LandSafe - Appraisers Blogs

Class Action Against LandSafe Settled

Peter Christensen — Mon, 24 Feb 2020 13:30:40 +0000

…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...

The post Class Action Against LandSafe Settled appeared on Appraisers Blogs.

Another Huckster Enters the Appraisal Arena

Michael Ford — Thu, 28 Mar 2019 12:30:55 +0000

Yet another third party huckster has entered into the real estate appraiser and appraisal arena. It’s that time again! Yet another third party huckster has entered into the real estate appraiser and appraisal arena. Apparently motivated by pure altruism. We identified a need in the marketplace to address a common problem that lenders are regularly challenged with in providing accurate appraisal quotes and then ensuring pricing on the Loan Estimate is consistent and compliant,” stated Vladimir Bien-Aime, president and CEO at Global DMS. (I LOVE this guy, he writes like me!) Global DMS Launches SnapVal to Provide Instant, Accurate, Guaranteed...

The post Another Huckster Enters the Appraisal Arena appeared on Appraisers Blogs.

Appraiser’s Response to MyAMC

Michael Ford — Thu, 01 Nov 2018 12:30:36 +0000

Thank you for your invitation to join your panel. I read all your details. They are addressed in the following: I find it unlikely you retain top appraisers nationwide if you think $350 is a reasonable fee in my area. Did you arrive at that by buying Corelogic’s purported ‘independent survey’? I don’t accept 30 day billing from any unproven clients with unspecified volume. Provide a copy of your current Dunn and Bradstreet rating along with a guarantee of a minimum of 25 orders per month, and I will consider deferred billing. Otherwise you would have to pay me by...

The post Appraiser’s Response to MyAMC appeared on Appraisers Blogs.

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....

The post Appraiser Overtime Lawsuits Continue appeared on Appraisers Blogs.

The Evil Octopus

Michael Ford — Wed, 20 Jun 2018 12:30:59 +0000

Appraisers, it’s not paranoia when ‘the bastards’ really are out to get you (end us as a profession). …Find each octopus and how they relate to our jobs. Look at MISMO Directors list… An Open Letter to Appraisers: Residential & Commercial This started as a response to a blog post by a respected appraiser concerning the influence of AMCs. During drafting it was clear that trying to explain AMCs was only part of the bigger struggles we face today. Picture a violent “all in” three-way gang fight among Octopi. Say a dozen on each side. That’s 36 Octopi x 8 tentacles...

The post The Evil Octopus appeared on Appraisers Blogs.

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...

The post AMCs & Lenders Fighting… appeared on Appraisers Blogs.

Better Than Your Favorite Band’s Concert!

VaCAP Board — Wed, 21 Feb 2018 13:30:12 +0000

This will be better than your favorite band’s concert! Watch the oral arguments in the FTC vs LREAB case live in Washington DC on Thursday February 22, 2018! “The Federal Trade Commission (“FTC” or "Commission") will meet on Thursday, February 22, 2018, in Room 532 of the FTC Building for an Oral Argument In the Matter of Louisiana Real Estate Appraisers Board. The public is invited to attend and observe the open portion of the meeting, which is scheduled to begin at 2:00 p.m. The remainder of the meeting will be closed to the public ” VaCAP will be there...

The post Better Than Your Favorite Band’s Concert! appeared on Appraisers Blogs.

AMC Abuses? What’s Your Story?

Guest Author — Wed, 14 Feb 2018 13:30:09 +0000

Many of you have filed formal complaints against AMC abuses with State appraisal boards… The place was a small subdivision developed with coastal style homes on the Ocean side of route 12 in the Outer Banks of North Carolina. The bank was Bank of America. The AMC was LandSafe and the time was just before Corelogic purchase of Landsafe for $122 million. I was asked by this AMC to appraise a home for a purchase transaction. My comparable sales consisted of one recent sale of the next door neighbor, one on the same street, and two closed sales in the...

The post AMC Abuses? What’s Your Story? appeared on Appraisers Blogs.

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...

The post Class Action Against Corelogic appeared on Appraisers Blogs.

Appraisers Landmark $36M Settlement with BofA

Isaac Peck — Thu, 03 Sep 2015 12:30:34 +0000

Editor’s Note: Besides being a bit of good news, this ruling could have implications for all appraisers working for AMCs. Appraisers Landmark $36 million Settlement with Bank of America for Failure to Pay Overtime Settlement Covers 365 Plaintiffs Who Served as Residential Real Estate Appraisers Oakland, CA – Today, employment and civil rights attorney Bryan Schwartz announced a settlement between Landsafe Appraisal Services, Inc., a subsidiary of Bank of America (NYSE: BAC) and 365 current and former employees working as residential real estate staff appraisers. The plaintiffs had sought damages for their misclassification as exempt from overtime, which left them...

The post Appraisers Landmark $36M Settlement with BofA appeared on Appraisers Blogs.

Overseas AMC Staff: Could I Speak to “Villiam?”

Isaac Peck — Fri, 11 Jul 2014 12:30:07 +0000

AMC Staff: “HELLO! Bill. Could I please speak to Villiam?” At least one appraisal management company (AMC) put a new accent on appraising by having the point of contact be in another country—specifically, a call-center in India. According appraiser Bill Streep, this is how the conversation went: Bill Streep: “Hi, this is Bill.” AMC Staff: “HELLO! Bill. Could I please speak to Villiam?” Bill Streep: “This is Bill.” AMC Staff: “Yes, Bill. I need to speak to Villiam.” Bill Streep: “My name is Bill, it’s short for William.” AMC Staff: “Yes… (insert long pause) Could I please speak to Villiam?”...

The post Overseas AMC Staff: Could I Speak to “Villiam?” appeared on Appraisers Blogs.

Bank of America Appraisals Reviewed in India

AppraisersBlogs — Tue, 16 Jul 2013 12:30:41 +0000

Bank of America Reportedly Sending Property Reviews to India Bank of America reportedly opened a unit in India to review valuation reports in an effort to boost its share of the U.S. mortgage market at a lower cost, Bloomberg reported June 28. Workers in the new Bangalore office use checklists to decide if appraisals are complete, according to people who talked to Bloomberg on the condition of anonymity. Bank of America also eliminated positions at its Plano, Texas-based LandSafe appraisal division, which made $78.8 billion in loans in 2012. “One of the biggest problems in the mortgage business is all...

The post Bank of America Appraisals Reviewed in India appeared on Appraisers Blogs.

Overtime Lawsuits Continue to Spread

Peter Christensen — Fri, 31 May 2013 15:30:41 +0000

Overtime Lawsuits Continue to Spread Among Valuation-Related Companies — Interthinx Becomes the Latest Defendant First it was Integrated Asset Services. In February, I wrote here about three employee overtime class actions affecting the Colorado AMC filed on behalf of “timeline managers,” “valuation managers” and “quality reviewers.” Then it was LandSafe Appraisal. In April, I wrote an article about a newly filed overtime lawsuit by staff appraisers against that company. There is definitely now a small wave of overtime litigation unde the federal Fair Labor Standards Act (FLSA) affecting businesses in valuation-related fields. The industry has become an easy target for...

The post Overtime Lawsuits Continue to Spread appeared on Appraisers Blogs.

Another Overtime Class Action Filed Against an AMC

Peter Christensen — Wed, 17 Apr 2013 12:30:08 +0000

A lawsuit filed last week by a former staff appraiser against LandSafe Appraisal Services, Inc. exemplifies the overtime liability risk faced by many appraisal firms and appraisal management companies. In February, I wrote that overtime lawsuits by appraisers present a genuine liability risk to appraisal firms and AMCs. In that article, I explained some of the special issues relating to whether appraisers properly can be treated as “exempt” employees for purposes of overtime compensation. The real-world risk to an appraisal firm or AMC is that a staff appraiser will file a legal action alleging that he or she worked more...

The post Another Overtime Class Action Filed Against an AMC appeared on Appraisers Blogs.

Appraiser’s Response to LandSafe Appraisal

VaCAP Board — Thu, 04 Aug 2011 22:55:51 +0000

Appraiser’s Response to LandSafe Appraisal Services Agreement In April of 2011, LandSafe Appraisal Services, a wholly owned subsidiary of Bank of America, released its “Appraisal Services Agreement” which included, among others, indemnifications of LandSafe Appraisal Services against any liability, and loss of intellectual rights. Many appraisers stood firm and refused to sign the agreement. Heather Fox, a Certified Residential Appraiser in Virginia, CEO of Cross Country Appraisal Inc. and President Elect of VaCAP, responded to LandSafe Appraisal Services with this letter: To: Landsafe Vendor Panel Management Team I will not be signing the appraiser agreement. I have known I would...

The post Appraiser’s Response to LandSafe Appraisal appeared on Appraisers Blogs.

Negative Repercussions of HVCC & Dodd Frank Act – VaCAP

VaCAP Board — Mon, 01 Aug 2011 20:44:08 +0000

Virginia Coalition of Appraiser Professionals (VaCAP) Letter to Senator Warner Addressing the Negative Repercussions of HVCC and Dodd Frank Act Dear Senator Warner: In response to the devastating effects of the legislative changes that have crippled the appraisal profession and undermined the quality of appraisals, appraisers throughout Virginia have joined together to educate the public, raise consumer awareness, protect appraiser independence, and work toward effective legislation that will benefit us all. We have now formed the Virginia Coalition of Appraiser Professionals (VaCAP). VaCAP appreciates this opportunity to present to you the position of appraisers across the state regarding federal legislation as it...

The post Negative Repercussions of HVCC & Dodd Frank Act – VaCAP appeared on Appraisers Blogs.

Aren’t Appraisers the Gatekeepers of our Collective National Equity?

AppraisersBlogs — Tue, 26 Apr 2011 17:11:48 +0000

LandSafe Appraisal Services, a wholly owned subsidiary of Bank of America, recently released its latest “Appraisal Services Agreement” to its panel appraisers. The agreement includes, among others, indemnifications of LandSafe against any liability, and loss of intellectual rights. If this goes through and appraisers agree to sign this new agreement, other AMCs will follow LandSafe’s lead and produce their own version of Appraisal Services Agreements. LIA Insurance has reviewed the new LandSafe Appraisal Services Agreement. The review is available to LIA’s insured appraisers and READI members but others can also view it by registering with code 201700. The whole idea of appraisers as...

The post Aren’t Appraisers the Gatekeepers of our Collective National Equity? appeared on Appraisers Blogs.