Master Vendor Agreement
IMPORTANT: MyAMC puts great importance on our relationship with our appraisers. This is your service agreement. We ask that you take this agreement seriously. It requires you to notify MyAMC in the event of certain contingencies. Failure to comply with these provisions is grounds for termination.
The agreement is negotiated on an individual basis (not an office) and should be acknowledged by you as the individual appraiser and no one else.
If you have questions about this document, you may email PanelTeam@MyAMC.com or fax to 214-572-2629
MyAMC, LLC. is currently not accepting applications/appraisals from trainees or provisionally licensed appraisers even though your state and the GSE may permit it. Trainees/provisionally licensed appraisers may assist an AQB compliant Licensed or Certified appraiser in the appraisal process. The engaged AQB Licensed or Certified appraiser must accompany and supervise all aspects of the appraisal process, including exterior and interior inspections of the subject property, exterior inspection of comparable sales/listings and report development. The AQB compliant Licensed or Certified appraiser must sign the report as the appraiser (“on the left”) and any assistance must be acknowledged in the Certification per USPAP requirements. Your license level must be appropriate for the assignment. There are certain assignments licensed appraisers may not complete.
Stop and Call prior to acknowledging if any of the following apply:
- You are currently involved in any litigation, arbitration or similar proceedings involving your Real Estate Appraisal activities.
- In the past you were involved in litigation, arbitration or a similar proceeding involving your Real Estate Appraisal activities.
- You are being investigated by HUD.
- In the past you were investigated by HUD.
- You were disciplined by HUD
- You are on the FannieMae Appraisal Quality Monitoring (AQM – “100% review list).
- You are on the FreddieMac exclusionary list.
- You have had a license or certification to act as an appraiser refused, denied, canceled, suspended, placed on probation, restricted, or voluntarily surrendered in lieu of pending disciplinary action, revoked, or disciplined in any state, even if your license or certification was subsequently reinstated.
- You have been convicted of or pled nolo contendere to a misdemeanor in within the last 5 years (in any state). (Minor traffic violations excluded). You have been convicted of a felony in any state.
- You have been a participant in a criminal first time offender program or any other criminal alternative punishment program.
- The company you work for is licensed as an AMC in any state.
- You are restricted by any non-compete agreement either with your current or prior employer.
Acknowledgements
By your acceptance you are acknowledging that:
If you become an appraisal vendor, you will notify MyAMC if any of the Stop and Call conditions above apply.
You will provide appraisal reports and provide any other agreed services in compliance with the engagement letter and (as applicable) USPAP, HUD/FHA, USDA, FannieMae/FreddieMac guidelines, FIRREA, and the Interagency Guidelines.
You will provide timely notice of order milestones (inspection set, inspection completed, changes in expected delivery with explanation).
You will promptly respond to requests for additional data/clarification, revision or reconsideration without additional charge.
You are also responsible for meeting all the recordkeeping requirements under USPAP.
You agree to deliver your reports as XML/PDFs through ValueLink. Your applicable reports are to be UAD compliant.
You agree that if you are not paid timely for your services, believe there has been a violation of Appraiser Independence, or that you have not been treated professionally by MyAMC that you will contact the MyAMC compliance officer at 214-572-2513 immediately.
You agree you will dress and behave in a professional manner while performing an inspection or in communication with the access contact, MyAMC or anyone else associated with the transaction.
You agree you never perform an appraisal you are not competent to complete. In the event you determine you are not competent to complete an assignment you will call in and decline the order immediately as MyAMC does not allow provisioning for obtaining competency. Also, if there is a conflict to any party to the transaction or any employee of MyAMC or the lender/client, you will call in and decline the assignment immediately.
You agree that MyAMC may use either your email, residence, or business address maintained by you for any legal notification (unless your state specifies a particular method of contact) and that you will provide timely changes to your current contact information in your MyAMC Profile. Further, you agree that if you have a ValueLink Connect (mobile app) you will periodically change your password and you will change your password immediately if you change firms.
You agree that you will maintain an active license in each state where you have assigned territory with MyAMC.
You agree to maintain at least $300,000 claim or aggregate coverage in Errors and Omissions insurance (E and O) / Professional Liability. A copy of your current policy must be on file with MyAMC along with any other requested documents. You also agree to maintain E and O even if it is not required in your state to maintain your state license.
You acknowledge that MyAMC, LLC. is an appraisal management business that facilitates mortgage lenders ordering residential real estate valuation services for properties on which the mortgage lenders are considering extending loans to homebuyers. MyAMC, LLC is not an appraisal company and does not prepare appraisals.
Your work for MyAMC, LLC is as an independent contractor and not as an employee / partner, principal, or agent of said client or of MyAMC, LLC. You shall be solely responsible for complying with all applicable local, state and federal laws governing self-employed individuals or employees of partnerships and corporations, including, but not limited to, obligations such as payment of federal, state and local taxes, employment taxes, social security, disability and other contributions attributable to the rendition of services hereunder to MyAMC, LLC.
You agree not to represent yourself as an employee of MyAMC, LLC.
MyAMC LLC does not guarantee any set number of assigned appraisals. MyAMC, LLC provides no restrictions on your ability to prepare appraisals for any other businesses.
You are aware that MyAMC is licensed in all U.S. States. A list of licenses and expiration dates by reference are available on the state coverage map found at: http://myamc.com/coverage-map. (The MyAMC License # and the expiration date are viewed by clicking on an individual state.)
You acknowledge that you are aware of and will comply with all state required disclosures for your state(s). This specifically includes things like specific disclosures and requirements to format titles and license numbers in a particular manner.
As the party directly engaging you in the performance of appraisal services, you agree that MyAMC, LLC. is your client unless otherwise provided for in state appraisal regulations.
You will not collect or attempt to collect any fees for any purpose from anyone other than MyAMC.
You understand that any substantive errors in your report(s) may result in panel removal and/or reporting to your state licensing bureau. Further you understand that claiming competency you do not currently possess may be grounds for reporting you to your state.
You understand that if you require more fee or time to complete an assignment you may conditionally accept and provide the fee and turn time you wish. Using the conditional acceptance process does not adversely affect your scorecard.
You understand that if an order is put on hold for reasons out of your control, such as access contact is not available or does not respond, your due date will be advanced 1 day for each day the order is delayed if you have provided adequate documentation. If you request, we will generate a new engagement letter for you.
You acknowledge that if an assignment is more complex than anticipated and you require an increased fee, we will need to generate a new engagement letter for the revised fee to apply.
You acknowledge that you are in control of your password and access. If you give your password to someone else you are responsible for any actions they take.
By your acknowledgement of this document you are agreeing to all terms contained herein.
6/21/2023