Thank you for your interest in becoming an approved appraiser with Alexander McCabe Appraisal Management Company. The following items are needed to become an approved appraiser: Signed Appraiser Application Signed Appraiser Agreement Copy of E&O Policy (Minimum $500,000 per claim) Copy of Current License Professional Resume (Minimum 5 years of independent work required) 3 Industry Related References Alexander McCabe Electronic Signature Addendum W9 Tax Form Please return the completed original package and the requested documentation to the address below. Alexander McCabe Appraisal Management Company 180 Redwood Street Suite 250 San Francisco, CA 94102 If you have any questions about this package or status of your application contact the Appraiser Approval Department directly at: 415-614-3880 or via e-mail at info@alexandermccabe.com Sincerely, Alexander McCabe Appraisal Management Alexander McCabe Appraiser Agreement 1
Appraiser Application Appraiser Information Appraiser s Name: Company Name: License #: Licensed States: Company Address: City/State/Zip: Business Phone: ( ) Business Fax: ( ) Email Address: Years of Experience Are you: Owner/Officer Partner Employee Self-Employed Other Do you have Errors & Omissions Insurance? Yes No (Minimum $500,000 per claim) Number of SFR appraisals completed: Number of Condo appraisals completed: Number of Multi-Family appraisals completed: Are you FHA Approved? Yes No If Yes, Please provide your FHA #: Disciplinary Actions 1. Have you ever been disciplined by a state appraisal licensing agency or professional organization? Yes No If yes, please attach explanation. 2. Have you ever been removed from a lender s approval list or been the subject of a lawsuit initiated by a lender or investor? Yes No If yes, please attach explanation. 3. Have you been involved in, or are currently involved in, any litigation pertaining to an appraisal report? Yes No If yes, attach explanation of circumstances and outcome. Additional documentation may be requested. Signature The undersigned applicant hereby certifies that the above information is true and correct to the best of the applicant s knowledge. The undersigned authorizes Alexander McCabe Appraisal Management Company to verify the information provided in this application and/or by the applicant. Applicant s Signature Date Alexander McCabe Appraiser Agreement 2
Appraiser Agreement This Appraiser Agreement ( Agreement ) is made and entered into as of this day of, 2010, at San Francisco, California, by and between Alexander McCabe Appraisal Management Company ( Appraisal Management Company ) on the one hand, and, ( Appraiser ) on the other hand. Appraisal Management Company and appraiser may be referred to herein individually as a Party, and collectively as the Parties. Accounting and Payment of Services Rendered Alexander McCabe Appraisal Management Company is committed to providing payment in a timely manner for all services rendered. Accounting will be based upon completed appraisal dates and checks will normally be mailed by the following Tuesday for all reports received during the previous week. All payments will be accompanied by an itemized list of all completed appraisals. No orders will be paid via COD in compliance with the Home Valuation Code of Conduct. All approved appraisers are required to submit a completed W9 tax form, which will be kept on file with Alexander McCabe. Appraisers are solely responsible for meeting all tax requirements associated with performing work as an independent contractor. Accepting Appraisal Orders Appraisers are required to update their turn times as necessary via the appraiser profile portal on the Alexander McCabe website. Appraisers will be notified by email or a phone call of appraisal order assignments. If you do not respond to the request within 24 hours, the order will be placed with the next available appraiser. If you are unable to meet the quoted turn time, please notify Alexander McCabe immediately. Appraisal Requirements All appraisals prepared for Alexander McCabe must meet USPAP requirements and be HVCC compliant. If you have any questions regarding HVCC policies, please contact Alexander McCabe for information. Upon completion of an appraisal report, appraisers are expected to respond to any questions or requests from the client s underwriting staff with two business days. Undue Influence Notification Appraisers are required to notify Alexander McCabe immediately if any party to the transaction (agent, borrower, broker, lender, etc.) attempts to influence your valuation of a property. Additionally, Alexander McCabe should be the only point of contact for questions or issues that arise during or after the valuation process. Alexander McCabe will investigate all cases of undue influence and report confirmed cases to state and federal agencies. All appraisal reports must contain a statement that the appraiser acted independently and without undue influence from any party that may benefit from the real estate property transaction. Alexander McCabe Appraiser Agreement 3
Cancellation Policy If the order is cancelled prior to inspection, the order will be cancelled with the appraiser and no fee will be paid. If the order is cancelled during or after inspection, the borrower will be charged 100% of the fee and the appraiser will complete the report for submission to Alexander McCabe. Value Reconsideration Policy Upon completion of the appraisal report, if the client is in disagreement of the appraiser s valuation, the client may request that the appraiser address specific questions. The client will complete a value reconsideration form, which must identify specific facts for reconsideration such as unused comps or errors in the report. Alexander McCabe will serve as the conduit for all value reconsiderations. If anyone other than Alexander McCabe contacts you regarding value questions, please refer them back to Alexander McCabe. Once the form is completed, you are only required to respond to the specific comments made by the client and determine if the value reconsideration is prudent based upon the new information provided. If you determine that the original value is accurate, the client may pay for an appraisal review. Appraiser Review Alexander McCabe will perform quarterly reviews of all approved appraisers to ensure accuracy, USPAP compliance and other professional responsibilities including: - Ability to meet turn times - Communication during the appraisal process - Responsiveness to requests for additional information after the appraisal is completed Appraisers will be notified in writing if concerns arise and every opportunity will be made for response and correction of any issues. Appraisers may be removed from the Alexander McCabe panel if the appraiser is unresponsive or fails to make corrective actions. Alexander McCabe has a zero tolerance policy toward fraud. If fraud is identified in an appraisal report, the appraiser will be immediately removed from the approved panel and the appropriate agencies will be notified. Disclaimer Alexander McCabe may amend this Agreement by addendum. Any such amendment shall become a part of this Agreement ten (10) days after notice thereof is given in writing. Recitals The appraiser represents and warrants that he/she has received, read and understood the Agreement. The appraiser also agrees to the attached schedule of fees payable upon completion of appraisal reports in accordance with the payment policy listed above. The appraiser further acknowledges that this agreement grants the opportunity to work as an independent contractor for Alexander McCabe and not as an employee of Alexander McCabe or their clients. As an independent contractor, no agreement has been made guaranteeing any volume of business. The appraiser is the supplier of the appraisal products and services Alexander McCabe Appraiser Agreement 4
delivered to Alexander McCabe Appraisal Management Company and therefore indemnifies and holds Alexander McCabe Appraisal Management Company and its clients harmless from any losses, claims, expenses or damages arising from negligence or willful misconduct or non-performance of an appraisal assignment prepared by the appraiser for Alexander McCabe and its clients. The appraiser also agrees that this contract may be terminated by either part upon written notice. Appraiser Printed: Dated: Appraisal Management Company (Alexander McCabe Appraisal Management Co.) Signed by Authorized Representative(s) Printed: Dated: Alexander McCabe Appraiser Agreement 5
Alexander McCabe 2009 Fee Schedule 1004 SFR / 1073 Condo $350 1004 SFR/ 1073 Condo Rural, Remote, Unique and complex may have an additional charge but not more than Case by Case 2000 Field Review $175 Enhanced Desk Review $75 Desk Review $50 1025 2-4 Units + 216 & 1007 $550 1025 2-4 Units + 216 & 1007 Complex Case by Case 2055 (SFR Only) / 1075 Drive-By $225 1007 Rent Survey $50 216 Income & Expense Analysis $50 1004D Final Inspection w/ Photos $75 1004D Update $75 2075 Exterior (Per DU Findings Only) $75 Alexander McCabe Electronic Signature Addendum Alexander McCabe Appraiser Agreement 6
I certify that my electronic signature used on all of my appraisal work, supervisory work and for any other purpose is protected by password and or user ID that is known only to me or under my authority and control at all times. At no time will my electronic signature be used without my consent. I understand that I alone am solely responsible for my electronic signature for all appraisals submitted to Alexander McCabe, its subsidiaries, affiliates, successors and or assigns. Any unauthorized use of my electronic signature is my legal responsibility. Signed: Printed First: Printed Last License #: Dated: / / MM / DD / YYYY Alexander McCabe Appraiser Agreement 7