Tagged: lawsuit

Sharestates Seeks to Overturn NY Appraiser-friendly Statute of Limitations 13

Lender Seeks to Overturn NY Appraiser-Friendly Statute of Limitations Law

Sharestates operates a crowdfunding platform that provides alternative mortgage lending secured by both residential and commercial real estate. Over the last 10 years, it has reported average annual returns for loan investors ranging from 9.24% to 11.02%. With returns like these, there is likely some loan risk – and Sharestates reports a current foreclosure rate of 2.44%. Following several of its foreclosures, Sharestates has filed professional negligence cases against about a dozen defendant appraisers, appraisal firms and appraisal management companies, blaming the loan losses on inflated appraisals. Last year, it lost one of those cases in a Nassau County, New...

Borrower Class Action Against LandSafe Appraisal Settled for $250 Million 8

Class Action Against LandSafe Settled

…alleged that the lenders conspired with LandSafe to inflate appraisals to increase the size of mortgage loans sold on the secondary mortgage market… Believe it or not, cases are still being litigated in relation to events during the mortgage meltdown years. After nearly seven years of litigation, a settlement (subject to court approval) has been reached in the borrower class action filed in 2013 regarding appraisals managed by defendant LandSafe Appraisal Services between January 1, 2003 and December 31, 2008. The other defendants in the suit include Countrywide Home Loans and Bank of America and various affiliates. The central premise...

AMC Liability for Deficient Appraisals - Can They Be Sued for Negligence? 14

AMC Liability for Deficient Appraisals

…may AMCs be liable for the deficient work of contractor appraisers? Can AMCs be sued for negligence? Can they be sued by borrowers?.. It’s now been a decade since the market relevance of appraisal management companies surged in connection with the procuring of appraisals for residential lending. Since then, interesting recurring legal issues have arisen relating to AMCs’ potential liability for the work of contractor appraisers: when and how may AMCs be liable for the deficient work of contractor appraisers? Can AMCs be sued for negligence? Can they be sued by borrowers? Here’s an overview of the answers to these...

iMortgage, the Dollar Bidding Company, Sues LREAB for Antitrust Violation 6

LREAB Hit With an Antitrust Lawsuit

…everyone knows that iMortgage / Single Source is the “dollar bidding” company. They send out appraisal requests at $1.00 and ask everyone to provide their fee… The Louisiana Real Estate Appraiser Board has been hit with another legal battle. This time, iMortgage, operating under the name Single Source has filed suit against the Louisiana Real Estate Appraisal Board claiming a violation of antitrust laws. This suit mirrors that of the FTC, which is currently paused by the Fifth Circuit Court. In the suit, iMortgage claims rules created by the Louisiana Real Estate Board, which consists of market participants, set appraisal...

Major Threat to Real Estate Agents on Horizon - Appraisers Blogs 6

Major Threat to Real Estate Agents

Appraisers, in case you are not aware, NINE law firms have begun the process to sue real estate agents and brokers across the US about how the commission process works to compensate the SELLING broker. It is believed that three of the best known internet based property purchasing and selling web sites are behind this effort. It’s being done so that they can build their own businesses, while jeopardizing the livelihood of real estate agents and brokers. The suits allege that there is collusion and racketeering among the real estate participants to ‘bake in’ a set commission for the selling agent...

Game Over Coester! Mark Skapinetz Wins & Coester Loses in Court! 13

Coester Loses in Court!

Gosh… I’m really sad to bring you this news (sarcasm). Brian Coester Loses in Court! About 2 years ago, Georgia appraiser Mark Skapinetz, sued CoesterVMS.com, Inc. and Brian Coester for hacking his email account. The Judge ordered a summary judgement in favor of Mark Skapinetz on all counts. Excerpts from the HousingWire article: Coester will likely be forced to cough up damages as a judge ruled against him Monday in a lawsuit brought on by Mark Skapinetz, a subcontracted appraiser who worked for CoesterVMS. …a two-year legal battle between Coester and Skapinetz, who sued alleging violations of the Stored Communications...

iBuying Platforms Misleading Consumers - Honesty in Real Estate Petition 19

Honesty in Real Estate

Stop unfair, deceptive, and abusive iBuying tactics. Consumers are being mislead into believing that heavily funded real estate iBuying platforms are cheaper and easier than using a Realtor. Sign and Share this petition demanding that there be clarity for consumers on these deceitful iBuying platforms. Click HERE. Summary: Real estate agents, and the buyers and sellers they have faithfully represented for decades, are under threat from a small number of technology companies looking to disrupt the real estate industry. This movement began back in 2004 when companies like Trulia and Zillow were formed, and has recently neared a tipping point...

Protecting Appraisers Against Frivolous & Retaliatory 3rd Party Lawsuits 6

Frivolous & Retaliatory 3rd Party Lawsuits

Appraisers are routinely coerced & intimidated by third parties to violate their independence and integrity… Honorable Committee Members: We are writing to add our voice to that of the Massachusetts Board of Real Estate Appraisers (MBREA is a State Coalition of professional real estate appraisers) in support of each of the above bills. The American Guild of Appraisers is a Guild within the Office Professional Employees International Union (OPEIU) of the AFL-CIO, representing the appraisal and real estate related financial consumer / taxpayer interests of over twelve and a half million AFL-CIO Family Union & Guild Members; their families, retirees...

Appraisers Wronged Again & Defrauded by Clarocity Now Called Zaio 10

Clarocity Now Called Zaio Rips Off Appraisers

Clarocity changed back to Zaio…screwing over every outstanding appraiser payment… Last week VaCAP shared information on Clarocity Corporation and how the main investor StableView Assets was seizing the shares and foreclosing on the working assets, which includes Clarocity Valuation Services. StableView in turn had an agreement to sell Clarocity Valuation Services to iLOOKABOUT. We warned to proceed with caution or do not proceed at all. We described the situation as a “soap opera.” We continue to monitor them and have learned many things. We debated on sharing this information with everyone, however we feel obligated to keep our members informed. First of concern...

Price-Fixing, Who's Shocked? CoesterVMS Wrap-Up, Free FNMA/Freddie 9

Price-Fixing, Who’s Shocked?

…criminal investigation into price-fixing… The State of Pennsylvania has filed a class action law suit against some of the biggest banks and financial institutions in the country. The claim is these companies conspired to fix the prices on almost $500 billion in bonds issued by Fannie and Freddie over a mere 5 year period from 2009-2014. The named defendants are: Bank of America – Barclays Capital – BNP Paribas – Citigroup – Credit Suisse – Deutsche Bank & Deutsche Bank Securities – First Tennessee Bank & FTN Financial Securities – Goldman Sachs – JP  Morgan Chase – Merrill Lynch –...

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