Banking group joins FNIS lawsuit against appraisers

Real Estate Weekly, Oct 2, 2002

Fidelity National Information Solutions, Inc. (FNIS), the nation's most comprehensive source for real estate-related data, solutions and services; and Market Intelligence, FNIS' property valuation subsidiary, announced that the Pennsylvania Bankers Association (PBA) has joined FNIS' lawsuit against the members of the Pennsylvania State Board of Certified Real Estate Appraisers. The complaint alleges that the state board seeks to unlawfully prevent the sale of lower-cost alternatives to home appraisals.

Mark Sennott, an executive vice president at FNIS, commented, "PBA's decision to join our lawsuit reflects how important it is for financial institutions of all types to be able to use appraisal alternatives in making modest size mortgage loans and dealing with their loan portfolios. The appraisal alternatives we provide allow our financial institution customers to cut processing delays and costs dramatically and to better serve homeowners seeking mortgage financing."

A copy of the complaint document and related articles may be viewed by accessing the following Web link: http://www.fnis.com/news/today.html.