DOJ Goes after CoreLogic!
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If the DOJ investigation proves fruitful, it is possible appraisal data could be investigated as well…
The Department of Justice has sent a Civil Information Demand (CID) notice to CoreLogic. The CID requires CoreLogic turn over documents and answer questions. The article by Rob Hahn explains that the case revolves around not only the search features of the MLS systems, but the contracts and agreements on the use of MLS data by CoreLogic.
If this investigation proves fruitful, it is possible appraisal data could be investigated as well. If this is the case, it will be a fast rolling snowball downhill for CoreLogic. See the entire article with a link to the CID here.
…does seem like the DOJ is going to be digging through the MLS database for CoreLogic’s customer MLSs to see about commissions and data that CoreLogic is not allowed to distribute or sell. It sure does seem like DOJ is going to do its own statistical analysis to see what’s going on beneath the hood of dozens of the largest MLSs in the country….
It really does feel like the DOJ (and possibly the FTC, its comrade in arms when it comes to regulating the real estate industry) is going to bring some kind of an enforcement action against a variety of MLSs, possibly against NAR (as the entity that creates national rules and regulations for MLSs), alleging that most of the “private information” on the MLS is anti-competitive. Why would the DOJ invoke the Sherman Anti-Trust Act otherwise?…
Fannie and Freddie are Smug Bugs in a Rug…
All because inwardly focused and entitled Fan and Fred are smug bugs in a rug.
That is a quote from the article by Jeff Lazerson in The Orange County Register on May 23, 2019. The article is about Fannie and Freddie maintaining property valuation data and how it is harming consumers. The article touches on many things starting with HVCC and ending with the true cost of bidding wars. Consumer harm is expressed when they are paying 33% more for an appraisal because of appraisal management companies.
What is telling, the author, Jeff Lazerson, is a mortgage broker and comes right out and states “What a disaster” in describing today’s mortgage environment.
This is a good read and worthy of sharing to all your contacts. Help spread the word on consumer abuses. Read the entire article here.
The AQB wants your comments on PAREA! Are you familiar with the Practical Applications of Real Estate Appraisal? The appraisal qualifications Board is developing virtual learning for residential appraisals. This is in response to the difficulty in obtaining a supervisor and is designed to help encourage new entrants into the profession. There are a lot of positives to this type of learning, and of course some negative as well. The AQB wants your input on the program by June 1st. Read through the 12 page discussion draft and provide your comments directly to the AQB.
Our sister Coalition, the Arizona Association of Real Estate Appraisers (AAREA), has developed their own survey to gather member responses. They have invited us to participate in their survey as well. Please note, your responses to the AAREA will not count toward Arizona responses, but the results will be forwarded to the AQB. Take the AAREA survey here.