DOJ Investigates Big Tech

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VaCAP Board

Coalition of Appraisers in Virginia at Virginia Coalition of Appraiser Professionals
Coalition of individual appraisers working together to unite, promote and protect the collective interests of all appraisal professionals in Virginia; to promote needed changes in laws, rules, regulations, policies and standards affecting all appraisers in Virginia; to observe and report the actions of regulatory, legislative, oversight, and standards-setting entities of the Commonwealth.
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DOJ Investigates Big Tech - Atlantic1 AMC Not Paying AppraisersThe Department of Justice announced last week they have initiated a review of anti-trust concerns with Big Tech Companies. From the Wall Street Journal article, the Federal Trade Commission and the Department of Justice collaborated on who would take the lead on this investigation. Also pointed out in the article, both the FTC and DOJ are pursuing separate investigations of Big Tech Companies. Although CoreLogic was not named as an initial target, we suspect it is just a matter of time before they are included.

Frank Garay and Brian Stevens did a short 6 minute video on the subject which will give you the highlights.

VaCAP has learned this afternoon that Atlantic1 Appraisal Management is 60 days past due on paying one of our members. As most of you may recall, Atlantic1 is associated with Mathew Moore, who has a history of not paying appraisers. There have been numerous articles and comments on this operation.

Appraisers have the upper hand when dealing with clients. There are tools and resources we have at our disposable to check a companies history and with our peers. We all need to take advantage of them.

First, check to make sure the company is properly registered or licensed to conduct business in your state. If they are not licensed, no need to go further, decline to work for any company not properly registered or licensed.You have no recourse if something goes wrong.

Second, search the appraiser groups on Facebook for posts concerning the company. There are many comments, both positive and negative within these groups. They can be  helpful in deciding who to conduct business with.  If no results, ask the groups. You will get responses.

Third, search Appraisersblogs and Appraiser Forum for stories and comments. If the company has a reputation, someone has most likely written about it.

Image credit flickr - Robert Scoble
VaCAP Board

VaCAP Board

Coalition of individual appraisers working together to unite, promote and protect the collective interests of all appraisal professionals in Virginia; to promote needed changes in laws, rules, regulations, policies and standards affecting all appraisers in Virginia; to observe and report the actions of regulatory, legislative, oversight, and standards-setting entities of the Commonwealth.

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8 Responses

  1. Kathy Hubbard Bright on Facebook Kathy Hubbard Bright on Facebook says:

    DOJ is investigating CoreLogic. Documents were subpoenaed. No press at all. Hmmm.

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  2. Avatar Anonymous says:

    It’s free you don’t have to pay a lawyer, to have the laws enforced.

    https://www.ftc.gov/faq/competition/report-antitrust-violation

    5
  3. Avatar SB says:

    https://www.yelp.com/biz/opendoor-scottsdale?sort_by=date_desc

    Opendoor should be in the DOJ Bullseye soon. Check out their “wonderful” reviews.

    This is what happens when
    SNOT NOSED COMPUTER GEEK WANNABEES
    pose as real estate professionals.

    They screw consumers.

    7
  4. We should keep posting contact points or case number information when known and ALL of us should be sending in examples of tech abuse.

    Make sure to provide the highest level of tech influence. For example, CoreLaMode bought out by corelogic in orde r to further monopolize RE markets by controlling the data.

    Appraisers should make this an investigatory bloodbath. FNMA and CU belong right up there with other Big Data hucksters and charlatans.

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  5. Shaun Murphy Jr. on Facebook Shaun Murphy Jr. on Facebook says:

    I hope CoreLogic Goes Downnnnn !!!

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  6. Shaun Murphy Jr. on Facebook Shaun Murphy Jr. on Facebook says:

    If this happens – I think this will make a lot of lenders go back to their private appraisal panels…

    I cannot believe it has been legal for an AMC to hide their fees all these years..

    It’s almost like fraud when you think about it

    10
    • No ‘almost about’ Shaun. It IS fraud! Telling someone service is absolutely required, and that service costs a specific amount is one thing. Telling them that and then siphoning off 50%-60% of that fee for other purposes is a fraud!

      Pretending automated QC ‘checks’ are an extra service a consumer must pay for is also fraud. The AMC is obligated by both state and federal law to INSURE they are delivering USPAP compliant reports to clients. That’s not an ‘extra service’…That is their job!

      Then deceiving borrowers in their closing statements as to exactly what the money was spent on is a further, additional fraud. Lenders and AMCs with one size fit all fee quotes should be charged under RICO statutes imho.

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  7. Baggins Baggins says:

    Too many appraisers continue to support amc’s, so we won’t even be on the radar. Some of their primary focus points are likely to be online shopping consumer redirection and political censorship.

    http://www.duhaime.org/LegalDictionary/Category/AntitrustCompetitionLaw.aspx

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DOJ Investigates Big Tech

by VaCAP Board time to read: 1 min
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