Appraiser Code of Conduct
Incenter Code of Conduct – Appraiser Vendors
Appraisers are expected to perform their assignments with professionalism and competency. Incenter and its lender clients expect the appraiser to perform and fulfill all of their obligations under our engagement letters, and also adhere to the letter and the spirit of the USPAP, AIR (Appraiser Independence Requirements), Dodd-Frank Valuation Independence, and State level guidelines for Professional Conduct. Incenter is committed to compliance of the reports, a safe and professional environment for appraisers, rapid compensation, and adherence to all FIRREA and State level “Customary and Reasonable Fee” laws and guidelines.
This Code of Conduct is mirrored in our Appraiser Vendor Agreements. We look forward to working with you and ask that you direct any questions, concerns, or issues to the resources we have provided for appraisers.
Chief Appraiser – Erik Pogwist
Director of Vendor Management – Lisa Ratzke
Code of Conduct
In all cases when performing services, Appraiser (and as applicable, assistants and subcontractors of Appraiser) will maintain an appropriate and professional dress code, act and communicate in a respectful and appropriate manner toward all individuals, respect borrowers’ and contacts’ time and property, and adhere to state, federal, and all applicable laws, rules, and regulations. Appraiser will maintain appropriate professional appearance when contacting and scheduling appointments. Non-Discrimination: Appraiser agrees to adhere to all Federal and State laws pertaining to non-discrimination against protected classes of individuals. This includes but may not be limited to a homeowner’s race, religion, gender/sex, ethnicity, economic background, sexual orientation, or other physical attributes. Appraiser will adhere to all similar conduct standards in USPAP.
Appraiser agrees to make every effort to adhere to agree upon due dates and timeframes for scheduling, understanding that it is a direct reflection upon the lender and Incenter Appraisal Management’s performance. Appraiser agrees to maintain appropriate licensing and certification for assignments received and notify IAM or withdraw from an assignment if they are not competent to evaluate or complete the Scope of Work and produce a USPAP compliant report.
Information may be provided to Appraiser that is “Confidential Information”, which is information that is proprietary, private, or confidential to Incenter Appraisal Management or its clients including but not limited to non-public personal information related to consumer and/or customers of Incenter Appraisal Management’s clients. Confidential Information is not information that is otherwise available to the public, was already known by Appraiser (with written evidence) at the time of disclosure of that information, was or becomes available to Appraiser from a source other than the owner if the source would normally be legally allowed to share the information, or Appraiser independently develops the information.
Appraiser agrees to keep Confidential Information with strict safeguards, to not copy, reproduce, sell, market, license, transfer, or give Confidential Information to third parties, and to use Confidential Information only in a manner appropriate for the purposes of completing the services under this Agreement. Appraiser agrees to protect the security and confidentiality of all non-public personal information in accordance with the Gramm-Leach-Bliley Act and other applicable laws, regulations, and rules related to the confidentiality of information.
Appraiser shall always under this Agreement maintain professional liability insurance (aka, E & O Insurance) covering damages arising from the services delivered by Appraiser under this Agreement. Appraiser’s E & O Insurance shall have a minimum liability limit of $500,000 per claim and $1,000,000 in aggregate for all claims (or the per-claim and aggregate limits required by law, whichever are greater), and be issued by an insurance carrier having a Best’s Financial Strength rating of A- or better. The E & O Insurance policy shall not contain a “regulatory agency exclusion” or any other exclusion for defense or damages relating to claims arising out of failed financial institutions or claims made by the Federal Deposit Insurance Corporation or any other state or federal regulator or insurer of banks, mortgage lenders, or other financial institutions.
Under this Agreement, Appraiser will have the E & O Insurance provider provide a certificate of insurance coverage evidencing Appraiser’s current E & O Insurance and providing for 30 days advance notice of cancellation or termination to Incenter Appraisal Management.
Appraiser may change insurance carriers but must keep prior acts or retroactive coverage covering the dates under which services were provided to Incenter Appraisal Management. 4. Appraiser must maintain coverage or have extended reporting period coverage (or “tail coverage”) for a period of 3 years after Appraiser’s last service for Incenter Appraisal Management.
By accepting this written Agreement, Appraiser certifies that Appraiser satisfies the Competency Rule of the USPAP and will ensure and certify for each assignment accepted that Appraiser. Further is competent in appraising the property type of a subject property, is competent in the geographic area in which a subject property is located, has access to appropriate data sources that are necessary for the assignment, will immediately notify Incenter Appraisal Management if Appraiser later determines he or she is not competent, and is aware that misrepresenting his or her competence may be subject to mandatory reporting by Incenter Appraisal Management.