News & Analysis as of

Appraisal

Marshall Dennehey

Appraisal Was Premature Because an Evidentiary Hearing Was First Required to Determine Whether the Policyholder Satisfied the...

Marshall Dennehey on

Heritage Property & Casualty Ins. Co., Appellant v. Sunset Villas Phase III Condominium Association, Inc., Appellee, Fla. 3rd DCA, 3D23-1672, May 15, 2024, Appeal from non-final order from Miami-Dade Co. Lower Tribunal No....more

Marshall Dennehey

As the Insurance Carrier Timely Complied With Its Policy’s Appraisal Clause and Issued Payments and Coverage in Accordance With...

Marshall Dennehey on

Alice Ward Valdivieso, et al., Appellants, v. Citizens Property Insurance Corporation, Appellee, 3rd District, Case No. 3D22-2137, L.T. Case No. 18-23350, Mar. 6, 2024 - The Third District Court of Appeals was asked to...more

Farrell Fritz, P.C.

When It Talks Like a Member, Walks Like a Member, Acts Like a Member… But Isn’t a Member: First Impression Chancery Decision Rules...

Farrell Fritz, P.C. on

A solid succession strategy is a critical element of corporate planning, but one that is all too often sidelined until it is too late. Under the glow and excitement of starting and growing a business, who wants to talk about...more

Whitman Legal Solutions, LLC

HUD Files Appraisal Discrimination Charge Against Rocket Mortgage

The Fair Housing Act Applies to Residential Real Estate Appraisals - The Fair Housing Act (FHA) was passed in 1968 to prohibit housing discrimination based on race, color, religion, and national origin. Since then, the...more

Kohrman Jackson & Krantz LLP

Understanding the 2024 Property Reappraisal in Cuyahoga County

On July 9, 2024, the Cuyahoga County Fiscal Officer (the County) released the newly appraised values for properties within their jurisdiction. As required by state law, every county in Ohio is required to update property...more

Saul Ewing LLP

CFPB and Other Federal Agencies Enact New Rule to Regulate Use of Automated Valuation Models for Mortgage Transactions

Saul Ewing LLP on

On July 1, 2024, the Consumer Financial Protection Bureau (“CFPB”)—the primary federal watchdog of the consumer finance industry—along with several other federal agencies, approved a new rule to regulate the use of automated...more

Ballard Spahr LLP

HUD Enters Conciliation Agreement with the Appraisal Foundation to Curb Discrimination in the Industry

Ballard Spahr LLP on

The U.S. Department of Housing and Urban Development (HUD) announced that it has entered into an historic Conciliation Agreement (Agreement) with The Appraisal Foundation (TAF), an organization responsible for setting...more

Goodwin

CFPB Issues New Rule on Use of Artificial Intelligence Models in Mortgage Lending

Goodwin on

​​​​​​​On June 24, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it had approved a new rule about the use of algorithms and artificial intelligence (AI) for home appraisals and valuations....more

Butler Weihmuller Katz Craig LLP

Carrier’s Proof of Loss Form May Be a Mandatory Post-Loss Obligation in Commercial Claims

​​​​​​​Submitting a proof of loss using a carrier’s approved proof of loss form may be a mandatory post-loss obligation when invoking appraisal in commercial claims. The U.S. District Court for the Middle District of Florida...more

Cadwalader, Wickersham & Taft LLP

Federal Regulators Publish Final Rule on Automated Valuation Models and AI That Imposes Obligations on Secondary Market Issuers,...

On June 6, 2024 federal regulators published a final rule addressing Quality Control Standards for Automated Valuation Models. This was a collaborative rulemaking effort that included regulators from the Office of the...more

Farrell Fritz, P.C.

Fair Value Decision Caps Decade-Long Dispute Over Family-Owned Real Estate Holding Companies

Farrell Fritz, P.C. on

About 40 years ago, a son and his mother first teamed up to invest in purchasing and managing over a dozen buildings in New York through 4 co-owned entities, each owned on a 50/50 basis. Fast forward several decades and the...more

Mayer Brown

NAV Facilities Appraisal and Valuation Challenge Rights

Mayer Brown on

Net Asset Value ("NAV") credit facilities are lending arrangements underwritten on the borrower’s portfolio of investments, where the amount available for borrowing is based on the value of such underlying portfolio...more

GeoDataVision

Discrimination and Bias in Residential Lending

GeoDataVision on

In this podcast episode, Dean and Len discuss the timely issue of appraisal discrimination and bias within the context of Fair Lending. Dean highlights the FFIEC's recent guidance on mitigating risks related to discriminatory...more

Marshall Dennehey

Florida Supreme Court Rules Appraisal Can Be Compelled Even If Coverage Issues Remain

Marshall Dennehey on

Am. Coastal Ins. Co. v. San Marco Villas Condo. Ass’n, Inc., SC2021-0883, 2024 WL 369079 (Fla. 2024) - The defendant, San Marco, filed a property claim with its insurer, American Coastal, for damage sustained to its property...more

Alston & Bird

HUD Issues Guidance on Appraisal Reviews and Reconsiderations of Value

Alston & Bird on

What Happened? Continuing its focus on appraisal bias, the U.S. Department of Housing and Urban Development (“HUD”) issued new guidance to Federal Housing Administration (“FHA”) mortgagees regarding appraisal reviews and...more

Polsinelli

Tax Court Strikes out Smoltz and Klesko’s Big K SCE, but Provides Relief for Those Facing Fraud Allegations

Polsinelli on

In the late 1990s, former Atlanta Braves players John Smoltz and Ryan Klesko formed Big K Farms (“Big K”), a partnership that, over the years, acquired approximately 1,500 acres of land in Georgia for around $4 million. From...more

Nossaman LLP

New Uniform Act Regulations Taking Effect June 3, 2024

Nossaman LLP on

The regulations in 49 CFR Part 24 implementing 42 USC Ch. 61, generally known as the “Uniform Act,” are being updated for the first time since 2005. New regulations are set to take effect on June 3, 2024 (the “Rule”). We will...more

J.S. Held

Reducing Bias in Business Valuation Engagements

J.S. Held on

“When the facts change, I change my mind. What do you do?” - Sir John Maynard Keynes - Our waking hours are bombarded with more information than can be absorbed. From 2009 to 2017, the amount of data that enters the human...more

Fox Rothschild LLP

The Current Real Estate Market: And We Thought Divorce was Crazy.

Fox Rothschild LLP on

One of the things young lawyers are taught when they begin to practice is that law school offers no training in how to manage client expectations. When clients search for lawyers they typically do so expecting justice and to...more

Ballard Spahr LLP

HUD, Fannie Mae and Freddie Mac Issue Reconsideration of Value Guidance to Combat Appraisal Bias

Ballard Spahr LLP on

The U.S. Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), recently issued Mortgagee Letter 2024-07 addressing reconsideration of value (ROV) policies in connection with...more

Farrell Fritz, P.C.

Your Business Appraiser Relied on What!?  Lessons from a Mostly-Decided Motion to Preclude

Farrell Fritz, P.C. on

One of the best parts of being a business litigator is the frequent opportunity it affords to work with (and against) expert witnesses of all stripes. And perhaps because there are so many ways that a business divorce can...more

Troutman Pepper

New Policies From FHA and FHFA Allow Borrowers to Challenge Property Appraisals

Troutman Pepper on

On May 1, the Federal Housing Administration (FHA), and the Federal Housing Finance Agency (FHFA) announced new policies that will allow borrowers to challenge property appraisals they believe to be inaccurate or biased....more

Alston & Bird

Appraisal Bias Settlement: Potential Roadmap

Alston & Bird on

What Happened? The lender and consumers reached a settlement in an appraisal bias case, Nathan Connolly and Shani Mott v. Shane Lanham, 20/20 Valuations, LLC, and loanDepot.com, LLC, filed in Maryland District Court, that...more

Marshall Dennehey

Florida Supreme Court: Trial Courts May Compel Appraisal Before Resolving Concurrent Coverage Disputes

Marshall Dennehey on

On February 1, 2024, the Supreme Court of Florida issued its opinion in American Coastal Ins. Co. v. San Marco Villas Condominium Ass’n, Inc., 2024 WL 369079 (Fla. 2024), to address a persisting conflict on the timing of...more

Orrick, Herrington & Sutcliffe LLP

CFPB approves of Illinois’ new regulations on appraisal discrimination

On April 9, the CFPB released a comment letter supporting the Illinois Department of Financial and Professional Regulation’s decision to propose three rules prohibiting discrimination related to appraisals. The CFPB...more

697 Results
 / 
View per page
Page: of 28

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide