• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

FREAB and Appraisal Port

Status
Not open for further replies.

Mike Seward

Thread Starter
Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Today, the FREAB will be discussing AP's new user agreement in light of the Virginia Board's recent decision about it.

I can't make the meeting. If anyone has any info about the discussion, could you please let us know?

Thanks
 

Wm. Hattaway

Senior Member
Joined
Mar 18, 2006
Professional Status
Certified Residential Appraiser
State
Florida
I spoke to a residential appraiser (who is not in this forum) that was there and he said that they (FREAB) spoke of the need to be in agreement and to have a stance ready to support legislation that would regulate the AMC's. I asked him about Virginia's decision and AppraisalPort and he said they did not discuss it directly that he could remember.
 

Mike Seward

Thread Starter
Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Thanks for the report.

That is significantly less than I expected them to do. The new AP user agreement takes effect in 3 days.
 

Judy Whitehead (Florida)

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Florida
AppraisalPort is a pretty big part of my business - I might as well close the doors if I don't use it. Have you decided what you all are going to do?
 

Wm. Hattaway

Senior Member
Joined
Mar 18, 2006
Professional Status
Certified Residential Appraiser
State
Florida
I also use AppraisalPort and must continue to do so after the "agreement" goes into effect. I received the following from an E&O insurer to put in the additional comments page;

The lender/client has directed that the appraiser transmit the content of this report via AppraisalPort. Pursuant to its user agreement, FNC/AppraisalPort has disclaimed any warranty that AppraisalPort will be error free, has advised that information reported to and by AppraisalPort may be subject to transmission errors, and has indicated that use of AppraisalPort is at the user's sole risk. Accordingly, the lender/client should make its own determination as to the accuracy and reliability of AppraisalPort for its use. The appraiser makes no representations and specifically disclaims any warranty regarding the accuracy or portrayal of content transmitted via AppraisalPort or its reliability. The appraiser uses such technology at the specific direction and sole risk of the lender/client. At its request, the lender/client may obtain a true copy of the original report directly from the appraiser via email (PDF), mail or other means.
 

Judy Whitehead (Florida)

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Thanks for the suggestion - I haven't specifically spoken to my insurer yet. I use Intercorp - is that who you use?
 

Mike Seward

Thread Starter
Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
"....The appraiser makes no representations and specifically disclaims any warranty regarding the accuracy or portrayal of content transmitted via AppraisalPort or its reliability."

William, I'm 100% on your side, but the language above says YOU are not warranting accuracy of the data to the END USER.

The problem is that the AP user agreement says (per my E&O lawyer) if FNC gets sued by a lender for a problem that occured in your report, even if the problem was FNC's fault (like their removing data, or leaving pages out) you are agreeing to pay FNC's costs to defend the lawsuit.
E&O insurance doesn't cover that.
 

Mike Seward

Thread Starter
Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
After looking at William's disclaimer, I re-read FNC's user agreement.

It defines "user" as a person or entity that uses AP's portal services for the ordering or delivery of appraisals. That makes me a user, but it also makes the BANK a user.
So, when paragraph 8 says user shall inemnify and hold harmless, etc. the BANK is agreeing to that also. I wonder if the bank's know that.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
After looking at William's disclaimer, I re-read FNC's user agreement.

It defines "user" as a person or entity that uses AP's portal services for the ordering or delivery of appraisals. That makes me a user, but it also makes the BANK a user.
So, when paragraph 8 says user shall inemnify and hold harmless, etc. the BANK is agreeing to that also. I wonder if the bank's know that.
Excellent point. Please ask your lender clients to have their attorneys take a good look at that agreement!
 

Wm. Hattaway

Senior Member
Joined
Mar 18, 2006
Professional Status
Certified Residential Appraiser
State
Florida
Thanks for the suggestion - I haven't specifically spoken to my insurer yet. I use Intercorp - is that who you use?

I have GeneralStar but I actually cut and pasted that disclaimer from another E&O provider that was written about in an email I received from FeedBlitz. I think the AppraisalPort agreement would make a good poll in the general section of the Forum to find out who is going to continue with AP and who is not. Anyone know how to do a poll?
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks