Vendor agreements with "hold harmless"

[Pamela Crowley (Florida)]

It's way past time for ALL appraisers with a functioning brain to NOT sign any vendor agreements that contain "hold harmless" language!!!!!

ALL appraisers need to recind any and all vendor agreements you have already signed that include this and not ever sign any more.

ALL appraisers need to get copies of these agreements and send them to the COMPLIANCE department of all your bank / lender clients and let them know that your E&O does NOT provide coverage for you or them for any appraisal reports that were / are through any of these AMCs and/or portals that have agreements with this clause.

NOW is the time to do this!


NOW

 

[Roscoeman]

ALL appraisers need to get copies of these agreements and send them to the COMPLIANCE department of all your bank / lender clients and let them know that your E&O does NOT provide coverage for you or them for any appraisal reports that were / are through any of these AMCs and/or portals that have agreements with this clause.

NOW is the time to do this!


NOW

It was done this week.

It is time for Change and for appraisers to stand up for their rights!

 

[mopickled]

I will be checking on this all next week as orders come in

 

[Jan Roseberry]

Here is a copy of the only one I ever considered signing, if you need it.

If you have any doubts about what Pam says -- Call your E & O, call your legal counsel. It cost me 12 hours of time and some money but the ramifications of these contracts are not good. Attorney for the E & O company said signing one of those was like "rolling the dice." I love to roll the dice but only when I can afford and measure the outcome.

 

[Pamela Crowley (Florida)]

Tell your lender clients that THEY are NOT covered either!

 

[Workbox]

It may put banks in Jeopardy because of this, and I am assuming they do not like this.

 

[Bearslide]

It is way past time to stand up and be heard. The FNC/Appraislport agreement is particularly coercive and onerous, but any agreement with hold harmless is putting you - and your lender client in jeopardy.

It is not enough to refuse to sign or agree to these documents. It is time to take these to the Chief Compliance Officers of the various lenders. I have spoken with one, and they are NOT aware of what their appraisers are being forced into. I am hearing from other appraisers who have done the same, and the lenders are totally unaware of these agreements and their implications. Many are also unaware that what they are receiving is NOT what the appraiser wrote.

I have had no backlash on ME for reporting to the client what is really happening. They don't want to be on the short end of the stick either.

If anyone has contact information for major lenders, please post it here so all may take action.

 

[Roscoeman]

It is way past time to stand up and be heard. The FNC/Appraislport agreement is particularly coercive and onerous, but any agreement with hold harmless is putting you - and your lender client in jeopardy.

It is not enough to refuse to sign or agree to these documents. It is time to take these to the Chief Compliance Officers of the various lenders. I have spoken with one, and they are NOT aware of what their appraisers are being forced into. I am hearing from other appraisers who have done the same, and the lenders are totally unaware of these agreements and their implications. Many are also unaware that what they are receiving is NOT what the appraiser wrote.

I have had no backlash on ME for reporting to the client what is really happening. They don't want to be on the short end of the stick either.

If anyone has contact information for major lenders, please post it here so all may take action.

Thanks, Bearslide...Amen

 

[RSW]

Has anyone spoken with TSI about this agreement that Aport wants us to sign?

 

[Offshore]

Has anyone spoken with TSI about this agreement that Aport wants us to sign?

TSI was one of the first to modity the verbiage in their agreement. It's the same poison with nicer language. Key word "indemnification". They were quite nasty the last time I spoke with them about it, I was told they had an excessive supply of idiots anxious for orders who were not as anal as I am. That conversation was about 3 years ago.