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Vendor agreements with "hold harmless"

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Plenty of rum to go around.......and PE.......you might be surprised at what ends up in these reports....and more importantly, what is left out!



From my own experience with trying to convert three REO reports thru the OADI program-

not converted:
1) all but four of the photos, only the first three every time. The rest are hit or miss as to which one photo gets converted.
2)GLB Privacy Act page.
3) letter of transmittal
4) additional map pages (topo and flood).
5) additional grid items (DOM, additional improvements, ect..boots them alll out)

And finally, it ADDS an additional Listings page with the REO listings on it.
 
If the state board wants a copy of the AI report and doesn't have
a .env viewer, here is what I can send them, Page 1:


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Whats the problem, nothing here the spell checker won't clean up. :shrug:

Actually this is not the report, it is what the typical appraiser shouts after they bend over and let the hold harmless agreement kick in (Bearslide's quote)... :unsure:
 
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This appraisal report, in it’s entirety, is the intellectual property of the Appraiser, ****Name*** State*** License Number******
Any changes, alterations, modifications, alliteration or redaction of any part or portion of the report may change the validity of the entire report. In that event no responsibility by the appraiser will be assumed for any part or portion of the data or value opinions contained in the report.

The problem is not the ORIGINAL report you prepared on your computer. The problem is the possible corruption of that report given to the lender. An E&O company will defend your original report. Let's say that the original report was perfectly fine, but it had items in it that would preclude a property from being purchased by a GSE. Now suppose that those items were removed in the version of the report sent to the lender via AP and the lender ends up having to buy the property back. They think you gave them a bad report. They sue you. An E&O company would defend you, successfully, against a claim by the lender that your report was negligent (remember we are assuming that the original report was good). It was the lender, afterall, that required the use of AP, and presumably knows what they got themselves into. In discovery we find that the original report was corrupted by AP. (AP would have been subpoenaed to produce the original document). The lender loses the suite against you, the appraiser. Miffed, the lender then sues AP for sending them a corrupted file. AP turns around to you, the appraiser, and says you must now defend us because you agreed to indemnify us against claims. What do you the appraiser do now? Flee the county?

Consider this: AP data mines your appraisals. They sell that data to some entity that relies on it. The data is corrupted and that company experiences a loss. They sue AP for bad data. AP says to you the appraiser, "come and defend us as you agreed to indemnify us against loss"!
 
Nicely put Mike32716. To bad so many appraisers are not aware of this, and that is the way these Corps want it.
 
Well Everyone,

I have decided against agreeing to this situation with AppraisalPort and that means I've agreed not to serve either Landsafe or MetLife. Not like I got loads of work from them in the first place, but it does hurt to think I'm giving up my approved status based on this. I can only hope that the lenders join the force and don't fall in with the dark side! But somehow, I think we are going to simply find that skippy took our place on Appraisalport and nobody gives a rats A**. Let's just hope the HVCC gets canned and suddenly all this migration to AMC's or whatever vehicle dies a quick death and gives birth to another model we can all earn a living with.
 
The problem is not the ORIGINAL report you prepared on your computer. The problem is the possible corruption of that report given to the lender. An E&O company will defend your original report. Let's say that the original report was perfectly fine, but it had items in it that would preclude a property from being purchased by a GSE. Now suppose that those items were removed in the version of the report sent to the lender via AP and the lender ends up having to buy the property back. They think you gave them a bad report. They sue you. An E&O company would defend you, successfully, against a claim by the lender that your report was negligent (remember we are assuming that the original report was good). It was the lender, afterall, that required the use of AP, and presumably knows what they got themselves into. In discovery we find that the original report was corrupted by AP. (AP would have been subpoenaed to produce the original document). The lender loses the suite against you, the appraiser. Miffed, the lender then sues AP for sending them a corrupted file. AP turns around to you, the appraiser, and says you must now defend us because you agreed to indemnify us against claims. What do you the appraiser do now? Flee the county?

Consider this: AP data mines your appraisals. They sell that data to some entity that relies on it. The data is corrupted and that company experiences a loss. They sue AP for bad data. AP says to you the appraiser, "come and defend us as you agreed to indemnify us against loss"!

:clapping::clapping::clapping:
 
Well Everyone,

I have decided against agreeing to this situation with AppraisalPort and that means I've agreed not to serve either Landsafe or MetLife. Not like I got loads of work from them in the first place, but it does hurt to think I'm giving up my approved status based on this. I can only hope that the lenders join the force and don't fall in with the dark side! But somehow, I think we are going to simply find that skippy took our place on Appraisalport and nobody gives a rats A**. Let's just hope the HVCC gets canned and suddenly all this migration to AMC's or whatever vehicle dies a quick death and gives birth to another model we can all earn a living with.

Oh MY!:clapping: Ye be one FINE PIRATE...and welcome aboard. A double rum to you, me hearty. BUT - don't just walk away. Go to Landsafe and Metlife and tell them WHY you will not be signing. Other appraisers are - and it takes NUMBERS to get their attention and make them understand how serious this is. Give them the agreement for their Compliance Officers to read, give them the letters from LIA and the articles in Working RE and Appraisalscoop. It does no good to walk if we don't tell them why. Kinda would be like going on strike with no picket signs. PM me - I have a letter I've been using - glad to share it. Remember - a few appraisers are like cannons with no shot .....a lot of appraisers with the same gripe and the same information are SERIOUS BUSINESS and have fully loaded magazines.

This one's for you matey, for following the courage of your convictions. Take heart and stand tall......you have crewmates standing right beside you...........

http://www.youtube.com/watch?v=vdEqiHBP-g4&feature=related
 
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Consider this: AP data mines your appraisals. They sell that data to some entity that relies on it. The data is corrupted and that company experiences a loss. They sue AP for bad data. AP says to you the appraiser, "come and defend us as you agreed to indemnify us against loss"!

They STEAL the data from us, then if something blows up from this stolen data, we have defend THEM... :shrug: Sign me up... m2:
 
The problem is not the ORIGINAL report you prepared on your computer. The problem is the possible corruption of that report given to the lender. An E&O company will defend your original report. Let's say that the original report was perfectly fine, but it had items in it that would preclude a property from being purchased by a GSE. Now suppose that those items were removed in the version of the report sent to the lender via AP and the lender ends up having to buy the property back. They think you gave them a bad report. They sue you. An E&O company would defend you, successfully, against a claim by the lender that your report was negligent (remember we are assuming that the original report was good). It was the lender, afterall, that required the use of AP, and presumably knows what they got themselves into. In discovery we find that the original report was corrupted by AP. (AP would have been subpoenaed to produce the original document). The lender loses the suite against you, the appraiser. Miffed, the lender then sues AP for sending them a corrupted file. AP turns around to you, the appraiser, and says you must now defend us because you agreed to indemnify us against claims. What do you the appraiser do now? Flee the county?

Consider this: AP data mines your appraisals. They sell that data to some entity that relies on it. The data is corrupted and that company experiences a loss. They sue AP for bad data. AP says to you the appraiser, "come and defend us as you agreed to indemnify us against loss"!

Well and truly said, matey. You - and many others - GET it. Welcome aboard.....and a rum for ye as well!

And TJ said, after qouting you........
They STEAL the data from us, then if something blows up from this stolen data, we have defend THEM... :shrug: Sign me up... m2:

I shall crack open another barrel of rum...tis going fast! Methinks the trip to Tortuga has paid off handsomely......we shall soon be in need of a second tall ship to hold the crew...
 
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