Blog

Any local appraisers following this case?

Ever wonder what happens to your so called private, copyrighted data after you hit the send button to AppraisalPort?

This would be be like Alamode using the vault to data mine your reports and selling the data to lenders!  (To non appraiserS reading this, Alamode is a software company, and "the vault" is were some appraiser buy data storage of reports)

Here is the Court of Appeals' decision:
FNC Case - Opinion 24Feb2011

Blog Post comment from http://matrix.millersamuel.com/?p=10595 website.

An anonymous commenter writes:…FNC represented to the appraisers that it was not building a database with or otherwise using the data the appraisers transmitted via AppraisalPort. The plaintiffs allege that these representations induced them to provide FNC with data from residential appraisals they had performed. The plaintiffs also allege that these representations were false. As FNC’s chief executive officer stated in an October 2005 interview, “when an appraisal is transmitted to the lender [via AppraisalPort], we are able to pop it open and suck all the data out.” According to the plaintiffs, FNC has access to the appraisal data that is transmitted through AppraisalPort, has been copying and warehousing this data, and used it to build the National Collateral Database. The National Collateral Database is an electronic real-estate-valuation service, collecting appraisal data and other information about residential real-estate properties and making it available to lending institutions as an alternative to paying an appraiser to perform an appraisal.