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…
The FDIC continues to prove itself as the biggest current threat to appraisers and appraising. Since January 1, 2010, the FDIC has filed 60 lawsuits as a plaintiff in federal court in connection with its receivership of failed banks. This Read more…
I don’t think it should come as a genuine surprise to most people familiar with the field, but yesterday a New York appellate court affirmed the trial court’s decision denying First American Corp. and First American eAppraiseIt’s (now part of Read more…
This is the first of a series of articles that will discuss valuation liability issues which either do not stem from true appraisals or affect parties besides appraisers. Appraisers are by no means the only parties targeted for valuation liability Read more…
First American CoreLogic — currently a subsidiary of First American Corp. in Santa Ana, CA but soon to be an independent company under the name CoreLogic — has filed a lawsuit against a number of appraisal management and technology companies: Read more…
On March 31, 2010, Judge Virginia Phillips in the U.S. District Court for the Central District of California dismissed eight homeowner/borrower class actions against home builders and their affiliated mortgage companies. Filed on the same day by the same group Read more…