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One Of Nation’s Largest Appraisal Management Companies Was Pressured By Washington Mutual To Inflate Residential Real Estate Appraisals (Long Island, NY)
Aman Makkar the former CEO and former executive Scott Stokas of a San Diego-based company, is now trying to break through another industry: new and used cars. The recently closed down, Appraiser's Loft, left hundreds to thousands of real estate appraisers across the country unpaid. Read the news story from U-T San Diego.
A federal judge dismissed appraisal negligence claims the Federal Deposit Insurance Corp. (FDIC) brought against Lender Processing Services (LPS) for allegedly mishandled appraisals done for Washington Mutual Bank. But the firm is still on the hook for breach of contract allegations. « HousingWire
Appraisers hired by now defunct San Diego-based AppraiserLoft are owed more than $3 million for property valuations they invoiced, but didn't get paid for, according to two people familiar with internal operations at the appraisal management company. « HousingWire
Appraiser Law Blog: Update on FDIC v. LPS (LSI Appraisal): LSI Argues that AMCs Owed No Legal Duties of Care to their Clients and Appraisal Users -- FDIC Argues that Appraisers Are the Legal Agents of AMCs
Appraisers already assume a certain amount of liability over valuation issues, of course. Any time they release a valuation they certify to its integrity, so they already shoulder liability if someone thinks the numbers are misleading. The AMC indemnification issue goes beyond this by expanding the appraiser’s liability to anything that the AMC would be liable for. By Robert Freedman, Senior Edit
An Aug. 12 story in The Wall Street Journal — Judgment Call: Appraisals Weigh Down Housing Sales — has left the appraisal industry furious, especially appraisal management companies.

Worse yet, a perceived lack of deference by the Journal's editors for industry concerns towards alleged inaccuracies in the original story is only adding fuel to the fire.
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