Sunday, September 12, 2010

A Review of CoreLogic's New Independent Contractor Agreement Is Now Available from READI

READI members have asked for a review of CoreLogic’s new Independent Contractor Agreement that the company is requiring residential panel appraisers to accept. Please understand that I am not advising READI members whether they should or should not sign agreements such as this one. I am sharing below my legal and insurance concerns about the agreement, but appraisers must weigh for themselves the costs, benefits and risks of doing business under an agreement like this.

My review is of the version of CoreLogic’s Independent Contractor Agreement that existed on August 16, 2010. I found the agreement publicly available on the internet. CoreLogic may edit or revise the agreement over time. I anticipate that CoreLogic will probably make some changes because there are problems with the agreement that could lead to regulatory scrutiny. Regardless, a review of the present agreement is instructive for READI members considering this or similar agreements or who are involved in appraisal management.

In sum, my impressions are that the agreement is poorly drafted, may violate several states' AMC laws and regulations, and . . .

[This article is available to appraisers who are READI members in the reviews section of READI's site at readimember.org.