Destruction Of Appraisal Records?

[bnmappraisal]

Not all states regulate and/or license AMCs. However, for those that do, the potential exists to revoke their license in the state and assess fines which could potentially be based on each file within their jurisdiction. Now in terms of what would happen, that will vary from state to state.

I just thought worth repeating, especially my bold

 

[bnmappraisal]

I work for an appraisal management company. The IT department is ready to switch over to a new, custom document handling system that is untested and that I have very low confidence in succeeding.

I am trying to make an argument to delay the implementation of this system to perform further testing and raise confidence in this success of this effort. I need to make a case for the worst possible outcome, which is the risk of us losing all data that we've accumulated for the last seven years.

Without knowing the system you describe (and I appreciate that you may not be able to give more detail) it is hard to assist in a "worst case scenario"

I'm not sure where you are in the food chain at your AMC, but if you can, voice your concerns to whoever you can (management, director, VP, IT, CEO, etc?) I would also advise doing this via email so there is record of your concern. When I worked at an AMC (not as an appraiser) there was a saying "if it's not in the notes, it never happened!"

My question is this: what kind of penalties, fines, or lawsuits are possible if we were to lose all this data?

This needs to be answered by a lawyer, IMO.

 

[Tim The Enchanter]

My question is this: what kind of penalties, fines, or lawsuits are possible if we were to lose all this data?

You could be subject to termination. By a Terminator.