from our sourcing platform. Our web portal offers you convenient real-time access to all of your assignments. The technology allows for transactional updating, profile management, payment tracking and the opportunity to capture more business through positive quality and service performance. The following instructions and packet of documents will lead you through the application process for becoming approved as an Independent Contractor for AppraisalBridge. The packet includes the following: Independent Contractor Engagement Agreement - Please sign Contractor Application Form - Please complete and sign Self Identification Form - Please complete and sign (voluntarily) Lender Specific Addendums - Please sign if provided Please return each of the above listed and applicable documents and all requested attachments to AppraisalBridge. AppraisalBridge, LLC Attn: Fee Panel Management 200 NE Missouri Road, Suite 200 Lee s Summit, MO 64086 Or fax to 888-778-4447 Or email to support@appraisalbridge.com If you have any questions, please contact AppraisalBridge at 888-778-4442 Page 1 of 12
Page 2 of 12 Independent Contractor Engagement Agreement This Agreement, and referenced forms and addendum, sets forth the terms and conditions under which you will perform your appraisal assignments and will be compensated for your services as performed on behalf of AppraisalBridge, LLC (AppraisalBridge ) a Missouri limited liability company in your capacity as Appraiser. Whenever the terms of we or our are used, reference is being made to AppraisalBridge and when the terms you or your are used, reference is being made to the Appraiser. Definitions - the following terms are defined as used herein this document: Appraiser shall mean licensed real estate appraisers who have established a service provider relationship with AppraisalBridge on an independent contracting basis, and who are not an employee or representative of AppraisalBridge. Lender shall mean the lender or institution indicated in the specific appraisal assignment to be identified by the appraiser as the Lender/Client on the appraisal report. Client shall mean the company that is engaging the appraiser (AppraisalBridge ). 1. Nature of Relationship: Appraiser is an independent contractor. This Agreement does not create or evidence an employer-employee, principal-agent, or joint venture relationship between Appraiser and AppraisalBridge and Appraiser is not, and shall not represent himself or herself, to be an employee of AppraisalBridge or the companies we represent. Approval for service by AppraisalBridge does not guarantee work. Contracts for appraisal assignments are given on a job-by-job basis. AppraisalBridge does not guarantee engagement as an independent contractor or offer guaranteed amount of compensation. 2. Deductions: As an independent contractor, Appraiser is solely responsible for all federal, state, and local tax requirements. 3. Expenses: Appraiser shall be responsible for all of Appraiser s own expenses, except for those that AppraisalBridge, in its sole discretion, agrees to pay, in advance, and confirmed in writing, on Appraiser s behalf. 4. Compensation: In consideration for the services to be performed as an independent contractor: a) Upon completion of each appraisal assignment, Appraiser shall be entitled to the contracted rate listed on the appraisal order form. Appraiser will not invoice AppraisalBridge clients directly. AppraisalBridge will process payment within 30 days of post review acceptance of all assignments. b) AppraisalBridge reserves the right from time to time to increase or decrease the amount of fees payable, upon 30 calendar days notice to Appraiser, at which time the fee will apply to all new assignments ordered 30 days after the notice and as reflected on current valuations engagement order. c) Appraiser agrees that appraisal product found to be unacceptable as first delivered and after review will not be processed for payment until all corrections, revisions or requests for clarification have been addressed in writing and cleared by AppraisalBridge quality assurance reviewer. If after correction or revision the appraisal is still deemed unreliable by a professional peer, part or the entire fee may be forfeited and grounds for termination of this Agreement. d) Appraiser agrees that any arrangement for compensation for appraisal services between Appraiser and AppraisalBridge is confidential in nature and should not be discussed with any third party without the express written consent of AppraisalBridge. 5. Insurance: Appraiser understands that AppraisalBridge recommends that, as an independent contractor, you maintain errors and omission insurance with a minimum of $250,000 liability coverage, automobile insurance with a minimum of $500,000 liability coverage, and that if you operate a business that employs associate appraisers, you should maintain worker s compensation insurance. These are recommendations only and are not required by AppraisalBridge for consideration of appraisal assignments.
Independent Contractor Engagement Agreement AppraisalBridge and Appraiser agree that: 1. Appraiser shall obtain and maintain all equipment necessary to develop and deliver appraisal product. Appraiser shall receive and transmit all assignments by an approved electronic delivery method. 2. In accordance with USPAP, appraisers have the right to refuse appraisal orders based upon complexity of the assignment and/or competencies required to complete the assignment. Refusal of any appraisal assignments will be communicated to AppraisalBridge in a timely manner and in accordance with the AppraisalBridge service standards included with each appraisal order form. 3. Product due dates will be provided with each assignment as listed on the appraisal order form and must be confirmed by Appraiser. 4. Appraiser understands and agrees that appraisals transmitted to AppraisalBridge, including all data, opinions, and information shown on said appraisals, are property of the Client exclusively and Appraiser has no interest therein. Appraiser will not provide a copy or summary of any appraisal delivered to Client, nor any excerpts there from, to any person, without Client s express written permission. 5. Contracts may be cancelled or terminated by either party (Appraiser or AppraisalBridge ) at any time. In the event that Appraiser s contract is cancelled or terminated with AppraisalBridge all payments thereafter made to Appraiser shall be made in accordance with the compensation agreement in effect at the time that the assignment is ordered with Appraiser. 6. Any disputes under this Agreement shall be litigated in the small claims court of the jurisdiction where the litigation is commended if the amount of the dispute is within the jurisdiction amount of said court. The losing party in any litigation based on this Agreement will pay the prevailing party s reasonable attorney s fees. Appraiser warrants to AppraisalBridge : 1. All information submitted by Appraiser to AppraisalBridge in providing appraisal services and in applying for approval as independent contractor is true and correct as of the date of submission, and are true and correct as of the effective date of this Agreement. 2. If Appraiser becomes aware of any information that may disqualify Appraiser from working as independent contractor of AppraisalBridge, Appraiser will notify AppraisalBridge of such information immediately. 3. All appraisals must meet USPAP, AppraisalBridge instructions from appraisal order form, Lender specific requirements, and conform to supplemental guidelines (Fannie Mae, FHLMC, and HUD). In addition all appraisals must meet AppraisalBridge quality and service standards, as included with each appraisal order form. 4. All appraisals completed by Appraiser will be delivered to AppraisalBridge on or before the due date on the assignment as confirmed by Appraiser. Completed appraisals will be delivered to AppraisalBridge via EDI (Electronic Data Interchange) and in first generation Adobe PDF format. In cases where Appraiser is experiencing technical difficulty, appraisals may be sent via overnight mail, as agreed upon beforehand, at Appraiser s own expense. 5. Appraiser understands that all appraisal reports completed for AppraisalBridge are subject to automated, desk and/or field review at the discretion of AppraisalBridge. Appraiser understands and agrees to provide written response within the designated timeframes to any identified deficiencies or requests for additional information. 7. Appraiser is licensed or certified as required in order to perform appraisals related to properties located in the states and corresponding counties to be identified by Appraiser through the AppraisalBridge online account setup function, and will provide to AppraisalBridge a copy of each such license and renewal thereof. Appraiser will maintain these licenses/certifications throughout the term of this Agreement, and will advise AppraisalBridge immediately of any investigation or proceeding relating to said license/certification. Appraiser will indemnify AppraisalBridge and its clients 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/certified. Page 3 of 12
Independent Contractor Engagement Agreement 8. Appraiser will complete all field assignments in person and will not allow assignments to be completed by, or assigned to, appraisers that are not approved by AppraisalBridge, or to trainees without notification, and prior to approval by AppraisalBridge. 9. 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 identified by Appraiser as their coverage area. 10. Appraiser s use of electronic communications to transmit appraisals is secure; only Appraiser knows the password required to transmit appraisals and only Appraiser has the access required to electronically transmit an appraisal with an electronic signature. Appraiser also warrants to AppraisalBridge the following confidentiality requirements: 1. Definitions: As used herein, the term Customer Information shall mean any nonpublic personal information about the customers and consumers (as those terms are defined in Title V of the Gramm- Leach-Bliley Act and the privacy regulations adopted hereunder) of AppraisalBridge. Service Provider shall mean the party accepting below as Appraiser who hereafter may be providing any goods or services to AppraisalBridge clients. 2. The privacy regulations and information security guidelines issued by the federal financial regulators pursuant to the Title V of the Gramm-Leach-Bliley Act ( GLBA ) went into effect on July 1, 2001. Pursuant to those regulations and guidelines, covered financial institutions and service providers with access to confidential data are required to ensure that all service providers and marketing partners who have access to customer information provide for confidentiality and security of such information. To facilitate our ability to demonstrate compliance with the privacy requirements of GLBA, we ask that you agree to the following which will apply to all data provided to you by AppraisalBridge or Lenders. 3. Service Provider hereby agrees that, except as may be reasonably necessary in the ordinary course of business to carry out the activities to be performed by Service Provider under its agreement(s) with AppraisalBridge clients or as may be required by law or legal process; it will not disclose any Customer Information to any third party other than affiliates of Service Provider or Client engaging Appraiser. 4. Service Provider hereby agrees that it will not use any Customer Information other than to carry out the purposes for which such Customer Information was disclosed by Client unless such other use is (a) expressly permitted by a written agreement executed by Client, or (b) required by law or legal process. 5. Service Provider agrees to take all reasonable measures, including without limitation such measures as it takes to safeguard its own confidential information, to ensure the security and confidentiality of all Customer Information, to protect against anticipated threats or hazards to the security or integrity of such Customer Information and to protect against unauthorized access to or use of such Customer Information. 6. Throughout the term of this Agreement, Service Provider shall implement and maintain appropriate safeguards, as that term is used in 314.4(d) of the FTC Safeguard Rule, 16 C.F.R. 314 (the FTC Rule ) for all customer information as that term is defined in 314.2(b) of the FTC Rule, owned by Client and delivered to the Service Provider pursuant to this agreement. 7. Service Provider shall promptly notify Client engaging appraiser in writing of each instance of (i) unauthorized access to or use of that Customer Information that could result in substantial harm or inconvenience to a customer of AppraisalBridge client or (ii) unauthorized disclosure, misuse, alteration, destruction or other compromise of that Customer Information. 8. Service Provider shall indemnify and defend AppraisalBridge client for security breaches, violations of the GLBA caused by Service Provider s and hold harmless negligence and loss or material alteration of Customer Information. Page 4 of 12
Independent Contractor Engagement Agreement All warranties made as of the effective date of this Agreement and shall survive any termination of this Agreement. Termination of Agreement: Either party, upon 30 calendar days written notice, or immediately with cause, may terminate this Agreement. All written notices are to be sent certified or via overnight mail to the address listed on page one of the Contractor Application Form. Indemnification: Appraiser will indemnify and hold harmless AppraisalBridge, LLC, a Missouri corporation for any liability arising out of negligent work, for not abiding by the rest of this agreement, on use of available web forms, Appraiser s software, or for the release of any appraisals without permission from AppraisalBridge, and that 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. Non-Compete Clause: During the term of this Agreement, Appraiser will not solicit work from any businesses introduced to Appraiser by virtue of the relationship with AppraisalBridge or AppraisalBridge clients. This includes referencing your relationship with AppraisalBridge or AppraisalBridge clients and/or offering to complete appraisal assignments directly for the institution rather than through AppraisalBridge. This non-compete clause will continue in full force for a period of twelve (12) months following written termination of this Agreement by either party. I have read and fully understand the Independent Contractor Engagement Agreement and promise to comply with all terms and conditions outlined herein under which you are requiring of me to perform and complete appraisal assignments. This Agreement, and referenced forms and addendum constitutes the entire Agreement between Appraiser, AppraisalBridge and its clients. This agreement supersedes any and all prior Agreements and/or discussions. Appraiser Signature Printed Name and Title Date AppraisalBridge Signature Mark H Maschger, President Date Page 5 of 12
Contractor Application Form Appraiser must hold a current State License or Certification for real estate appraisal issued by a state organization or a state-regulated agency whose criteria for licensing meets current minimum criteria issued by industry qualification boards. Appraiser must understand secondary market guidelines, including those of FNMA, FHLMC, and HUD, and be able to competently apply these guidelines as well as any more stringent guidelines established by AppraisalBridge or its customers. Appraiser must not be prohibited from performing valuation work by any state licensing agency, nor misrepresent any information in this application or other supporting documentation contributing toward Applicant s approval. AppraisalBridge uses the following documentation criteria in approving Applicants for our Approved Panel. The documentation criteria are subject to change without notice. Complete this Contractor Application. Provide a copy of the current State License or Certification for any state in which Appraiser has registered and desires to perform appraisal assignments. Complete and attach W-9 Form Contractor Information Applicant Name SSN - - Firm Name Phone ( ) Business Address Fax ( ) City County State Zip Type of License: Years Post License Experience Conventional Yes No FHA Yes No Relocation (ERC) Yes No REO Yes No Special property appraisal experience: Have you or has your firm ever been involved in a lawsuit either pending or resolved? Yes No (If yes, please attach letter of explanation) Have you ever been disciplined by a state appraisal licensing agency or professional organization? Yes No (If yes, please attach letter of explanation) Have you ever been disciplined or sanctioned by HUD? Yes No Are you listed on HUD s Lender Select Roster? Yes No Do you carry Errors and Omissions Insurance? Yes No (If Yes, attach copy of certificate) Have you ever had a claim filed against your Errors and Omissions Insurance? Yes No Please provide your email address: @ Professional Membership Sponsoring Organization: Designation: Other Qualifications: Professional References: Name Title Phone ( Name Title Phone ( Name Title Phone ( ) ) ) I hereby authorize AppraisalBridge to check my references and to verify any of the provided data. I understand that if approved by AppraisalBridge, I will be contacted and provided an account login and password for online selfconfiguration of my account profile. Applicant Signature Date Page 6 of 12
Contractor Application Form - Continued The application may be completed in its entirety (pages one and two below), or Appraiser may complete page one and also attach a current résumé that includes all employment for the prior five years, plus a listing of professional education classes taken for licensing or continuing education within the last two years. The résumé should note what percentage of time was devoted to the appraisal of real property for each employment period. Applicant Name SSN - - Firm Name Phone ( ) Business Address Fax ( ) City County State Zip Page 7 of 12
Self Identification Form It is the policy of AppraisalBridge to provide equal employment opportunity for everyone, including Independent Contractors, and to abide by all relevant EEO/AA laws, federal, state or local. Including Title VII of the Civil rights Act of 1964 Executive Order 11246 as amended. (38USC2012) Section 402 of the Vietnam Era Readjustment Assistance Act of 1974, Section 503 of the Rehabilitation Act of 1973, and their implementing regulations. AppraisalBridge is required by its regulators/investors to provide the information requested below. The information on this form will be provided to HUD, but will be maintained separately from other portions of this Independent Contractor / Service Provider Approval Packet. Completing this form is VOLUNTARY. Refusal to provide the requested information will not subject Appraiser to any adverse treatment. The information will be kept confidential and used only in accordance with federal law. Please complete and return this form directly to our Fee Panel Management. Thank you for your cooperation. Printed Name: _ Appraiser Approval Number: City: State: Zip: Please check the appropriate box(s): I decline to answer. I understand that my decision to not provide this voluntary information has no bearing on my approval or how appraisers are selected by AppraisalBridge for valuations assignment. African American Native Americans: including American Indians, American Eskimos, American Aleuts and Native Hawaiians Hispanic Americans: from any Latin American country in South America, Central America or the Caribbean. Asian-Pacific Americans: from Japan, China, Okinawa, the Philippines, Vietnam, Korea, Samoa, Guam, Northern Marinas, Laos, Cambodia, Taiwan and the U.S. Trust Territories of the Pacific. Asian Indian Americans: from India, Pakistan and Bangladesh. Women Owned Business Concern: a concern that is at least fifty-one percent (51%) owned, or is a publicly owned business where the combined total of all classes of stock is owned by a woman or women who are U.S. citizens and who also control and operate the business. Control in this context shall mean exercising power to make policy decisions and operate shall mean being actively involved in the day-to-day management. AppraisalBridge is fully committed to the policy and guidelines of the Community Reinvestment Act, Federal Fair Housing Act, and Equal Credit Opportunity Act and adheres to Non-Discrimination practices in the valuation process. AppraisalBridge does not support or encourage discrimination or like practices of any form. I understand that any omission or misrepresentation of material fact in this application may result in non approval. I acknowledge that AppraisalBridge, at their sole discretion and for any reason, has the option of not accepting my application or changing my status at any time. I hereby authorize AppraisalBridge to make any investigation of my background deemed necessary and to release copies of my application packet, (application, resume and license) to their clients upon request. Applicant Signature Date Page 8 of 12
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