Comments on: Appraisers vs FNC, Inc. – Lawsuit Over Control of Appraisal Data

By: rich arland

rich arland — Mon, 24 Nov 2008 00:16:20 +0000

I have issue with ‘copyrighted appraisals’. Since when can you ‘copyright’ an apparaisal.

It’s like trying to copyright a phone number.

‘344 Jones Street’ is not a copyrightable object.
Nor is $155,000.
Nor is the letter ‘A’.

Sounds to me like a bunch of ill informed losers trying to make a buck off of someone elses hard work.

Hope you lose.

By: G. Swifty

G. Swifty — Wed, 12 Sep 2007 17:57:33 +0000

FNC is not the only firm trying to eliminate appraisers. What about Fannie Mae charging lenders $50.00 – $75.00
to waive the entire appraisal. Even on purchases. As a prospective buyer I would want to know if the property I am buying is worth it.. I hope the class action against FNC is positive for appraisers. What is needed are laws on a national level for the practicle use of these reports.

By: G. Swifty

G. Swifty — Wed, 12 Sep 2007 17:50:02 +0000

FNC is not the only entity trying to put appraisers out of business, what about Fannie Mae charging $50.00-$75.00 to the lender to waive the entire appraisal . Even on purchases.
It would seem everyone in the lending industry wants appraisers gone and we all no why.

By: Brian J. Davis

Brian J. Davis — Sun, 03 Jun 2007 11:15:38 +0000

Actually FNC does not have to “digitize” the appraisal reports as they are already in what’s called the “AI Ready” format that was developed by FNC in cooperation with the Appraisal Institute (no longer part of the process).

Also it’s NOT an issue of “putting old data that is not as accurate out into the lending world”.

To the contrary, it IS an issue of reselling “new, accurate, verified and confidential information from copywrited appraisals” without compensating or notifiying the appraisers.

The complaint claims that, “Contrary to the representations made by FNC to appraisers, FNC has and is continuing to copy, store, and use appraisal report electronic data transmitted via the Appraisal Report service. In fact, it has built a national database of information about properties using appraisers’ information transmitted on AppraisalPort.”

According to the complaint: “On the FNC web site for the AppraisalPort service, FNC advertised and represented that FNC does not access or store the appraisal report electronic data transmitted by appraisers to lending institutions using the AppraisalPort service, that this data is “secure” and that this data is “unseen” and “untouchable” by FNC and third parties, and that this data is not used to build a database”

The complaint alleges: “Based on these representations, FNC charged appraisers up to $6 each time they transmitted data using its service. These statements and representations made by FNC are not true. In fact, FNC downloads this data into FNC’s National Collateral Database and then markets access to this data to lending institutions and other third parties.”

“Thus, not only does FNC collect fees from appraisers based on misrepresenting the service it is providing, it collects additional profits from others based on the very same data and the work of the appraisers it dupes into using its service.”

The complete complaint can be downloaded from: http://tinyurl.com/ywtydg