Industry News

Lawsuit claims AppraisalPort mining reports for database

FNC says reports are confidential, but some lenders share data
Published on Jul 3, 2007

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A Web portal that lets lenders order property valuations online "dupes" appraisers by mining their reports to build a database of property information it resells to lenders, a lawsuit alleges.

The allegations against FNC Inc. over its AppraisalPort service are made by three appraisal firms, whose attorneys seek class-action status to represent other firms.

FNC maintains that information in its National Collateral Database is furnished by lenders, not appraisers, and that reports filed through AppraisalPort remain confidential.

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