AG secures $7.8M settlement with appraisal management co.
New York state Attorney General Eric T. Schneiderman on Friday announced a $7.8 million settlement with eAppraiseIT, formerly one of the nation’s largest real estate appraisal management companies, and its parent corporation, First American Corporation, for colluding with savings and loan giant Washington Mutual to inflate the values of homes.
The settlement resolves charges that the corporation violated appraiser independence laws, which regulate the conduct of real estate appraisers.
The settlement was entered into with CoreLogic Inc., formerly known as The First American Corporation and CoreLogic Valuation Services, successor-in-interest to its subsidiary eAppraiseIT.