Theft of Appraisers’ Data
…they charge appraisers an upload fee for the privilege of having their data stolen…
I would never allow my data to be used for or by a service that specifically uses to create, modify or enhance products designed to compete with my professional services to the detriment of my business and profession. THAT is something that the Fifth Circuit Court of Appeals identified when they found that CoreLogic’s subsidiary FNC STOLE appraisers data after promising them data security.
FNC stole data. We now know FNMA also stole data. Alamode is delving into individuals own personal databases in order to even offer (unsolicited) ‘the best’ (their words) comparable data available. Even competitors of CoreLogic’s REALAVM such as Clarocity (of ZAIO infamy) claim to have data bases with ‘millions of appraisers data’ including adjustments for certain items. Between Corelogic and First American virtually ALL MANDATORY upload systems for submitting loans to GSEs such as FNMA, or FHA and VA are owned by monopolies that cannot be sidestepped and which have the ability via XML or ENV formats to data mine appraisers confidential work products in order to steal data they have not paid for.
Instead of wasting time with the State of Louisiana, FTC should be investigating Corelogic and First American!
I believe there is a potential $10 to $13+ billion class action suit here if one assesses a normal full fee for each report involuntarily stolen and used by CoreLogic / FNC, FNMA, First American and/or Mercury for the past seven plus years. Not long ago FHFA cited over 30 million appraisals in the FNMA database where less than half were unique or solo appraisals.
30 million x $450 each = $13.5 billion. It would be fun to be able to subpoena ALL the players upload statistics to get the true number of stolen appraisals.
Interested parties can start letting me know by filling the short form below. I will forward your contact information to Jan Bellas with AGA. Jan will maintain the list of interested parties. As soon as we have enough people for a meaningful class action suit the attorney(s) will be retained.
There are roughly 40,000 appraisers that do (or did) appraisal work for FNMA. It was likely higher when these thefts first started. That doesn’t even consider possible thefts of data from appraisals intended for HUD, VA or even Freddie Mac.
Additionally, the borrowers that paid fees for all those millions of appraisals intended ONLY for their own loan purposes, may also have claims. Some of those poor folks paid upwards of $750 for what they were TOLD were just appraisal ‘costs’.
This might be a good added topic for discussion at AppraisalFest, at the start of November.
Link to the sign-up form: https://goo.gl/forms/j3iUXJ0hv8uLprIy1