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Rocket Mortgage scored a big win this week after the Fourth Circuit on Thursday vacated a $10 million judgment in a class action over a decade old. The group alleged that they paid for appraisals that were not independent since the defendants had provided appraisers with the homeowners’ estimates of their homes’ values.
We saw that clearly on the south shore of Long Island after Hurricane Sandy in 2012. I was not able to appraise there again for 2 years: too sad. Many homeowners had reproduction (not replacement) costs from their insurance companies. Sales fall sharply and then rebound as new construction surges.
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