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News Now

Washington
CU v. appraiser suit becomes a federal case
WASHINGTON (8/4/11)--A lawsuit filed early this year in state court, which claims the faulty work of a real estate appraiser cost a credit union hundreds of thousands of dollars when a borrower defaulted on a mortgage loan, has now become a federal case. The lawsuit was originally filed by Utah Central CU early this year. The credit union alleged it would not have provided a $584,000 mortgage in 2007 if Blaine Park, a licensed appraiser, had not provided an appraisal of $730,000 for the property involved. When the loan defaulted, the credit union sold the property for just over $170,000. The credit union suit charged that the appraiser violated Uniform Standards of Professional Appraisal Practice and claimed that under those standards the appraisal should have been closer to $520,000. The National Credit Union Administration (NCUA) liquidated Utah Central in April due to what the agency called the credit union’s “declining financial condition.” The agency arranged an assisted purchase and assumption with Chartway FCU, of Virginia Beach, Va., and under the arrangement the NCUA assumed millions of dollars of Utah Central’s losses—and succeeded to the credit union’s position as plaintiff in the appraiser lawsuit. Most recently in suit, the U.S. District Court District of Utah, Central Division granted NCUA’s request to move the case to federal court. Also, defendant Park filed a response to charges, including an argument that the plaintiff has fail to state a claim for which relief could be granted.


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