Appraisal

News & Analysis as of

Florida, Georgia And Texas Appraisal Update: Is Causation A Coverage Question For The Court Or A Damages Question For The Panel?

In most jurisdictions, underlying coverage issues must be resolved prior to invoking appraisal in a first-party property claim. The question of what constitutes a coverage issue (typically reserved for a court’s judicial...more

Utah Amends Mortgage Licensing Act

On April 1, Utah enacted SB 332, which amends the Utah Residential Mortgage Practices and Licensing Act, the Real Estate Licensing and Practices Act, and the Real Estate Appraiser Licensing and Certification Act to establish...more

And You Thought Dissenters’ Rights Didn’t Apply To Delaware LLCs

Delaware’s Limited Liability Company Act provides that a limited liability company agreement or an agreement of merger or consolidation or plan of merger may provide for appraisal rights. 6 Del. Code § 18-210. Does this...more

Sellers Cannot Look to the Appraiser When Lenders Pull the Plug on a Prospective House Flip

An outgrowth of Arizona’s housing downturn in recent years has been the proliferation of would-be real estate investors who purchase, renovate and flip residential properties. On the other hand, in part to prevent the next...more

Financial Industry Regulators Seek Comment on Appraisal Management Companies Rule

The Consumer Financial Protection Bureau along with five other federal agencies recently issued a joint proposed rule (Proposed Rule) regarding Appraisal Management Companies (AMCs) as required by Section 1473 of the...more

Fannie Mae, Freddie Mac Clarify Rural Property Appraisal Requirements

On April 1, Freddie Mac issued Bulletin 2014-05, and on March 25, Fannie Mae issued Lender Letter LL-2014-02, in response to directives from the FHFA to clarify certain requirements related to appraisals for properties...more

Joint Regulators Issue Proposed Rule on Requirements for Appraisal Management Companies

On March 24, six agencies issued a proposed rule that would implement minimum requirements for state registration and supervision of appraisal management companies (AMCs). An AMC is an entity that serves as an intermediary...more

Federal Regulators Issue Proposal on Minimum Requirements for Appraisal Management Companies

Collectively, the FDIC, the OCC, FRB, CFPB, NCUA and FHFA issued a proposed rule establishing the minimum requirements for mortgage appraisal management companies. An appraisal management company is generally an entity that...more

Federal Regulators Propose Framework for State Supervision of Appraisal Management Companies

On March 24, the Federal Reserve Board, the OCC, the FDIC, the CFPB, the FHFA, and the NCUA proposed a rule to implement the Dodd-Frank Act’s minimum requirements for registration and supervision of Appraisal Management...more

Federal Regulators Issue Joint Proposed Rule Regarding Appraisal Management Companies

On March 24, 2014, the CFPB along with five other federal agencies issued a joint proposed rule (“Proposed Rule”) regarding Appraisal Management Companies (“AMC”) as required by section 1473 of the Dodd-Frank Act...more

Illinois Court Holds Services Performed By Sub for Parent Comes Within E&O Policy

In its recent decision in Hilco Trading LLC v. Liberty Surplus Ins. Co., 2014 Ill. App. LEXIS (Ill. 1s Mar. 17, 2014), the Appellate Court of Illinois for had occasion to consider whether appraisals and evaluations prepared...more

State Licensing Requirements for Appraisal Management Companies

Appraisal management companies (AMC) are now required to register with and be subject to state supervision. In each state where AMCs provide services in connection with federally related mortgage transactions (as that term is...more

Delaware Chancery Court Declines to Apply Offer-of-Judgment Rule in Appraisal Proceedings

In Huff Fund Investment Partnership v. CKx, Inc., Civil Action No. 6844-VCG, 2014 WL 545958 (Del. Ch. Feb. 12, 2014) (Glasscock, V.C.), the Delaware Court of Chancery denied a request by respondent CKx, Inc. (“CKx”) to compel...more

Emerging Trends in Lawsuits Against Real Estate Professionals

The current real estate market has caused an increase in activity for real estate professionals. With this increase in activity, there has also been an increase in litigation against real estate agents, brokers, appraisers,...more

Your Appraisal or Their Appraisal? Applying For Federal Reimbursement May Destroy An Appraisal’s Protected Status

In a recent decision by the Appellate Division, Third Department, Lerner v. New York, the Court confirmed that documents prepared in anticipation of litigation, including appraisal reports, would lose their protection as...more

Tale of the Texas Appraisal Provision

A long time ago in a land far, far away, property insurers and their insureds recognized that not every insurance dispute necessitated the expense and headache of a full-blown lawsuit. The result of this recognition was the...more

Texas Reminds Insurers of the Benefits of ADR Appraisals

Ever since the Texas Supreme Court drastically broadened the scope of appraisal in State Farm Lloyds v. Johnson, insurance companies providing coverage in Texas have likely wondered if continuing to include an appraisal...more

In Texas, Waiving Right To Appraisal Takes Prejudice

Texas has perhaps the most substantive body of law on insurance appraisal. In recent years, Texas courts have issued a plethora of appraisal-related decisions covering a vast assortment of topics. Some provide clarity on the...more

Appraiser’s Error Results in Severe Penalties For Taxpayers who Convey Conservation Easement

In November 2013, the United States Tax Court upheld the charitable deduction for a conservation easement claimed on the taxpayers’ income tax return but reduced its value and upheld the 40 percent gross valuation...more

Utah Court of Appeals Limits Third-Party Beneficiary Contract Claims Against Appraisers, but Recognizes Tort Based Third-Party...

In Lilley v. JPMorgan Chase, et al, 748 UT Adv. Rpt. 48, 213 Utah App. 285, Nov. 20, 2013, the Utah Court of Appeals affirmed an order of the District Court dismissing the Plaintiffs’ breach of contract action against an...more

Banking Bulletin: New Year Brings New Mortgage Regulations

The Higher-Priced Mortgage Loans (HPML) Appraisal Rule, part of Regulation Z, goes into effect on January 18th of this year. At that time, many lenders will begin using the exemption relating to “certain streamlined...more

Herculean Metaphors, Other Peculiarities Of Heller v. Ace

Does a party waive its right to demand appraisal if it states in open court, “We don’t like appraisal,” simultaneously opposes a motion to compel appraisal in a companion case with nearly identical facts, attempts a...more

FDIC Releases Technical Assistance Videos Concerning Flood Insurance and Appraisals

The FDIC released a new set of two technical assistance videos (the “Videos” and each, a “Video”) designed to provide useful information to bank directors, officers and employees. ...more

Financial Services Bulletin: Action At Federal Agencies

Agencies Adopt Final Rules Exempting Certain Higher-Price Mortgage Loans from Appraisal Requirements - On Thursday, December 12, 2013, the Federal Reserve Board, the Consumer Financial Protection Bureau, the Federal...more

Legal Notebook - December 2013

In honour of the current Ashes cricket series (and given that, at the time of writing, there has just been a resounding victory by Australia in the First Test), we have elected to focus this edition of Legal Notebook on a...more

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