Uspap 2014 15 pdf in Arbitration – Legal Risk? 40 million valuation, which formed the foundation of the arbitration award. Having previously witnessed this type of situation, my colleagues and I wondered how many days it would take for the lawsuit to be dismissed. How could we be so sure that the building owner had made a colossal error in suing the appraiser-arbitrator in a rent reset arbitration?
In some lawsuits, plaintiff workers argue that they were improperly classified by firms as independent contractors and then claim that, if they had been treated properly as employees, they would have been entitled to compensation for overtime, as well as reimbursement for expenses. I have addressed this subject for appraisal firms in a recent article that appeared in the Appraisal Institute’s Valuation magazine. Getting Ready for Expert Witness Work: 10 Practice Pointers. O insurance, all appraisers should take the time to understand the concepts of “claims made” and “prior acts” coverage in their policies. O insurance sold to appraisers and similar professions is “claims made” insurance coverage. To understand how claims made coverage works, let’s consider the following simple claim situation: an appraiser performs an appraisal for a lender in 2006.
The appraiser is sued by the lender over that appraisal in 2015. O insurance in place in 2006 and continues to have coverage in 2015, when he is sued by the lender. Why Are They Suing So Many Appraisers? Update Note 8-1-15: The entry below was published in April 2015. Many residential appraisers we insure and several appraiser organizations have contacted us in the last few days about an appraisal management company’s new requirement that their panel appraisers upload a PDF copy of their appraisal workfile for each assignment they perform. We’ve also heard firsthand from appraisers about the anxiety the policy is creating because of the unknown uses to which the workfile may be put by the AMC. A consumer class action complaint has been filed against a lender and its AMC relating to the subject matter of a prior CFPB investigation and settlement.
Amerisave Mortgage Corporation, its affiliated AMC Novo Appraisal Management Company, and one of the owners of both companies Patrick Markert. Part of the CFPB’s action concerned alleged overcharging for appraisal services by the AMC and failure to disclose the AMC’s affiliation with the lender. The Greater Kansas Chapter of the Appraisal Institute is hosting two liability prevention seminars I am teaching on September 19, 2014 in Wichita, KS. 15 for a total of 7-hours of appraiser CE. The chapter has a good number coming, but there are seats available. If you don’t have time on Friday for the full day, you can just attend the morning session and get credit for 4 hours.
The morning provides a general overview and is geared to lending work, while the afternoon is geared to non-lending work. Who are Mutual First, First Mutual Group and Savant Claims Management? Discounted Appraiser CE in Hawaii for Appraisers Insured by LIA. Other Appraisers Are Also Welcome to Attend. Appraiser Bill King and LIA’s general counsel Peter Christensen are teaming up to offer several important CE seminars for appraisers in Honolulu on October 2 and 3.
Peter will be offering two liability prevention seminars. These seminars are being offered at very low cost. Whether insured by LIA or not, all appraisers are welcome. Both seminars will be held at the Airport Honolulu Hotel, 3401 North Nimitz Highway, Honolulu, Hawaii 96819.
Registration is separate for each seminar. You may sign up for one, two or all three. Call this one a loss for the FDIC. See post about the initial lawsuit filing here. I am teaching our 3-hour CE seminar about non-lending appraisal liability in Las Vegas on May 2. Las Vegas Chapter of the Appraisal Institute.
Yes, we’re basically paying our insured appraisers to learn how to lower their own risk! Appraisal Institute members and non-members, LIA-insureds or not, are all very much welcome and invited to attend the seminar. I am teaching our 3-hour CE seminar about non-lending appraisal liability in San Jose on March 27. This seminar is hosted by the Silicon Valley Branch of the Northern California Chapter of the Appraisal Institute. AI members, non-members, LIA-insureds or not, are all very much welcome and invited to attend the seminars.
Expert witness work, divorce work, appraisal review . I’ll let you know where potential liability exists and perhaps improve your provision of such services. Most current discussion of appraiser liability focuses on lawsuits and claims relating to appraisals performed for mortgage lending. However, appraisal assignments for litigation and other non-lending purposes actually present a greater liability risk to the appraiser on a per assignment basis. These are the kinds of questions that appraisers get answered in this seminar: Who sues appraisers serving as expert witnesses and what do they sue for? Who sues appraisers performing appraisals for tax purposes?