Master Engagement Agreement for Appraisal Services
Parties:
This Agreement is made between
Vandyk Mortgage located at 13577 Feathersound Dr Clearwater, FL 33762
("Vandyk Mortgage"), and
the appraiser who acknowledges the Agreement below (“Appraiser”)
on the executed date below (“effective date”).
VANDYK MORTGAGE CORPORATION
APPRAISAL COMPANY AGREEMENT
THIS AGREEMENT is made between VanDyk Mortgage Corporation (“VanDyk”), with a principal place of business at 2449 Camelot Court SE, Grand Rapids MI 49546, and _____________________________ (“Appraisal Company”), with a principal place of business at _______________________________________________________.
Services to be Performed. Appraisal Company agrees to perform appraisals for VanDyk from time to time, as requested.
Payment. Appraisal orders received by Appraisal Company through VanDyk’s online appraisal management system may be invoiced and shall be paid in full 30 days from the date of invoice.
Appraisal Company warrants, as to each appraisal:
Licensing. Appraisal Company has complied with all federal, state, and local laws requiring business permits, certificates, and licenses required to carry out the services to be performed under this Agreement. Appraisal Company shall maintain all such permits and licenses in good standing and shall immediately notify VanDyk should Appraisal Company no longer be in compliance. In the event that an appraiser’s license should no longer be in good standing, appraiser shall take no further assignments.
Insurance. Appraisal Company carries an Errors and Omissions insurance policy with a minimum coverage of:
For a Sole Proprietor - $ 500,000 for each claim
For a Company with
Multiple Appraisers - $ 500,000 for each claim, $ 1,000,000 aggregate
Appraisal Company shall maintain said policy in good standing at all times while performing services under this agreement. Appraisal Company shall notify VanDyk immediately should Appraisal Company’s Policy lapse or change. In the event that Appraisal Company’s Errors and Omissions insurance policy should lapse or change, Appraisal Company shall take no further assignments.
Appraisal Company understands the requirements of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (“FIRREA”), and the regulations implementing Title XI of FIRREA (the “FIRREA Regulations”), and acknowledges thcoat each appraisal delivered to VanDyk (1) complies with Title XI of FIRREA and the FIRREA Regulations, and is an accurate appraisal by a qualified and properly licensed appraiser; (2) was completed by an appraiser(s) who is fully qualified and competent by his/her training, knowledge and experience to perform the appraisal; (3) was completed without influence from someone who desires a specific value or specific outcome; and (4) was ordered without regard to any requested minimum valuation, a specific valuation, or approval of the loan. If any appraiser feels he or she has been unduly influenced, witnessed or feels he or she may have witnessed fraud and/or misrepresentation, or has been asked to make a misrepresentation on an appraisal, appraiser shall not complete the assignment and immediately report such activity to VanDyk’s corporate office (Quality Control Department [616-940-3000]) for corrective action.
Indemnification. Appraisal Company, as an independent contractor, agrees to indemnify and defend VanDyk and its principals, for any and all attorneys fees, costs of settlement, judgments, damages or fines incurred by VanDyk as a result of any claim or cause of action arising out of the actual or alleged violation of any term or condition of this Agreement, including any intentional, reckless or negligent acts of Appraisal Company, its employees or agents.
Independent Contractor Status. The parties agree that Appraisal Company is an independent contractor, and that neither Appraisal Company nor Appraisal Company’s employees or contract personnel are, or shall be deemed to be, employees of VanDyk. This Agreement does not constitute a general grant of authority for Appraisal Company to act as an agent for the Company or to bind the Company to any contract, agreement or act in any manner.
Miscellaneous
Term of Agreement. This Agreement will become effective when signed by Appraisal Company and shall continue until terminated by either party.
Assignment. This agreement shall be assignable by VanDyk at any time. Appraisal Company shall not assign this agreement without the express written consent of VanDyk.
Terminating the Agreement. Either party may terminate this Agreement at any time, with or without cause, by giving written notice of termination to the other party.
Survival of Representations, Warranties and Obligations. Each representation and warranty in this Agreement is made as of the date of this Agreement, at the time each appraisal is submitted to VanDyk, and when the transaction closes. All representations and warranty contained in this Agreement, or in any instrument, certificate, exhibit, or other writing intended by the parties to be a part of their Agreement, shall survive for the full remaining term of each Loan.
Severability. The various provisions of this Agreement are severable. Any term or provision of this Agreement that is invalid or un-enforceable in any jurisdiction will, as to that jurisdiction, be ineffective to the extent of such invalidity or un-enforceable without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any other of the terms or provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is determined by any court or in any proceeding to be so broad in scope, duration, or otherwise as to be unenforceable, the provision will be interpreted to be only so broad as is enforceable.
Entire Agreement. This is the entire Agreement between Appraisal Company and VanDyk.
Modifying the Agreement. This Agreement may be modified only by a writing signed by both parties.
Applicable Law. This Agreement will be governed by the laws of the State of Michigan. The Parties agree that should any dispute arise out of the interpretation or operation of this Agreement, such matters shall be litigated in a Michigan State Court located in either Kent County or Grand Rapids Michigan. Accordingly, by execution of this Agreement, the parties are consenting to personal jurisdiction in Michigan.
Audits. Appraisal Company, upon the request of VanDyk, shall allow VanDyk from time to time to access VanDyk’s premises upon 5 days prior written notice, during regular business hours and at VanDyk’s expense, to audit Appraisal Company’s compliance with all applicable laws and compliance with all terms, conditions and covenants contained in this Agreement. The contrary notwithstanding, Appraisal Company may require that VanDyk be escorted by a representative of Appraisal Company at all times during any time VanDyk assesses any premises of Appraisal Company.
Privacy and Confidential Information. VanDyk does not share the nonpublic personal information of any of our customers except as permitted and/or required by law. Appraisal Company agrees to comply in all material respects with any applicable federal or state statute regarding the use or sharing of customer information, including the Gramm-Leach-Bliley Act. Appraisal Company warrants that it will not disclose to any third party the nonpublic personal information of any customers or potential customers of VanDyk. Appraisal Company shall not: (a) disclose or discuss any personal or financial information (collectively, “Confidential Information”) received by Appraisal Company in connection with its services or otherwise from VanDyk without the prior written consent of VanDyk; (b) divulge, copy, release, sell, loan, alter or destroy any Confidential Information except as authorized by VanDyk; or (c) make any unauthorized transmissions, inquiries, modifications, or purgings of any Confidential Information. Appraisal Company shall use its best efforts to safeguard Confidential Information. Appraisal Company shall immediately notify VanDyk of any breach of the foregoing or other disclosure of Confidential Information. Appraisal Company shall return to VanDyk such materials of VanDyk and that of all consumers/customers of VanDyk, upon demand by VanDyk.
Appraisal
Company ___________________________ VanDyk Mortgage Corporation
Signature ___________________________ /s/ ___________________________
Name ___________________________ Richard Nivison
Title ___________________________ Appraisal Department Manager
Taxpayer ID ___________________________
This Agreement is executed by Appraiser and Vandyk Mortgage, via physical or electronic signature below or via electronic website/portal acknowledgement.