Industry News

Lawsuit claims AppraisalPort mining reports for database

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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. "FNC was very disappointed and disturbed to hear of this complaint," the company said in a written statement regarding the lawsuit. The suit "tries to attack FNC's core commitment of protecting the information we transmit between appraiser and lender. As a result, we believe it is entirely without merit and will defend it vigorously." The lawsuit was filed on behalf of Harold H. Huggins Realty Inc., P.E. Turner & Co. Inc., Resi...