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The Valuation Legal Brief

FDIC

Navigators Insurance Company Sues Appraiser to Deny Coverage Under “Regulatory Claims”/FDIC Exclusion

Update: Navigators has sued three more appraisers to deny coverage under the same “regulatory claims” exclusion discussed in the post below.  The more recent lawsuits are discussed in this later post.  Yesterday, appraiser E&O provider Navigators Insurance Company filed a lawsuit Read more…

By Peter Christensen, 12 years ago
Commercial Appraisers

Tax-Related Appraiser Liability Claims

In the last several years, we have seen more negligence claims relating to appraisals performed for tax purposes, especially appraisals for conservation easements, charitable deductions, and estate or gift tax.  The IRS is particularly focused at this time on scrutinizing Read more…

By Peter Christensen, 12 years ago
Claims

Appraiser Confidentiality: Loose Lips, Big Claims, USPAP Absurdity, and Subpoenas

Allegedly “Loose Lips” Cause a Big Claim. A recent and relatively big appraiser liability claim involved a commercial appraiser’s alleged breach of confidentiality.  The damages paid to the plaintiff were significant.  According to the plaintiff’s complaint (my recounting of the facts Read more…

By Peter Christensen, 12 years ago
AMCs

Foolishness: Appraiser E&O Information Attached to Appraisal Reports

We see it again and again: AMCs and lenders demanding that appraisers attach E&O insurance information to the back of their appraisal reports.  It’s not just a bad idea for the appraiser; it’s a bad idea for the AMCs and lenders themselves because Read more…

By Peter Christensen, 12 yearsAugust 2, 2013 ago
AMCs

Washington State Raises AMC Bond Requirement to $100,000

As a direct result of the recent financial failure of appraisal management companies like Evaluation Solutions and ES Appraisal, the State of Washington recently enacted a new law raising the state’s AMC bond requirement from $25,000 to $100,000.  As of Read more…

By Peter Christensen, 12 years ago
AMC bonds

Evaluation Solutions: The Anatomy of an AMC’s Failure and Why Lenders Should Care

Updated 1-30-13 to add information about subsidiary ES Appraisal Services. $9,349,612.97 + $1,698,799 = $11,048,411.97.   That’s how much failed Evaluation Solutions and its subsidiary entity ES Appraisal Services have left in combined unpaid appraisal and BPO fees owed to Read more…

By Peter Christensen, 12 years ago
Statute of Limitations

Seven Cases the Defendant Appraisers Won Based on Expiration of the Statute of Limitations

I am biased in favor of defendant appraisers.  I always root for the defense, even if it’s one appraiser suing another appraiser (as in one case below).  Defense is our business.  Here, are seven cases where the defendant appraisers won Read more…

By Peter Christensen, 13 years ago
Claims

Who Has Been Suing the Most Appraisers? Two Names You Know. Two Names You’ve Probably Never Heard.

Update: Heritage Pacific Financial filed for bankruptcy in January 2014.  For information about a new litigation venture against appraisers by some of its former management, please see this newer post here.These are four of the parties who have been suing Read more…

By Peter Christensen, 13 years ago
CLGX

New York Attorney General v. eAppraiseIT: Settlement

The New York Attorney General’s Office has announced reaching a settlement with CoreLogic, as successor to eAppraiseIT, over the 2007 lawsuit filed against eAppraiseIT by then-Attorney General Cuomo.  This was the case, of course, that led to the HVCC with Read more…

By Peter Christensen, 13 years ago
FDIC

FDIC Diversifies Its Appraiser Targets in Recent Lawsuits

In the last three months, since May 1, 2012, the Federal Deposit Insurance Corporation (FDIC) has sued 45 individual appraisers and appraisal firms in its capacity as receiver for one of the failed banks or lending institutions under its supervision.  Read more…

By Peter Christensen, 13 years ago

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Recent Posts
  • The Significance of HUD’s Charge of Discrimination Naming an Appraiser, AMC and Lender July 17, 2024
  • Unresolved HUD Discrimination Complaints May 30, 2024
  • Valuation Legal Brief – for California Appraisers April 10, 2024
  • loanDepot.com Appraisal Discrimination Settlement March 25, 2024
  • Efforts to Regulate Property Data Collection in MS and UT March 19, 2024
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The information and links on this website are not legal or regulatory advice and should not be relied on as a substitute for such advice. You should not make a legal decision based on the content of this site. Thank you, Peter Christensen
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