My Appraisal Blog

(January 2011)
Another good one from Liability Insurance Administrators

Here's a quote:
"Despite the large number of claims stemming from the mortgage crisis, the professional liability risk to appraisers remains manageable with prudent loss prevention. Most claims at this time - whether they are frivolous or have a justifiable basis - relate to appraisals completed during the real estate and mortgage bubble years of 2004-2007. An appraiser has little control now over whether a lender, borrower or other party will make a claim about work in the past."

"We also see too many lawsuits and disciplinary matters each year involving reports in which entire sections of data or information are copied over from another report and left unchanged. We see these problems from both residential and commercial appraisers. In residential reports, appraisers often carry over data and information that remains in the software template from a prior report in their system. In commercial narrative reports, we see appraisers borrowing sections written for other reports but then failing to update or revise the information to fit the new assignment. Claims about problems like this are even uglier when the data or information is copied from a report by a different appraiser. "

Good advice for every appraiser!!

Click here to read the full report
http://www.liability.com/images/claimalert/claimaltertpdf/Claim_Alert_Jan._2011.pdf

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Posted by Alex Olmo on February 16th, 2011 6:28 AMPost a Comment (0)

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