A federal class-action suit is focusing fresh attention on an issue that's important to homeowners nationwide: Who -- or what -- tells you how much your property is worth? Is it a live human being? A digitized substitute? Does it really matter?A group of professional appraisers is suing a major mortgage technology firm, charging that it systematically takes their appraisal report information, warehouses it, and then markets it to lenders and developers of electronic substitutes for traditional appraisals.
The suit was filed last month by appraisers in Maryland, Virginia and Oklahoma against FNC Inc. of Oxford, Miss. FNC markets a high-tech system that converts traditional appraisals into electronic formats, then sends them to mortgage lender customers. FNC processes approximately 400,000 appraisals a month, according to the company, and deals primarily with the 45 to 50 largest mortgage lenders in the country.