Momentum Appraisal Group Job Expectation
Summary
Purpose:
This page summarizes the content
and essential intent contained in each individually-executed “Momentum
Contractor Agreement”. A formal contractor agreement must be signed prior to the
acceptance of any appraisal-related project (Download Formal Contract).
Professional
Guidelines:
All appraisers associated with Momentum Appraisal Group, Inc.
(“MAG”) are required to be either licensed or state certified and must comply
with all local, state, and industry regulations, laws, bylaws, and
standards.
A MAG appraisal sub-contractor (“the sub-contractor”) will be
expected to perform, complete, and deliver appraisal assignments in a
professional manner. The following items are basic process and procedural
guidelines to be used by all appraisal sub-contractors:
- All appraisal request orders will be sent to the sub-contractor via
e-mail. The appraiser should read over each request to make sure that the
report can be completed and all of the specifications met.
- The sub-contractor will make every effort to make the inspection
arrangements / appointment within 24 hours of the receipt of the appraisal
request. If the sub-contractor cannot make the specified due date, then he/she
will be expected to call MAG immediately and communicate reasons for delay.
- All completed appraisal reports will be completed to current appraisal
standards and comply with USPAP and HUD guidelines, then sent electronically
in a PDF format. MAG requires the entire report to be sent in PDF format
within 24 hours of inspection. If the delivery timeframe of 24 hours cannot be
met, the sub-contractor is expected to contact MAG immediately to update the
status.
- All completed appraisals upon electronic delivery to MAG will be reviewed
for Quality Control purposes. Upon receipt of the report, MAG will
electronically send the sub-contractor a confirmation.
- Each completed report should contain all applicable appraisal report
forms, addenda, maps, sketches/floor plans, subject photos, comparable photos,
associated digital signatures, and a copy of the sub-contractor’s license.
- The sub-contractor is responsible for saving copies of each report for
his/her own records.
- An invoice must be sent to MAG for every completed report.
- The invoice must be sent as a separate attachment from the appraisal
document.
- All invoices and appraisals should be delivered in PDF format to appraisals@momentumweb.com (Adobe
Acrobat 4.0 is the preferred PDF format to maintain backward compatibility
with all clients).
- If the appraisal subject is an FHA loan, the FHA number is required to be
on the report.
- Upon review, if any changes or corrections are required, a MAG reviewer
will contact the sub-contractor to discuss the report.
- Any corrections, changes or modifications are expected to be completed
promptly and delivered within a 24 hour time frame. Time is of the essence, so
the sub-contractor should make every effort to communicate situational changes
that may have an impact on the report’s delivery timeframe.
- MAG will be the interface to correspond and administer all invoicing and
direct communications to its lender/clients.
- The sub-contractor should expect to be contacted by MAG personnel as
needed either by e-mail, cell phone, office phone, or pager.
- The sub-contractor is required to provide and maintain current copies of
licenses, certificates, and all required documents on location at the MAG main
office.
- The sub-contractor or MAG may terminate working arrangement with
reasonable notice or for reasons MAG deems justifiable.
Fees
and Collections:
The sub-contractor and MAG jointly agree to MAG’s fee
structure, expected report delivery schedules, method of report transmitting,
administrative responsibilities, and payment. Any request to change an appraisal
fee or time schedule will be made to the sub-contractor, either by phone or
email, prior to any action by the sub-contractor taking place.
Once a
payment is received for a completed report, MAG will process the sub-contract’s
invoice for payment. The standard MAG billing and payment cycles are every two
weeks. Payment for incomplete appraisals will not be made.
C.O.D.
and Collect-At-The-Door Assignments:
Occasionally clients request that
the appraisal fees should be collected at the time of the appraisal inspection.
The sub-contractor will be required to collect the “total” fee prior to
completing the inspection. All checks should be made out to Momentum Appraisal
Group. If the sub-contractor should have any problems collecting from the
property owner, he/she should contact the MAG main office immediately. The
sub-contractor should send all collected checks to the MAG main office via
Federal Express overnight delivery. MAG will provide a Federal Express account
number to cover any shipping fees.
Questions and
Comments:
Questions or comments about this summary may be directed to: Appraiser-Contracts@momentumweb.com