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Another suit naming eAppraiseIT & LSI

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Good show, glad they moved it back to state court for you. Federal Court can be a real pain.


The law firm of Miller and Miller in Sacramento, Ca represent me there in a Federal Case, where some fool filed a patent infringement case against me for $400M. It cost us over $5M in legal fees just to have the Federal Judge issue a Summary Judgment in our favor before the trial ever started. Took three years to get the case to the judge. Then the fool that sued us didn’t have a pot to pi ss in or a window to toss it out. His law firm had taken on contingency. So we got no money back at all.

I also had another firm from TX, Baker and Baker that represent my corp. in the same case. Seems like you can not have the same law firm represent both you and your corp. in a lawsuit. What a waste of money that was.

You still have a long fight ahead of you. Good luck. Keep us posted.
 
LSI's Appraiser Hotline

LSI now has a hotline for appraisers to report pressure. There was also an article about the NY AG lawsuit in their training bulletin. I am glad to see this, even if it was too late for me. I just hope they mean it.

877-246-3498 - Toll Free LSI Appraiser Hotline
As an AMC, LSI provides a built-in buffer between appraisers and other parties who may have an interest in the outcome of a transaction. Taking the natural buffer a step further, LSI wants to ensure that its own employees and processes foster appraiser independence as well. To promote this goal, LSI has established an appraiser hotline. The number is 877-246-3498, and it goes live June 1, 2008.
The hotline is staffed by personnel who are not involved in appraiser selection or order assignment, backed up by certified appraisers who are well versed in the issues surrounding appraiser independence.
If you perceive that an LSI employee has pressured you, interfered with your independence, or otherwise attempted to improperly influence you or the appraisal process, please call the LSI Appraiser Hotline to report it.
 
A little to late, and a slap in the face to the American Public and appraisers, don't you think?
 
I am absolutely disappointed, disgruntle, disillusioned, etc., just like everybody else, maybe even more. But I am an optimist, that is hopeful things will get better because of all of the wrongdoing being exposed.
 
JENIFFERW said:
LSI's Appraiser Hotline

LSI now has a hotline for appraisers to report pressure. There was also an article about the NY AG lawsuit in their training bulletin. I am glad to see this, even if it was too late for me. I just hope they mean it.

877-246-3498 - Toll Free LSI Appraiser Hotline
As an AMC, LSI provides a built-in buffer between appraisers and other parties who may have an interest in the outcome of a transaction. Taking the natural buffer a step further, LSI wants to ensure that its own employees and processes foster appraiser independence as well. To promote this goal, LSI has established an appraiser hotline. The number is 877-246-3498, and it goes live June 1, 2008.
The hotline is staffed by personnel who are not involved in appraiser selection or order assignment, backed up by certified appraisers who are well versed in the issues surrounding appraiser independence.
If you perceive that an LSI employee has pressured you, interfered with your independence, or otherwise attempted to improperly influence you or the appraisal process, please call the LSI Appraiser Hotline to report it.
Click to expand...

Hotlines are good to have for overt improprieties. But they do not address the true problem of AMCs' appraiser ranking systems and the fact that commission/profit motivated persons have input to the individual appraisers' ranking score. And they don't address the system of using quality- or service-related terms as code words for "fast and cheap and hit the number".
 
yep, just like when ole Toad sit there in the Chicken House with all the dead chickens around him and looked me in the eye and said, I didn't have any thing to do with it, but you can bet I will be glad to guard that chicken house door again. Yep, there guarding that door again.
 
Why don't they stop marking up and taking the appraiser's fee? Is there a hotline for that? What about more and more work? Less time?
 
I wonder how fast they would flush an appraiser from their system who called the hot line and said my LSI rep told me they will dock me $25 for every day the appraisal is late waiting for access to public records or a return call from the zoning official? There has to be something illegal about that.

Face it, a guy bustin' his tail to meet their turn times consistently is just going to "fudge it" and send it in. They know it but since the appraiser signed agreement taking full responsibility for the appraisal, what do they care? The can tell him to put in more comps, more listings.....and don't you be late because we will cut your pay.

Fees and turn time are just as destructive a pressure as value pressure and AMCs are the master of "fast and cheap".

Pick your master: Mortgage Brokers or the AMC Plantation.
 
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