We are often posed these questions by appraisers at our loss prevention CE seminars: will the FDIC sue an appraiser who “only” signed an appraisal report as a supervisor? Will the FDIC sue a trainee or former trainee? Will the Read more
This post was updated on April 13, 2011 to reflect a subsequent order by Judge Lodge accepting and rejecting certain of the magistrate judge’s recommendations. See note at the bottom for the update. When I first saw the complaint filed Read more
Sometimes a court’s opinion does not need any explanation to put it in context. I’ve reprinted a recent California Court of Appeal unpublished opinion in full below. It resolves the appeal of an appraiser who lost a case against Flagstar Read more
On February 1, 2011, the Ohio Supreme Court will hold oral argument on a lender’s appeal in a case that it lost against an appraiser in the trial court and then lost again in an Ohio court of appeal. The Read more
“Can I sue an appraiser?” “Should I sue the appraiser?” As a lawyer working in the field of valuation liability and regulation, I’ve seen hundreds of cases filed against real estate appraisers by borrowers and property owners, variously claiming that Read more
This is an early report about claims against appraisers in 2010. The good news is that the professional liability risk to appraisers remains manageable with prudent loss prevention, despite a large number of claims stemming from the mortgage crisis. The Read more
Agents for major insurance provider Lloyd’s have begun giving notice to many appraisers informing them that their E&O policies will not be renewed after mid-November 2010. According to the notices of non-renewal, the underwriting group at Lloyd’s who covered them Read more
It’s unfortunately gotten so bad with people trying to blame their problems on appraisers that appraisers now even get the blame when the problem relates to a BPO done by a real estate agent. Some evidence of this fact comes Read more
The FDIC has now taken over more than 250 failed banks since January 1, 2008. As the receiver for these failed banks, the FDIC has filed over 160 lawsuits against mortgage brokers, title companies, attorneys, appraisers, borrowers and other parties Read more
One of the emerging ways that an AMC, or possibly even a lender, can expose itself to potential liability for selling or using an alternative valuation product (i.e., a non-appraiser valuation) is via alleged patent infringement. As reported earlier on Read more