Tuesday, August 14, 2012

Webinar about Appraisal Management Liability Hosted by the Appraisal Institute

I mentioned in my prior post about the appraiser defendant class action in West Virginia that I would present a webinar through the Appraisal Institute on September 12 to address the issues presented by that case and similar cases.  The description below is from the Appraisal Institute's webinar and registration page found at this link:
The AMC liability train left the station in 2007 with Andrew Cuomo’s legal action against eAppraiseIT.  Five years later that train is still rolling, picking up new AMCs and appraisers. Its most recent stop has resulted in an alleged defendant class action in West Virginia, in which the plaintiffs not only are suing the AMC but also are seeking to sue a class consisting of panel appraisers of the AMC.
Outsourced appraisal management is currently the predominant model in residential appraising and a growing phenomenon on the commercial side. These developments have raised serious legal issues and liability threats. Lawsuits in the courts now provide important lessons for both AMCs and appraisers. We will bring you up to date on AMC litigation and share where we think the AMC liability train will stop next.

Peter Christensen will discuss appraisal management liability issues. He will discuss recent litigation about appraisal management and what can be learned from those cases for the benefit of both AMCs and appraisers. Some of these legal matters include: the recent alleged class action in West Virginia, the FDIC’s two actions against AMCs as receiver for failed lender Washington Mutual, recent AMC “whistleblower” litigation, typical lender and borrower actions against AMCs, and appraiser actions about “blacklisting.”
The goals of this webinar are for appraisers and AMC personnel to gain knowledge of:

  • The status and impact of recent litigation involving AMCs.
  • The types of claims most frequently asserted against AMCs and against appraisers who perform “appraisal management” functions.
  • How small appraiser firms and sole-proprietor appraisers sometimes find themselves as defendants to appraisal management litigation.
  • Common issues affecting the liability of AMCs, including the AMC’s role as an “agent” of the lender and its “independent contractor” relationship with panel appraisers.
  • The heightened relevance of contractual agreements between the lender and AMC and between the AMC and appraiser.
  • The relevance and enforceability of indemnification provisions and limitations of liability in AMC agreements.
  • The roll of “recovery funds,” AMC license bonds and insurance maintained by AMCs or appraisers.
Date: September 12, 2012
Time: 10:00 am PT, 11:00 am MT, 12:00 pm CT, 1:00 pm ET
Duration:2 hours
CE Credit: Appraisal Institute members who attend will receive 2 hours of Appraisal Institute continuing education credit. Completion certificates will not be sent. This is not approved for state continuing education credit.
Speaker: Peter Christensen is an attorney. His legal practice focuses on liability, regulatory and insurance issues relating to valuation and his clients include appraisal firms, management companies and technology providers. He also serves as the general counsel of LIA Administrators and Insurance Services in Santa Barbara, California. LIA provides professional liability insurance to more than 20,000 appraisers, appraisal firms and AMCs. LIA’s E&O insurance program for appraisers through companies affiliated with Liberty Mutual is endorsed by the Appraisal Institute. He is an affiliate member of the Appraisal Institute. Peter has degrees in business administration and law – both from U.C. Berkeley. Prior to starting his own firm and working for LIA, Peter was employed in Orange County, California at the law firms Irell & Manella LLP and Latham & Watkins LLP.