FDIC SUES LSI AND CORELOGIC LSI Appraisal and CoreLogic being SUED. The SUIT contains accusations of gross negligence, breach of reps and warranties, and other breaches of contract for defective and inflated appraisals"
Click on link above to read more and make sure to read all the comments too!
LSI is one of the worst AMC's out there who have always paid low ball fees and expected unrealistic turn times without regard to quality. The lowest quoted fee gets the job, I know this for a fact as I never get work from them due to my NORMAL fees. I do work for their Relocation division. That is separate and they pay R & C fees.
As I stated it my reply to this news, it could not happen to 2 better Companies. LSI continues to send out condescending emails to Appraisers telling them what they are doing wrong, they ask for more and more ridiculous information and want the report to be formatted in a certain way, with certain commentary, on and on... But do they pay for the extra time involved. H E _ _ NO!
They should love the UAD coming in September, but that is another BLOG topic for another day.
I have always been a believer of you get what you pay for and when you get paid $195.00 or $200.00 and they charge the borrower $400.00 something is definitely wrong. No wonder they have problems!
As far as I know LSI is not going to change their ways and start paying Reasonable & Customary as required by the Dodd-Frank Bill. They are finding loop holes in that Bill . They refuse to pay for good appraisers who refuse to INFLATE values just to make the deals work. Inflated Appraisals is one reason why they are being sued.
Thank you, we'll be in touch!