I have been amazed by the FNC company since I sat, many years ago, in a “session” where they were selling their ideas of a totally linked appraisal world. They were assuring us that their goal was to protect the appraiser and make us all a lot of money. Since the lenders have the money, I always knew that would not happen. I did not buy it then and it looks like my instincts were right. Below is the original post:
http://appraisalnewsonline.typepad.com/appraisal_news_for_real_e/2008/09/you-cant-handle.html
I must quote from the judge’s comments:
“In this manner, FNC’s actions are like a man standing with one
foot on a dock and one foot on an untethered boat drifting away and
unable to choose whether to stay on land or shove off to the sea. When this case was filed, FNC’s time to choose ran out and it ended up in the water. A s FNC’s predicament is wholly of its own making, the Court will not now throw it a life preserver. “
Here is the link to the full opinion: Click Here
Let’s remember that the Appraisal Institute helped create this company.
Eileen Simpson
5 responses so far ↓
1 Eileen Simpson // Sep 5, 2008 at 10:15 am
I always welcome opinions different than mine. Chris, you have an interesting point, but I do believe that without the blessing of the Appraisal Institute, they would not have been able to try to pull the wool over our eyes.
Do I think the AI wanted this to happen? No. They meant well, but I don’t think they thought the situation through. Thanks for commenting. This blog does not hide differing opinions. Keep them coming!
2 Chase Preston // Sep 5, 2008 at 11:36 am
Wouldn’t you agree that FNC has facilitated more business for thousands of appraisers through their Appraisal Port?
3 Eileen Simpson // Sep 5, 2008 at 11:50 am
Dear Chase:
I an certain that appraisers have received work. That is evident. Wouldn’t they have anyway? FNC did facilitate work for appraisers, but the cases would have existed and internal people at the firms would have had to hire appraisers directly. They didn’t create loans did they?
I am not against management companies. I am against parsing data when you are told that won’t happen. I also think that statistical models are a wonderful tool. The data has to be obtained with full disclosure. That is my issue. There could be circumstances where I would allow my data to be parsed, but I would need to be involved in that decision.
From was perspective are you commenting? Are you an FNC employee? AI person? Again, I appreciate this spirited discussion and don’t expect everyone to agree with me.
4 Glenn Rigdon // Sep 16, 2008 at 1:04 am
I’m not an AI member, nor do I do business with FNC. Their takeover of Countrywide’s appraisal work (by effectively becoming the new LandSafe) with a corresponding 20% reduction in fees provided to Countrywide does, however, concern me.
FNC has started their LandSafe role by requiring appraisers to adopt AI standards and forms, and if I begin to hear that AI members previously banned in our market from Countrywide work begin to receive it again via AppraisalPort, I for one will begin to scream foul.
If the banks give up their control of AMC’s to an unbiased third party owned AMC, I don’t have a problem with that. If the AMC acts on behalf of an apprasial organization then I do have a problem. The AI / FNC connection is strong, the future will tell us just how strong it really is.
5 Eileen Simpson // Oct 6, 2008 at 10:22 am
Dear Glenn:
Love your comment! Right on!
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