Update on FDIC v. LPS (LSI Appraisal): LSI Argues that AMCs Owed No Legal Duties of Care to their Clients and Appraisal Users — FDIC Argues that Appraisers Are the Legal Agents of AMCs

As was first predicted on this blog here, the FDIC, as receiver for failed lender Washington Mutual, sued appraisal management company LSI Appraisal and its corporate parent Lender Processing Services for breach of contract and gross negligence on May 9, 2011.  The lawsuit relates to hundreds of thousands of appraisals Read more…

CoreLogic Files an Amended Complaint Adding More Defendants to Its AVM Patent Case and Interthinx Files a Counterclaim

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 this site, CoreLogic filed a patent infringement lawsuit against eight Read more…