FNC has filed its official response to plaintiffs’ allegations that it misused data from appraisal reports sent over the AppraisalPort system.
Valuation Review has been covering the case since it was introduced in 2007.
In Harold H. Huggins Realt, Inc., P.E. Turner & Company, LTD., Residential Appraisal and Consulting, Inc. and Alfonoso V. Torres doing business as Front Door Appraisals vs. FNC, Inc., a trio of appraisers filed a federal class action lawsuit against the technology firm seeking damages for negligent misrepresentation, misappropriation, breach of implied contract and other charges.
According to the plaintiffs, although FNC had represented to them that the data they submitted using FNC’s “secure” data transmission service, AppraisalPort, would not be accessed or used by anyone other than the recipient lender, FNC accessed that data it “warehoused” and used the data to build its own valuable database, a database which FNC then resells to others.
In its answer to the complaint, FNC denied all allegations and claims that the suit is not appropriate to be a class action. Learn more about the details of FNC’s response in Valuation Review‘s report.