indemnity provisions - Appraisers Blogs

Indemnity Agreements

John Pratt — Fri, 21 Sep 2018 12:30:19 +0000

Solidifi User Agreement… all Indemnity Clauses are not created equal… This is a response to the article that Dave Towne wrote regarding Indemnity Clauses and that they are common in today’s world and appraisers better get used to it. It is also true that all Indemnity Clauses are not created equal and the devil is in the details. This topic came up because of the agreement that Solidifi requires that all appraisers that receive assignments from them must agree to. Let’s delve into the Indemnity Clause which is in that agreement. First the agreement is between Solidifi and the appraiser...

It’s Time to Take Out the Junk: AMC Practices Exposed Appraisers have spent years carrying the weight of broken AMC practices, and this article pulls every one of those practices…
USPAP’s Typical Buyer Standard in the Fair Housing Era The Irreconcilable Conflict Between USPAP's Typical Buyer Standard and the Current Fair Housing Compliance Regime. Retain this document as a…
Promoting False "Racist Appraiser" Narrative Some Lenders promoting false "racist appraiser" narrative to optimize profits via AVMs Like most businesses lenders want to optimize their…

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Indemnity Clauses – Redux

Dave Towne — Tue, 18 Sep 2018 12:30:02 +0000

It’s been an interesting ride down the fearfulness side of many appraisers since last week’s essay I wrote about Indemnity Clauses. But I’ve also received praise from some of the best well-known people in this industry who understood the position I took, and complemented me for presenting the info. That means far more than the diatribes I get from folks who shake in their boots and don’t bother to fully read what is presented. As I wrote to someone last week, what I should have included in my essay, and will do so now is that if you can’t (or...

Fannie Mae Filed a Complaint Against Me An appraiser shared the following with us which was posted on one of the appraisers’ groups. Fannie Mae filed a…
The Great Debate on Appraisal Fees She included several different fee split examples indicating AMCs retained as much as 70 percent of the total appraisal fee…
Promoting False "Racist Appraiser" Narrative Some Lenders promoting false "racist appraiser" narrative to optimize profits via AVMs Like most businesses lenders want to optimize their…

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Solidifi Agreement

John Pratt — Fri, 14 Sep 2018 12:30:22 +0000

Solidifi Agreement provides little or no protection for the appraiser… Many appraisers have seen the Solidifi agreement that appraisers must agree to if they want to receive appraisal assignment from them. This 18-19 page agreement written by a lawyer which was paid by Solidifi provides lots of protection and power for Solidifi and little or no protection for the appraiser. Many of you might be on the fence, should I agree to this or should I not and know that I will lose some business. If Solidifi is your major provider of appraisal assignment they have just put you between...

Appraisals in ENV format From my perspective there seems to be an increase in the number of appraisal requests that require the ENV format.…
The Town With No Bank: How Rural America Lost Its… For decades, we’ve been told that the problem is demand. That people don’t want to live in rural America anymore.…
Promoting False "Racist Appraiser" Narrative Some Lenders promoting false "racist appraiser" narrative to optimize profits via AVMs Like most businesses lenders want to optimize their…

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Don’t Fear

Dave Towne — Thu, 13 Sep 2018 12:30:02 +0000

…appraiser who claims to NOT SIGN any kind of appraiser employment agreement with an Indemnity Clause in it… This essay is not positioned as a promotion of AMC’s, which after writing to the end I realized some may believe. I don’t like the AMC business model. But for the time being, we are stuck with AMC’s if one desires to work in the mortgage lending arena. However, some lenders are beginning to realize the AMC business model is proving unworkable and unwieldy, and are moving back to direct assignment placement, or use one of the available ‘portals’ to distribute and accept assignments...

First the Borrower Fee. Now the Appraiser… Two lawsuits place Class Valuation’s fee transparency and staff-appraiser compensation practices under federal scrutiny. Most appraisal disputes examine only one…
Fannie Mae Filed a Complaint Against Me An appraiser shared the following with us which was posted on one of the appraisers’ groups. Fannie Mae filed a…
Pickleball, Promises, and the Quiet Takeover of Appraisal While they’re busy flexing their pickleball paddles, the real play is a bill quietly strip‑mining appraisers’ work. “Fair warning, we…

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AMC Indemnification

IDFPR Board — Mon, 31 Oct 2016 12:30:25 +0000

Appraisers signing off catch-all certification… When we crafted the language in the AMC Act back in 2011-2012, we followed what most every other state included insofar as indemnification was concerned. (225 ILCS 459/165) Sec. 165. Prohibited activities. (8) Requiring an appraiser to sign any sort of indemnification agreement that would require the appraiser to defend and hold harmless the appraisal management company or any of its agents, employees, or independent contractors for any liability, damage, losses, or claims arising out of the services performed by the appraisal management company or its agents, employees, or independent contractors and not the services performed...

What's Wrong with Most Indemnification Clauses in… Objectionable indemnification clauses purport to shift 100% of the liability to individual appraisers... AMC independent contractor agreements are now receiving…
What Should an Appraiser Do? Burdensome indemnity language required by a lender or AMC Appraisers are often required to sign lengthy contracts to obtain assignments…
Appraiser's Response to LandSafe Appraisal Appraiser's Response to LandSafe Appraisal Services Agreement In April of 2011, LandSafe Appraisal Services, a wholly owned subsidiary of Bank…

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What Should an Appraiser Do?

AppraisersBlogs — Thu, 14 May 2015 12:30:28 +0000

Burdensome indemnity language required by a lender or AMC Appraisers are often required to sign lengthy contracts to obtain assignments from lenders or Appraisal Management Companies. These contracts outline the scope of work, when the assignment is due, how to transmit reports and other items that require review and understanding. Once the contract is formalized, the appraiser is then legally required to comply with its’ provisions. One important and often troublesome requirement is the Indemnity Provision. The concept of indemnity means “security against hurt, loss or damage”. Through indemnity, one party can shift the responsibility of loss to another party...

Systemic Failures in FHA Appraisal and Loan Review This case exposed the cracks in an FHA system where failures by the lender, the AMC, and the review process…
Is the GSE's "Appraisal Modernization" Really Just… Mass Appraisal tend to exhibit a regressive nature... In the intricate landscape of real estate mortgage financing, the notion of…
The New & Improved Fannie Mae “FRAUDULATOR 2.0” Originally known as Fannie Mae’s Collateral Underwriter (CU), and subsequently Collateral Underwriter 2.0 (CU-2)i this always dubious product of Fannie…

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Aren’t Appraisers the Gatekeepers of our Collective National Equity?

AppraisersBlogs — Tue, 26 Apr 2011 17:11:48 +0000

LandSafe Appraisal Services, a wholly owned subsidiary of Bank of America, recently released its latest “Appraisal Services Agreement” to its panel appraisers. The agreement includes, among others, indemnifications of LandSafe against any liability, and loss of intellectual rights. If this goes through and appraisers agree to sign this new agreement, other AMCs will follow LandSafe’s lead and produce their own version of Appraisal Services Agreements. LIA Insurance has reviewed the new LandSafe Appraisal Services Agreement. The review is available to LIA’s insured appraisers and READI members but others can also view it by registering with code 201700. The whole idea of appraisers as...

Top DEI Bosses Have a Problem - Diversity The ranks of the new DEI bosses at the financial institutions are no more diverse than the appraisers their institutions…
It’s Time to Take Out the Junk: AMC Practices Exposed Appraisers have spent years carrying the weight of broken AMC practices, and this article pulls every one of those practices…
The Real Cause of the Home Value Gap Is the Income Gap Blaming appraisers for the income gap will never solve the real underlying problem... Blaming appraisers for the income gap is…

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indemnity provisions - Appraisers Blogs

Indemnity Agreements

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Indemnity Clauses – Redux

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Solidifi Agreement

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Don’t Fear

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AMC Indemnification

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What Should an Appraiser Do?

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Aren’t Appraisers the Gatekeepers of our Collective National Equity?

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