Monday, September 2, 2013

LIA's Liability Prevention Seminars in Indiana

I am teaching the seminars below hosted by the Hoosier State Chapter of the Appraisal Institute. The chapter has priced the classes very reasonably for both members and non-members of the Appraisal Institute. For example, the package deal for both seminars in Fort Wayne and Evansville is $45 for members and $55 for non-members. Also, appraisers insured with LIA receive up to $50 off their E&O for taking one or both seminars (see below for more information).

Registration for the classes is through the Hoosier State Chapter at this link Registration Page. The chapter’s contact for questions about registration is Shannon O’Keefe or (317) 815-1340.

Here are descriptions of the two classes.

NEW! Liability Issues for Appraisers Performing Litigation and Non-Lending Work
aka “staying out of the court room unless you’re being paid to be there”
(3 Hours Indiana Appraiser CE)
Fort Wayne – September 25, 8:30 to 11:30
Indianapolis – September 26, 8:30 to 11:30
Evansville – September 27, 8:30 to 11:30

Most current discussion of appraiser liability focuses on lawsuits and claims relating to appraisals performed for mortgage lending. However, appraisal assignments for litigation and other non-lending purposes actually present a greater liability risk to the appraiser on a per assignment basis. This seminar begins with an overview of current appraiser liability issues and then addresses the specific liability risks associated with appraisals for litigation, divorce, estate, tax, conservation easement and other non-lending purposes. It also addresses special liability considerations for review appraisers and supervisory appraisers. Actual lawsuits involving appraisers form the foundation of the seminar.

These are the kinds of questions that appraisers get answered in this seminar: Who sues appraisers serving as expert witnesses? Who sues appraisers performing appraisals for tax purposes? What’s the surest way for an appraiser to be sued for non-lending work? What’s the likelihood of being sued about a retrospective review appraisal? How does potential liability for a retrospective review compare with potential liability for a contemporaneous review? What are the statutes of limitation for claims? What special provisions should I consider putting in an engagement letter for different types of non-lending assignments?

Loss Prevention Program for Real Estate Appraisers (this is the class focused on liability stemming from appraisals for lending)
(4 Hours Indiana Appraiser CE)
Fort Wayne – September 25, 12:30 to 4:30
Evansville – September 27, 12:30 to 4:30

The focus of this seminar is appraiser liability prevention relating to appraisal work for lending purposes. Lawsuits and claims against appraisers have been at all time highs since 2007, coinciding with the bursting of the real estate bubble. Lenders, mortgage investors, the FDIC, borrowers and sellers are all potential liability threats for both residential and commercial appraisers who perform appraisals for loans. Actual lawsuits and claims form the foundation of this seminar. In addition to the interesting facts involved in many of the cases, the seminar provides specific instruction about how appraisers can minimize their risk of being sued and how to be prepared for such an event if it happens. The focus is on creating appraisal reports that present less risk based on quality and appropriate content and on maintaining appropriate work file materials. The seminar also addresses emerging liability topics, such as AMC concerns and review appraisals.

Who makes claims against appraisers? What do they sue for? When does the FDIC file a lawsuit? Can an appraiser be sued more than five years after the appraisal – i.e., what are the relevant statutes of limitation? How long should an appraiser keep a work file? Do residential or commercial appraisers face more risk? What about review appraisers? What does E&O insurance cover? These are the types of questions answered by the seminar.

E&O Discount Information

Appraisers who are insured by LIA’s E&O program or who purchase E&O from LIA with Liberty Mutual within a year after attending one of the seminars 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 seminar. The discount may be applied toward any payment due within a year after the seminar. Only one discount per insured appraiser per year – i.e., an appraiser may not obtain multiple discounts in the same year by taking multiple seminars offered by LIA.