Independent Contractor Status
The relationship between Triserv and Appraiser | Contractor shall be that of independent contractor, and Triserv shall not have any responsibility of any kind for salary, benefits, withholding taxes, FICA, FUTA, unemployment taxes or other charge or burden with respect to Contractor. Nothing contained in this Agreement shall be construed to constitute Contractor as a partner, employee, or agent of Corporation, nor shall either party have any authority to bind the other, in any respect, it being intended that each shall remain an independent contractor responsible for its own actions. Contractor agrees to indemnify and save Triserv harmless against and from any claim for taxes, benefits, withholdings, worker's compensation or other claims based upon their relationship.
Contractor hereby agrees to provide real estate appraisal services and all other services desired by the Corporation. These appraisal services shall include, but are not necessarily limited to those described on Exhibit "A" attached hereto and incorporated herein by this reference. Contractor shall provide their services as a professional and as such shall expend such hours as are required to provide the services. Contractor assures Corporation that they is fully qualified to perform the indicated services and shall do so without necessity for direct supervision or other detailed instruction. Contractor shall furnish all items required for the performance of the agreed service.
Services to be Performed
Appraiser agrees to preparing and submitting appraisal reports that comply at a minimum with all applicable state and federal laws(FIRREA, Title X, Etc..), USPAP and regulations governing appraisers and appraisals including but not limited to appraisal guidelines published by FNMA, FHLMC, FDIC, OTS, OCC , NCUA, and FHA.
By signing this agreement, the Appraiser agrees to maintain adequate errors and omissions insurance with a minimum of $300,000 liability coverage. Appraiser further agrees to furnish certificates of coverage of the aforementioned insurance requirements in all states in which business is conducted.
The Appraiser recognizes that his engagement by Triserv requires considerable responsibility and trust. In reliance upon the Appraisers loyalty, Triserv will give to the appraiser access to highly sensitive, confidential, restricted and proprietary information involving mortgage origination documentation and in some cases, personal information of participants of the mortgage origination process. The appraiser acknowledges familiarity with all applicable federal and state regulations regarding the practice of confidentiality including, but not limited to Graham-Leach-Bailey privacy acts and USPAP.
The Triserv order management system assigns and delivers orders via email to our appraiser panels with the following considerations:
- Quality of product
- Timely status updates
- Proximity to the subject
- Turn-Time performance
Triserv Appraisal Service Requirements
We are aware that not all time frames maybe typical in the market.
- Within 24 business hours
- Accept | Decline Appraisal
- Within 36 Hours of assignment (Not acceptance)
- Contact borrower or primary contact
- Set inspection date
- Update order status online
- Within 48 hours of inspection date
- Within 24 Hours of Quality Condition notice
- Make appropriate corrections and resubmit report
- Update Triserv as needed
- Timely communication with Triserv regarding the progress of your assignments is CRITICAL to meeting our client service level agreements
- Turn around time requirements
- Five Business days for Interior Products
- Four Business days for Exterior Products
- One Business day for Quality Condition corrections
Please note that Triserv will not accept Apprasial reports completed in a primary capacity by Non-licensed Appraisers. Non-licensed assistants may be noted in the report; however, all signatories must be at a miniumum licensed appraiser in the state of inspection.