Friday, September 28, 2012

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 Fannie Mae and Freddie Mac. It also put the AMC liability train in motion, which has kept rolling since -- resulting in significant lawsuits filed by both government agencies and private parties against a majority of the 10 largest AMCs.

The NY AG noted that the lawsuit concerned approximately 10,000 appraisals in New York for WaMu in 2006-2007 and described the following terms of the settlement:


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Tuesday, September 25, 2012

Appraiser Liability Prevention CE Seminar in N VA

I am presenting -- on behalf of LIA -- our 4-hour liability prevention CE class "Loss Prevention Program for Real Estate Appraisers"in Northern Virginia on October 11.

Who is suing appraisers? What do they sue for? When does the FDIC file a lawsuit? Can appraisers be sued more than five years after the appraisal – i.e., what are the relevant statutes of limitation? What kinds of liabilities do review appraisers face? What kinds of language can I use to decrease liability risk?  What are the hot button appraiser liability issues in your state?  Have any AMCs sued appraisers?  (Which ones?) What is the most likely scenario for a negligence claim against an appraiser who performs litigation-related work?  These are the types of questions answered by the seminar.

Northern Virginia, October 11, 2012, 10:00 am to 2:00 pm at the Dulles Area Association of Realtors, 21720 Red Rum Drive, #177, Ashburn, VA 20147. Hosted by the Northern VA Chapter of the Appraisal Institute. This class is free to N. VA Chapter members. It is $40 for non-members (payable by check at the seminar). Please bring your own food or snacks for the seminar because we won't be taking a full lunch break -- just 15-20 minutes. CE approval notes: our class is approved for 4 hours of appraiser CE in VA, MD, PA, and DE (and many other states), but not in WV or DC -- the class was previously approved in DC and an application for approval is pending in DC. Appraisers interested in attending this seminar, can contact me directly by email to peter@liability.com or can contact Craig Sewell, SRA at the contact information on the chapter's website at http://nova-ai.org/contact.html.

Appraisers who are insured by LIA’s E&O program with Liberty Mutual, or who purchase E&O from LIA within a year after the seminar, become eligible for a one-time discount on their premium of $50 for a $500K or $1m per claim policy or $25 for a $300k per claim policy per appraiser by completing the Loss Prevention Program.

Thank you,
Peter Christensen
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