CA Class action lawsuit re: AMC undisclosed fees?

[George Hatch]

The appraisers have nothing to lose but their legal costs. If none of these other explanations resonate with them then the only other way to identify the most likely outcome is to go for what they know.

I will suggest that if they intend to take the fight to the AMCs instead of the lenders then perhaps smarter to start small. Find a small/struggling AMC that's already on their last legs and then hit them with some lawfare. Bury them with fees instead of attempting to fabricate from scratch a persuasive legal argument.

"You might be able to beat the rap but you won't beat the ride"

 

[glenn walker]

Do you have any Idea how much $$$
A class action lawsuit costs ?

Then you have to find a law firm willing to spend year's in litigation and appeals and finally if you did win whose paying the Judgement ? the AMC whose bankrupt or going bankrupt.

Don't give false hope to people it's hard for them to recover after reality settles in. Lol

 

[Sandra Koutsopoulos]

Appraiser's Intellectual Property: “The data, conclusions, and opinions collected and rendered in this appraisal report are the intellectual property of the appraiser and provided to the client and users of the report exclusively for a one time use directly relating to the financial transaction contemplated by this assignment, and for no other use nor purpose."

I have been putting this statement in every one of my appraisal reports since Dodd-Frank.
We know our data is being used to make AI entities money, like Core-Logic etc. They have used the info we worked to get and evaluate, and they are using it without our permission to create products to replace us. Is that not true? Would we have a class action suit here?

 

[glenn walker]

Appraiser's Intellectual Property: “The data, conclusions, and opinions collected and rendered in this appraisal report are the intellectual property of the appraiser and provided to the client and users of the report exclusively for a one time use directly relating to the financial transaction contemplated by this assignment, and for no other use nor purpose."

I have been putting this statement in every one of my appraisal reports since Dodd-Frank.
We know our data is being used to make AI entities money, like Core-Logic etc. They have used the info we worked to get and evaluate, and they are using it without our permission to create products to replace us. Is that not true? Would we have a class action suit here?

It's worthless legally but if it makes you sleep better at night then okay keep doing it. You can't disclaim yourself out of liability.

 

[chad hampton]

Has there ever been an appraiser named Luigi?

 

[glenn walker]

Has there ever been an appraiser named Luigi?

Yeah he's in prison. .lol

 

[djd09]

boycott cost nothing...

 

[George Hatch]

Appraiser's Intellectual Property: “The data, conclusions, and opinions collected and rendered in this appraisal report are the intellectual property of the appraiser and provided to the client and users of the report exclusively for a one time use directly relating to the financial transaction contemplated by this assignment, and for no other use nor purpose."

I have been putting this statement in every one of my appraisal reports since Dodd-Frank.
We know our data is being used to make AI entities money, like Core-Logic etc. They have used the info we worked to get and evaluate, and they are using it without our permission to create products to replace us. Is that not true? Would we have a class action suit here?

I think this one will come down to a legal argument to be settled on its merits under the law. I don't know how that argument will fare in a court. I could see it going either way.


With that said, the appraiser signed the report



And in USPAP parlance the only material in your report than an AI or AVM would have any use for is addressed as

 

[Sandra Koutsopoulos]

I see your point. I would think that a specific appraiser's written reference to "Appraiser's Intellectual Property" would over-ride the pre-printed form that we were led like sheep to the slaughter to have in every residential appraisal, authorized by FNMA/Freddie. We thought we were doing an appraisal for a loan. What a joke. So we were certainly set up by the likes of Core-Logic that bought a la Mode. I think about actors who are paid residuals when their acting product is re-sold, rented, re-shown. But as appraisers, we have been paid less and less for the original work that Core-Logic et al uses to make $billions at our expense. So sad. Makes me mad. I feel so.... USED!

 

[glenn walker]

Purchasing public data has been big business since i can remember. The Title insurance companies dominated it from the beginning of title insurance. They sold it on micro fiche to large real estate operators.

Later on companies like CMDC was
used by appraisers and they later sold appraisers--appraisal data to FNC and paid their members zero. NAR created Realtor.com and give Realtors nothing.

My point is nothing is new about data mining and selling it and the technology just speeded it up ten fold.

There is no lawsuit's these issues have been tried in courts many times.

Some old goofy appraisers thought they could copy right their appraisals like books or something and that failed. There is no solution we don't own or control the data we collect or use.