Claims Against Residential Appraisers in 2009
Thursday, November 5, 2009
Claims Against Residential Appraisers in 2009
In 2009, the volume of claims against appraisers remained at the same record levels experienced in 2007 and 2008. Beyond this continued high level, we've observed several new claim trends affecting residential appraisers in 2009.
I'll start with the good news. Most of the claims we see are defensible. With experienced and knowledgeable defense counsel, we find that the claims can often be defended without any liability. Second, though the volume of claims is high, the volume does not appear to be increasing to even higher levels. We are slowly winding our way through the problems created by irresponsible lending practices at the peak of the bubble. As we get further away from that time, we are hopeful that we’ll start seeing a decline in the number of new claims.
I'll start with the good news. Most of the claims we see are defensible. With experienced and knowledgeable defense counsel, we find that the claims can often be defended without any liability. Second, though the volume of claims is high, the volume does not appear to be increasing to even higher levels. We are slowly winding our way through the problems created by irresponsible lending practices at the peak of the bubble. As we get further away from that time, we are hopeful that we’ll start seeing a decline in the number of new claims.