LREAB Hit With an Antitrust Lawsuit
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 fees artificially high. From the article published in Bloomberg Law by Mike Leonard on December 10,2019, (below) iMortgage cites and attaches the FTC case to their complaint.
Those who have been following this case are aware that iMortgage was fined $10,000 by the Louisiana Real Estate Appraiser Board on December 8, 2015 for not paying customary and reasonable fees. Working RE did an excellent job of reporting that case. Word on the street is that iMortgage is a key component to the FTC case. Seems a bit ironic that iMortgage files their own suit exactly 4 years after they were found guilty of violating Louisiana Real Estate Appraiser Board rules. Maybe they got tired of waiting for the FTC?
Now 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. We don’t need to tell you who gets those orders, because we all know the answer.
VaCAP will never tell anyone who to work with, but we do ask you stop and think of who you want to work with. Is it a company that is looking for the least expensive appraiser with the fastest turn time, or is it the company that pays a fair fee and treats you with respect? Is it a company that thinks they don’t have to abide by the rules and laws of each state or is it a company that respects the law?
There are numerous good companies to work for, don’t sell yourself short. Take ownership of your business and demand the fees you are worth. No one can do that for you!