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FNIS Sues Real Estate Appraisal Board

PHILADELPHIA-In a 23-page lawsuit, described by Fidelity National Information Systems' executive vice president as "dij` vu all over again," FNIS charges the board with forcing consumers into slow and costly appraisals for mortgage applications. FNIS prevailed in an Oregon suit.

By Marita Thomas | Updated on August 27, 2002

PHILADELPHIA-Fidelity National Information Systems, a real estate services company, and its subsidiary, Market Intelligence Inc. filed a federal lawsuit in the US District Court for the Eastern District of Pennsylvania against the seven-member State Board of Certified Real Estate Appraisers. Milford, MA-based FNIS charges the board with improperly forcing residential home borrowers to use slow and costly appraisals, instead of alternatives that it says are “federally approved,” in applying for loans in this state.

FNIS says in a statement, “by requiring the use of appraisals in all lending transactions, the Pennsylvania Appraisal Board is defying federal banking laws and attempting to halt federally approved banking practices that benefit consumers in the state.”

In court papers, FNIS asserts it can provide evaluations of residential real estate through automated models “within seconds” without the services of a board-certified appraiser, in contrast to “from five to 10 business days or more” when it uses such an appraiser.

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