Tagged: TSI

Commercial Appraisers Against National Firm - Overtime Class Action 3

Appraiser Overtime Lawsuits Continue

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....

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CoreLogic Valuation Services

AMROCK Valuations New Service Seems to Seek Circumvention of USPAP! 14

Can you say ‘L-A-W-S-U-I-T’ boys and girls?

Fellow appraisers I strongly discourage anyone from accepting AMROCK Valuations work generally due to their poor track record in dealing with appraisers across the country; and their apparent habit of making up their own appraisal rules as they go along without regard to C&R fees; Dodd Frank and most other common sense sound appraisal practices up to and including USPAP. Y’all remember USPAP don’t you? A series of uniform rules we’d all follow to promote, preserve and protect the American real estate appraisal profession and the American Public. That is until it became an inconvenient impediment to MISMO; FNMA and...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Trade Secrets Battles of AMCs & Lenders Relating to Valuation Technology 16

AMCs & Lenders Fighting…

…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...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CoreLogic Valuation Services

Increased Cost of Appraisal Businesses... Lettuce and Tomato Cost More 22

Lettuce and Tomato Cost More!

…our health insurance is  more than it was last year, and our auto insurance policy increased as well… There is a burger place my wife and I frequent here in town. All they do are burgers and you can pretty much get them any way you want with your choice of rolls and topping. They offer a vegan burger as well as many organic toppings. We each get a burger and split an order of loaded nacho fries and the bill usually is $25 and some change. The other day we went for burgers. The bill was $31.58. When looking closely, guess what,...

Appraisal / Appraisal News / Appraisers News / Trending

Amrock aka TSI Appraisal Guilty of Fraud; Update on FTC vs. LREAB 23

TSI Fraud & FTC vs. LREAB

Amrock, Inc, formerly Title Source (TSI Appraisal) was ordered to pay House Canary $706 MILLION in damages for theft of intellectual property and fraud.  Bottom line, there was a 7 week trial with a 12 person jury. Amrock (Title Source) was found guilty of theft and fraud unanimously! Amrock (Title Source) plans on appealing the verdict. Housing Wire has an in-depth article with lots of details. See it here. Things to ponder on: Should Amrock’s amc license be revoked due to this guilty verdict? Should appraisers and the public trust a company guilty of fraud and theft? Could appraisers win a law...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Human Brain, AMC app & Appraisers - Bend Over & Ask for More 49

Bend Over and Ask for More…

GUILTY of not using human brain power of thinking and communicating… More Please… How many of you can honestly state with all sincerity the appraiser is better off today with the use of Appraisal Management Companies (AMCs)? How many of you can say with all sincerity the consumer is being protected with the use of an AMC? How many of you can, with all sincerity state your business model is how you want it? How many of you are happy with the current environment of the industry? If you answered yes, congratulations, you have found your peace. You should stop reading...

AMC / Appraisal / Appraisal Management Companies / Trending

Employees at Quicken Loans... They Delivered Your Pizza! 19

I Must Apologize; I Got it Wrong…

Your employees did not come from Taco Bell, they delivered your pizza! In a recent New York Times article by Julie Creswell on 01/21/2017, former executives of Quicken Loans confirm “many employees come in with little or no background in financial services. One employee joined after delivering pizzas to the Quicken Loans Offices”. No need to say anymore, that statement speaks volumes. The article titled “Quicken Loans, the New Mortgage Machine” is a tell all article, right down to the founder and Chairman Dan Gilbert’s physical altercation on a former colleague at a religious function, to his public tirade against LeBron James,...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Federal Housing Administration

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