All approved Appraisers and Appraisal Management Companies are required to submit a completed W9 tax form, which will be kept
on file with @Home VMS. Appraisers and Appraisal Management Companies are solely responsible for meeting all tax
requirements associated with performing work as an independent contractor.
Accepting Appraisal Orders
Appraisers and Appraisal Management Companies are required to update their turn times as necessary via the appraiser profile
portal on the @Home VMS website. Appraisers and Appraisal Management Companeis 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 and Appraisal Management Company. If you are unable to meet the quoted
turn time, please notify @Home VMS immediately.
All appraisals prepared for @Home VMS must meet USPAP requirements and be AIR
compliant. If you have any questions regarding AIR policies, please contact @Home VMS for information.
Upon completion of an appraisal report, Appraisers and Appraisal Management Company are expected to respond to any questions
or requests from the client\'s underwriting staff with two business days.
Undue Influence Notification
Appraisers and Appraisal Management Companies are required to notify @Home VMS immediately if any party to the
transaction (agent, borrower, broker, lender, etc.) attempts to influence your valuation of a
property. Additionally, @Home VMS should be the only point of contact for questions or
issues that arise during or after the valuation process. @Home VMS 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 and Appraisal Management Company acted independently and
without undue influence from any party that may benefit from the real estate property
@Home VMS Appraiser Agreement V.4 1 01/2010
If the order is cancelled prior to inspection, the order will be cancelled with the Appraiser and Appraisal Management Company 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 and Appraisal Management Company will complete the report for submission to
Value Reconsideration Policy
Upon completion of the appraisal report, if the client is in disagreement of the Appraiser and Appraisal Management Company\'s
valuation, the client may request that the Appraiser and Appraisal Management Company 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.
@Home VMS will serve as the conduit for all value reconsiderations. If anyone other
than @Home VMS contacts you regarding value questions, please refer them back to
@Home VMS. 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.
@Home VMS will perform quarterly reviews of all approved Appraisers and Appraisal Management Company 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
Appraisers and Appraisal Management Companies will be notified in writing if concerns arise and every opportunity will be made for
response and correction of any issues. Appraisers and Appraisal Management Companies may be removed from the @Home VMS panel if the Appraiser and Appraisal Management Company is unresponsive or fails to make corrective actions.
@Home VMS has a zero tolerance policy toward fraud. If fraud is identified in an
appraisal report, the Appraiser and Appraisal Management Company will be immediately removed from the approved panel and the
appropriate agencies will be notified.
@Home VMS 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.
The Appraiser and Appraisal Management Company represents and warrants that he/she has received, read and understood the
Agreement. The Appraiser and Appraisal Management Company also agrees to the attached schedule of fees payable upon
completion of appraisal reports in accordance with the payment policy listed above. The
Appraiser and Appraisal Management Company further acknowledges that this agreement grants the opportunity to work as an
independent contractor for @Home VMS and not as an employee of @Home VMS
or their clients. As an independent contractor, no agreement has been made guaranteeing
any volume of business. The Appraiser and Appraisal Management Company is the supplier of the appraisal products and services
delivered to @Home VMS and therefore indemnifies
and holds @Home VMS 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 and Appraisal Management Company for @Home VMS and its clients. The Appraiser and Appraisal Management Company also agrees that this contract may be terminated by
either part upon written notice.