AMC Name on Signature/Certification page

Unless otherwise note, 'Voxtur Appraisal Services LLC' is to be entered on the first line (Name field) in the Lender/Client section

AIR Compliance Statement

"No employee, director, officer, or agent of the lender, or any other third party acting as joint venture partner, independent contractor, appraisal management company, or partner on behalf of the lender, shall influence or attempt to influence the development, reporting, result, or review of an appraisal through coercion, extortion, collusion, compensation, instruction, inducement, intimidation, bribery, or in any other manner...

I have not been contacted by anyone other than the intended user (lender/client as identified on the first page of the report), borrower, or designated contact to make an appointment to enter the property. I agree to immediately report any unauthorized contacts either personally by phone or electronically to Voxtur.”

Client Cancellation Policy

Order cancellations by the lender will result in the following payment to the appraiser

• Only orders that have been reviewed and approved by Voxtur's Quality Control and have been sent to the lender will result in full payment
• If the assignment is cancelled after inspection and the report is not complete - $50 trip fee (see below for policy)

   

  Voxtur reserves the right to withhold payment for appraisal services rendered upon the following verified and documented circumstances:

• Breach of Voxtur's Fraud Policy & Procedures
• Failure to complete order requirements according to the appraiser engagement letter
• Gross negligence within the appraisal reporting process
• Violation of Dodd-Frank Act guidelines or Appraisal Independence Requirements
• Violation of local, state or federal laws while performing services rendered
• Failure to complete valid post-delivery revision requests according to Dodd-Frank Act

Trip Fee Policy

• Prior to Inspection: Trip fees will not be paid
• After Inspection: Voxtur’s standard trip fee is $50 for cancelled orders (Excluding Desktop Appraisals).

• Trip fees may be applicable in cases where the order itself has not been cancelled by the client. In these cases a fee of $50 may be requested by and paid to the appraiser.

  ·        Appraiser should be able to provide proof of the ‘trip’ if requested, though this may not be required within 1 Business Day from cancellation.

  ·        Only in extreme cases can an appraiser request a fee of greater than $50

   

• AMC State License Number
  

Refer to AMC License field on top of Engagement Letter
 

Disclosure Requirements

AMC cannot prohibit the appraiser from disclosing appraiser fee in the report.

Appraiser must disclose the appraiser fee and the AMC registration number.

Georgia
New Jersey
Ohio
Vermont

Appraiser must disclose the AMC registration number.

 Montana

Appraiser must disclose the appraiser fee and the AMC retained fee.

Alaska
Nevada
Utah

Appraiser must disclose the appraiser fee, the AMC retained fee and the AMC registration number.

New Mexico

Appraiser must disclose the appraiser fee.

Arizona
Colorado
Louisiana
New Jersey
Virginia

Illinois

Include the following, verbatim, in the report:

• "The compensation for this appraisal assignment is $_____." (Display in certification)
• "The appraisal management company's Illinois registration number is 558.000334 and it expires on (12/31/2022)."

The owner of the property under appraisement has been advised that interior images may be required under the assignment criteria.

The Agencies’ (OCC, FRB, FDIC, OTS, NCUA) appraisal regulations include minimum standards for the preparation of an appraisal.  The appraisal must:   analyze and report appropriate deductions and discounts for proposed construction or renovation, partially leased buildings, non-market lease terms, and tract developments with unsold units.  Appraisers must analyze, apply, and report appropriate deductions and discounts when providing an estimate of market value based on demand for real estate in the future.  This standard is designed to avoid having appraisals prepared using unrealistic assumptions and inappropriate methods in arriving at the property’s market value

Dodd-Frank-Appraiser Independence Requirement Compliance

Voxtur is in full agreement with the objectives of the (AI) Appraiser Independence Requirements under Dodd-Frank. Accordingly, we have selected your services in connection with our commitment to provide appraisal management services that include appraisals performed by experienced, educated, competent and qualified appraisers who conduct appraisals without undue influence and undue pressures to perform. In addition to other specific work order requirements and the assigned scope of work of this appraisal order, each appraiser must adhere to the following:

An appraiser must not communicate with the Client (including any Client agent, e.g., a mortgage broker) or attempt to obtain from the Client, the borrower or the subject property owner any loan or value information. All communication between the appraiser and any parties involved within the loan process should be limited to assignment informational and/or purposes set as acceptable within Dodd-Frank. If an appraiser has reason to believe that with respect to this appraisal order that any person has attempted to improperly influence the appraisal valuation, put undue pressure to perform, and/or notes any violations regarding the Appraiser Independence Requirements under Dodd-Frank, the appraiser must report that activity to (I) the Voxtur's hotline, (II) the applicable State appraiser certifying and licensing agency or other relevant regulatory bodies. Voxtur will not retaliate in any manner or method against the person or entity that makes a complaint under this requirement.

Confidentiality; Communications

Each appraiser acknowledges that it’s directors, officers, agents, subcontractors, employees of or other parties connected with appraiser shall be responsible for, and shall, in the course of performing it’s duties and responsibilities under this Agreement, be exposed to or acquire information which is proprietary to or confidential to Voxtur or its clients (“Confidential Information”).  Appraiser agrees to hold such Confidential Information in strict confidence and not to copy, reproduce, sell, assign, license, market, transfer or otherwise dispose of, give or disclose such Confidential Information to third parties or to use such Confidential Information for any purposes other than the purposes contained in this agreement.  Appraiser shall apprise all of its agents, employees, officers, directors, subcontractors, and other parties for which appraiser is responsible of their obligations to keep such Confidential Information confidential, and appraiser shall be responsible for any breach of this Confidentiality provision by it or any of the aforementioned parties related to appraiser.  Each appraiser acknowledges when accepting this assignment the appraiser cannot share the appraisal with parties other than the client, Voxtur, or regulatory agencies.

LETTER OF ENGAGEMENT FOR PROFESSIONAL VALUATION

PLEASE READ ALL INSTRUCTIONS CAREFULLY. If you are unable to perform ANY of the requirements listed below you must IMMEDIATELY notify the Coordinator listed in this Engagement Letter.

Notify coordinator if any order received does not match the style or type of property viewed at inspection.  Example:  Order was placed as a Single Family; however it is determined the subject is a Condominium. 

Intended Use:

The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction, unless noted in differently in the client requirements section below or in the Loan Purpose section above.

Intended User:

The Client listed below and any others that may be identified by the client that could have a need to rely on the information contained in the appraisal report.

Anticipated Scope of Work / Minimum Appraisal Requirements:

Only the appraiser assigned to the appraisal order is allowed to inspect the property and complete the appraisal.  

The appraiser shall at a minimum, prepare all appraisals in conformance with the generally accepted appraisal standards as evidenced by the Uniform Standards of Professional Appraisal Practice, Fannie Mae, Freddie Mac, USDA/Rural Housing guidelines, UAD, HUD/FHA, applicable state and any other relevant guidelines and standards.
Ensure Client Instruction section is reviewed for any additional requirements

Value: 

Appraisal report should be made in AS IS condition unless noted in the client special instructions at the top of this engagement letter.  Please refer to client information section for any special requirements.  If repairs are noted please provide the list of recommend repairs and cost along with the value after repaired in the addendum section.

Photos:

Each assignment requires new and unique photos of the subject.  MLS photos of the comparables may be acceptable unless explicitly noted in the Client Instructions.

FOR EXTERIOR ASSIGNMENTS: Labeled photos of the front of Subject, any deferred maintenance noted on the subject's exterior and an address verification photo of the mailbox or street number on the property (if available).  Please include any additional photos deemed necessary.

FOR EXTERIOR ASSIGNMENTS: DO NOT DISTURB OCCUPANTS OF PROPERTY.  Appraiser is not to have communication with the occupants of the property and only perform an exterior visual inspection.  

FOR INTERIOR ASSIGNMENTS: All exterior photos identified above along with any deferred maintenance identified during the interior inspection, view of each room including common areas, kitchen, living rooms and basement if applicable.

FOR INTERIOR ASSIGNMENTS:  Comment in the report if the utilities and appliances were functional at the time of the inspection.

Report Requirements:

Please include at least 2 listings in the sales grid unless client instructions state differently.

Developing the cost approach is not necessary.  However, our clients wants to know the Site Value, and this value must not be solely derived from tax assessor records and must be based on the appraisers own research.

• Include a 1004MC form. Neighborhood value trends on the appraisal form must be supported by the data from the 1004MC form unless client instructions state differently.

Include a Plat Map if available. If none is available please state in the appraisal report.

Provide the date of contract and the date of the closing for each comparable sale on the sales grid. IF a time adjustment is warranted use the date of contract as the basis for the adjustment.

Include a copy of your active appraisal license.

Do not include an invoice with your report except in states where it is required by law to report.

Provide a statement whether services have been performed on the subject property within 36 months of acceptance of the current assignment.

The appraiser must indicate an Opinion of Reasonable Exposure Time.

Investment Properties - Including all Multifamily 1025 Assignments:

Rental comp photos (MLS and file photos cannot be used, if client requirement for no MLS photos is present)

Delivery Expectations:

All INTERIOR FULL products must be delivered within 7 calendar days

All EXTERIOR products must be delivered within 5 calendar days

• Schedule Property Inspection: 24 hours from acceptance and update with appointment date/time
• Inspection Confirmation: Update same day to confirm inspection has been completed
• Report Submission:  Please submit as soon as possible once inspection is completed and provide an update with an ETA.
• Corrected Report Submittal: 8 business hours to address revision requests and deliver revised report
• The client requires updates throughout the lifecycle of the order.  To avoid unnecessary phone calls and contact please update the website with all important milestones identified above.  For any challenges or delays please update the coordinator immediately. 
• Failure to update the website, or respond to inquiries will affect your ability to receive future work from Voxtur, and may result in reassignment without compensation.  All completion delays must be communicated to your coordinator immediately.  

Reassignment:

Voxtur reserves the right to re-assign any order without pay that goes more than 48 hours without communication from the appraiser.

Appraiser Independence:

Voxtur maintains an AIR Hotline at 1 (800) 778-4915 as well as an email at independence@voxtur.com, which may be used to reach Voxtur if there is a perception of undue influence from the client, a Voxtur employee, or the property contact.

Order Acceptance:

COVID-19 Policy

Voxtur continues to monitor the COVID-19 pandemic closely as it is still an evolving situation. We are committed to prioritizing the health and safety of our employees, their families, as well as minimizing any risk to our contractors and customers. Therefore, we will continue following the guidance of the Centers for Disease Control and Prevention (CDC), as well as any other state or local health authorities’ recommendations, as applicable. 

IMPORTANT: The REO addendum is not required for this assignment.

Assignment Type: Other and Described as Recapture.

The borrower should always be listed as what has been provided on the letter of engagement.  If the owner of record is different please notate in the report.