CoreLogic Valuation Services - Appraisers Blogs

Bids to Acquire CoreLogic

Dave Towne — Thu, 18 Feb 2021 13:30:39 +0000

I heard from a number of appraisers about their adverse situations involving CoStar… It was announced on Feb. 4, 2021 that CoreLogic will be sold, with the transfer happening in the April-June 2021 time frame. See Inman news service article, “CoreLogic Acquired By Stone Point Capital, Insight Partners For $6B – Inman”. From the article: The deal is expected to close in the second quarter of 2021, subject to shareholder approval. See another news source here. CoreLogic currently owns several companies with ties to appraising: A la mode – appraisal report software Columbia Institute – appraiser education service provider Matrix...

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PS – Never Quit!

Michael Ford — Mon, 04 Nov 2019 13:30:02 +0000

Here we are over 3 and a half years after the article titled “I Do Not Quit, Not Ever!“. No one has quit yet. AGA™ is now a tax-exempt 501(c)(6). We have successfully renegotiated our affiliation agreement with OPEIU and AFL-CIO. The articles of incorporation revised our previous articles of association. In the past two years Jan Bellas and the National Appraiser Peer Review Committee have helped in excess of 185 appraisers get off blacklists; be reinstated with lenders and assisted those wrongfully accused in defending themselves before state regulatory agencies. Anyone that’s dealt with Jan Bellas KNOWS she doesn’t...

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Hearing on Appraisals

VaCAP Board — Mon, 03 Jun 2019 12:30:18 +0000

US House Financial Services Committee Hearing on Appraisals – The subcommittee on Housing, Community Development and Insurance is holding a hearing entitled “What’s Your Home Worth? A Review of the Appraisal Industry” on June 20, 2019 at 2:00 PM. The hearing is open to the public and can be lived streamed. To find out more about this hearing, go to the US House Financial Services Committee website. Contact the Representatives on this subcommittee. Make sure consumer protection is at the forefront at this hearing and not the profits of the GSE’s. Are the representatives aware the GSE’s are sending unlicensed,...

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The Truth is They Don’t Hire Professionals!

Michael Ford — Thu, 21 Mar 2019 12:30:35 +0000

Hybrid hucksters always argue “Why can’t trained professionals like brokers or insurance inspectors” perform the appraiser’s field inspection. The answer is because ‘trained professionals’ like those noted don’t work for $25 an inspection; are unwilling to give up their day jobs for a chance at a single $25 inspection one or two days a week, AND if they are truly trained professionals, to begin with, they are unwilling to work for part-time income of $0 to $25 a day in vain hope of having a periodic 8 or 16 inspection day (assumes all 16 are side by side since there’d...

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Cyber Attacks on Corelogic

Peter Christensen — Mon, 04 Mar 2019 13:30:16 +0000

Recent Cyber Attacks on CoreLogic and a Large Appraisal Firm Expose a Real Business Risk to Valuation Firms and Companies. As two recent attacks show, cyber crimes pose a real risk – legally and economically – to appraisal firms, management companies and other businesses involved in property analytics. If an operation like CoreLogic can be victimized by criminal hackers seeking property information, as it was in an attack earlier this month, any valuation firm or property analytics company is at risk. And, more seriously, the losses suffered by an appraisal firm in the separate cyber attack discussed below demonstrate how...

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MCS Valuations (AMC) Closing Shop

Dave Towne — Wed, 06 Feb 2019 13:30:39 +0000

I saw a posting by another appraiser on a Facebook page on February 5, 2019 that MCS Valuations, based in Lewisville, TX, is closing shop. They are an AMC, and provide BPO’s and other real estate related services. The appraiser posted a letter from the company. They will not be placing any more appraisal assignments, but are asking appraisers to finish any assigned reports already in the pipeline. What’s really striking about this closure is that in 2014, MCS Valuations bought ‘components’ of CoreLogic’s associated entities that CoreLogic no longer wanted in their business! February 5, 2019 This communication is to inform...

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Big Battles Ahead for Appraisers

Michael Ford — Fri, 28 Dec 2018 13:30:14 +0000

…complete elimination of appraisal as part of their fully automated loan processing objectives… Our work as appraisers & appraisal issue advocates is certainly cut out for us all in 2019. I think appraisal unity is going to be needed if we are all to take on the adverse issues affecting us. That includes AI. They still have a large number of honest, & competent members. I think the rest of us will have to let AI take care of AI issues. I’m not averse to butting heads with them on specific issues when necessary but alienating them rather than seeking...

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Appraiser Overtime Lawsuits Continue

Peter Christensen — Tue, 25 Sep 2018 12:30:57 +0000

Appraiser Overtime Lawsuits Continue to Hit Banks and AMCs – and Now Commercial Appraisers Against a National Commercial Appraisal Firm In May, I wrote a short piece (posted here) about the legal threat posed to AMCs, appraisal firms and other employers of appraisers in relation to classification of appraisers as exempt from overtime. I included a warning that the threat was spreading to commercial firms. It’s time for an update. In August, another bank – U.S. Bank – was sued for unpaid overtime by a potential class of appraisers. Also named as a defendant to the class action is U.S....

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Improper Direction to Appraisers

Michael Ford — Tue, 22 May 2018 12:30:59 +0000

…specific prohibited direction to appraisers involved in federally regulated transactions… Improper direction to appraisers as a new special lender condition Honorable Ladies and Gentlemen: The following article appeared in a recent online post at https://appraisersblogs.com/appraisers-asked-2-overlook-weed-cultivation (also copied to this letter following our inquiry). We consider the original author to be a credible source. Due to the serious implications of any appraisal management service giving such specific prohibited direction to appraisers involved in federally regulated transactions we believe it to be our duty to bring this to your collective attention. We respectfully request that each Federal Regulatory Agency review this issue...

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AMCs & Lenders Fighting…

Peter Christensen — Wed, 16 May 2018 12:30:00 +0000

…Battles over alleged misappropriation of trade secrets relating to residential valuation technology and services… AMCs and Lenders Fighting Over Next Generation Valuation Products and Technology The residential valuation business for mortgage lenders has been taking big steps lately toward wide scale replacement of the historical Uniform Residential Appraisal Report (URAR or 1004) form used in mortgage lending. As this movement happens, some would-be providers of replacement valuation products (such as “hybrid” appraisals) and automated valuation models (AVMs) are fighting over technology turf and trade secrets. There are currently three big legal battles over alleged misappropriation of trade secrets relating to...

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Get Louder!

VaCAP Board — Thu, 10 May 2018 12:30:24 +0000

We are most certainly being heard… Do not get quiet, ever again… As a matter of fact, get louder! Colleagues, As Appraisers we have witnessed a lot of changes, some good, some not so good. However, it is undeniable we are most certainly being heard. On state and national levels we are a relatively new voice. Do not get quiet, ever again. As a matter of fact, get louder! We have watched as AMCs have gained stronger and louder voices. However, they are now wary of us as Appraisers as never before. We stand toe to toe with them, and please never forget that truth...

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Who’s to Blame?

Michael Ford — Tue, 01 May 2018 12:30:38 +0000

Looking at who and what MISMO Directors are, is it a surprise that FNMA included language in basic appraisal forms resulting in appraisers having infinite liability and no ownership over their own work product IF they do work for FNMA?… European Union General Data Privacy Regulations (EU GDPR) may seem like a stretch for an Appraisers Blog topic, but please bear with me. For some time now, The Appraisal Foundation has been focusing on major international valuation issues other than real estate appraisals. IVSC is one of the bigger and most detrimental misdirection’s they’ve taken as far as impact on...

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Appraisers Ditch a la mode

AppraisersBlogs — Fri, 13 Apr 2018 12:30:32 +0000

In 2015, Dave Biggers of a la mode stated: I’ll wrap up by wishing you a happy new year, in spite of all the recent fear mongering, and by thanking you for supporting us with your business. I’m confident that in 2015 you’ll see even more reasons for that loyalty, especially in terms of us continuing in our long-standing role as the independent appraiser’s staunchest advocate, and in being the most innovative, reliable, and accessible technology provider. We look forward to working with — and for — all of you this year. Time and time again, we were assured that...

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FTC vs Corelogic

VaCAP Board — Wed, 11 Apr 2018 12:30:52 +0000

…how the agreement between CoreLogic and the FTC from 2014 impacts appraisers… The FTC vs CoreLogic: Why it is important to Appraisers Some appraisers have reached out to VaCAP asking how the agreement between CoreLogic and the FTC from 2014 impacts appraisers. VaCAP wants to highlight the case and provide some key points of reference. The agreement revolves around the purchase of DataQuick by its competitor CoreLogic in 2014. The FTC at that time allowed the transaction with some parameters in which CoreLogic agreed to. See the analysis of the agreement here. A summary of the parameters are below: CoreLogic...

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How Fast Can Your Head Spin?

VaCAP Board — Tue, 13 Feb 2018 13:30:00 +0000

Hopefully you have been busy and have not noticed VaCAP has been quiet over the past few weeks. Not by choice, but necessity. You see, there has been so much happening, we have been overwhelmed and our heads are spinning out of control. VaCAP needs more members to volunteer to help us help you. Let us know how you can help. Let’s start with the easy stuff: The Virginia Real Estate Appraiser Board Quarterly Meeting will take place on February 21, 2018. The meeting will begin at 10:00 AM and there will be a public comment period for anyone who wishes to address...

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Class Action Against Corelogic

Peter Christensen — Mon, 05 Feb 2018 13:30:20 +0000

A residential staff appraiser has filed an overtime class action lawsuit against appraisal management company CoreLogic Valuation Solutions. The appraiser is a current employee and works as a staff appraiser in Southern California. On behalf of herself and a putative class of similar CoreLogic staff appraisers, she alleges that CoreLogic’s compensation practices violate the overtime pay requirements of the federal Fair Labor Standards Act and California state labor laws. The case will be legally interesting to watch because CoreLogic allegedly pays its employee appraisers on a “piece work” per appraisal basis with additional compensation for based on production and other...

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My Day as an Appraiser

VaCAP Board — Wed, 29 Mar 2017 12:30:40 +0000

Big Corporations like CoreLogic are like sharks… This morning, as I do every morning, I made some coffee and began work on one of the two appraisal reports that were soon to be due. The first was for an AMC known as Speedy Title and Appraisal Review Services. This appraisal management company is owned by CoreLogic. From their website “CoreLogic is an Irvine, CA based corporation providing financial, property and consumer information, analytics and business intelligence. The company analyzes information assets and data to provide clients with analytics and customized data services. The company also develops proprietary research, and tracks...

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Freddie Mac Criminal Aspects of Its Appraisal Free Mortgages

Michael Ford — Mon, 14 Nov 2016 13:30:23 +0000

Freddie Mac is opening itself up to over 150,000± potential individual lawsuits… This is a response from Mike Ford to Kenneth Harney’s article, “Freddie Mac planning appraisal-free mortgages”. I represent the American Guild of Appraisers, #44OPEIU, AFL-CIO, and the real estate appraisal-related consumer and taxpayer interests of our more than fifteen million± AFL-CIO members, retirees and their families. I’m prompted to write this open letter regarding your recent well written & researched article, titled “Freddie Mac planning appraisal free mortgages”. Regrettably, it was too brief to cover several additional critical aspects of the issue, but I assume the Chicago Tribune’s...

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Unintended Use & Misleading Appraisal Reports

Michael Ford — Fri, 09 Sep 2016 12:30:16 +0000

Unintended and Potentially Misleading At what point do we ALL say enough? When they insist on unlocked PDF, XML or ENV formats that facilitate recipients in removing portions of appraisal reports they don’t like? Too late. When they blacklist appraisers for refusing to make post effective date contract analysis changes? When they set the fees we charge? When they change the scope of work after assignments are completed? When they LIE to borrowers about how much the ‘appraisal fee’ is? Now we have several that think THEY own MY professional work product? Like HELL they do! Any, repeat, ANY appraiser...

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ACI Sky Causing Distress for Appraisers

VaCAP Board — Thu, 25 Aug 2016 12:30:59 +0000

Are you giving in to ACI Sky? An appraiser who will remain anonymous tells us… “within the last week, I have had two issue of concerns with “UAD” compliance and ACI Sky Delivery ( I can hardly write that; as, it is a significant source of stress when I have to deal with it). I have tried to submit reports, with issues that prevented the upload (no surprise with “Sky”). The first involved the 1004MC form. The comparables that were available for the subject were extremely minimal – something like 4-6. The last period only included 1 comparable (no valid...

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