FDIC files against CoreLogic
The Federal Deposit Insurance Corporation (FDIC) has filed against CoreLogic for $129 million and demanded a jury trial regarding allegedly faulty appraisals provided to Washington Mutual Bank (WaMu) which the FDIC seized in 2008 prior to facilitating its sale to JP Morgan Chase. The FDIC has also filed suit against CoreLogic competitor Lender Processing Services, Inc. for $154.5 million.
The FDIC, acting as WaMu’s receiver, alleges that they found negligence in 194 appraisals out of 259 they sampled which were performed between 2006 and 2007 in CoreLogic’s eAppraiseIT unit.
The suit alleges “repeated breaches of contractual provisions” specifically regarding competent and legal appraisals which the FDIC claims CoreLogic did not provide, also allegingthat eAppraisalIT had inadequate “quality control” and often “inflated” appraisals.
CoreLogic points out “desk reviews”
CoreLogic has said they have begun their own review of the 194 cases, noting that over 85% of the loans cited in the suit involved “desk reviews” which indicates no physical exterior or interior inspection was performed. As with the LPS lawsuit, the $129 million sought is to cover loans the FDIC says WaMu would not have made without the “inflated appraisals” by CoreLogic’s eAppraiseIT.
In a recent SEC filing, it was noted that CoreLogic “continues to believe the FDIC’s factual allegations, legal theories and damage calculations have many flaws, and the Company intends to defend itself vigorously. Given the early stage of this litigation, the Company cannot yet predict the ultimate outcome of the matter or the potential range of damages, if any.”
All parties named
The suit specifically names CoreLogic Valuation Services, LLC (fka eAppraiseIT), CoreLogic, Inc. (fka The First American Corporation; The First American Financial Corporation; CoreLogic Real Estate Solutions), as the FDIC said that they “controlled and directed the actions” of eAppraiseIT leaving them “directly liable.”
Elliott W
May 16, 2011 at 12:58 pm
Has anybody compared the fee schedules of the Corelogic complaint with the LSI complaint? How could they be so similar and there not be a restraint of trade that ended up putting the screws to appraisers?
LSI Complaint:
appraisersforum.com/leaving.php?url=https://www.scribd.com/doc/55423067/FDIC-v-LSI-Appraisal
bán bi?t th? ?à n?ng
January 7, 2017 at 2:30 pm
Hi, I would like to subscribe for this webpage to obtain most up-to-date updates, so where can i do it please help.
bi?t th? ?à n?ng
mua bi?t th? ?à n?ng
bán bi?t th? ?à n?ng
biet thu da nang
tìm hi?u bi?t th? ?à n?ng
thông tin bi?t th? ?à n?ng
Bi?t th? Furama ?à N?ng
Bi?t th? The Sunrise Bay ?à N?ng
bi?t th? premier village ?à n?ng
Jamaal
October 16, 2018 at 11:23 pm
Thank you for another magnificent post. The place else could anyone get that type of information in such a perfect means of
writing? I have a presentation next week, and I am on the search
for such info.
Vapor-pens.com
July 15, 2020 at 2:14 pm
I do believe all of the ideas you have introduced in your post.
They’re really convincing and can certainly work.
Still, the posts are too brief for newbies. Could you
please prolong them a little from next time? Thanks for the post.
bandarqq agency
August 20, 2020 at 12:55 pm
Good article. I am facing some of these issues as well..