Appraisal Fraud up 46% in Q3 '09 versus '08

By
Home Builder with North Texas Help-U-Build

From Think Big, Work Small comes this interesting tidbit?

Well, well, well... So HVCC starts in Q209, and yet in Q309 inflated value appraisal fraud is up 46% compared to a year ago in Q308. Well, it isn't brokers... they can't even order an appraisal. So who could it be? Hawaiian reverse lender is in the frying pan. Dan Kennedy teaches us that, someone might just have to go in order for you to make it.

Think Big Work Small

 

Take a hint from these guys.  They know how to do blog video, in a BIG way.  If you want to get a following, this is the way to do it! 

 

Posted by

Mike Michaud,

Builder of zero-energy homes Texas and Oklahoma -           Preferred Builders of Texas: www.preferredbuilders.org

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Rainmaker
222,740
Brian Brumpton
Keller Williams Boise - Boise, ID
Boise Idaho Real Estate

Mike,

You're right, that's a quality video blog.  I'd be interested to find out if the report is confirmed. 

Nov 02, 2009 12:16 PM #1
Rainer
134,328
Mike Michaud
North Texas Help-U-Build - McKinney, TX

Brian, in the opening part of the video they identify the source as The National Mortgage News Online and Interthinx.

They have a blog underneath the video that has a lot of comments from appraisers and mortgage officers realtive to the HVCC problem and the AMC's directing values.

The more the government gets its fingers into this, the worse the problem becomes.  They are institutionalizing fraud on a grand scale.  In an effort to get rid of the small-time, local scammers, they've enabled the big guys to play the game with the rules to weed out the professionals that really know their markets.

Get a rope.

 

Nov 02, 2009 01:32 PM #2
Rainmaker
196,598
Jirius Isaac
Isaac Real Estate &TriStar Mortgage - Kenmore, WA
Real Estate & loans in Kenmore, WA

More evidence of the problems with bank appraisals.  We need to get rid of HVCC yesterday.

Nov 04, 2009 12:47 AM #3
Anonymous
Anonymous

I'd be willing to bet that if we could really dig down deep, we'd find that appraisal fraud isn't up, only the prosecution of appraisal fraud. Probably 90% of the appraisals done from 2001-2005 were fraudulent but were not prosecuted because real estate was booming.

Nov 05, 2009 09:21 PM #4
Rainer
134,328
Mike Michaud
North Texas Help-U-Build - McKinney, TX

Jirius: It should have never been enacted in the first place.

Russell:  You think that 90% of appraisals were knowingly fraudulently inflated?  I find that very hard to believe.  My personal experience during that time wouldn't support that figure, but then I wasn't in California either.

Thanks for the opinions.

 

Nov 05, 2009 09:42 PM #5
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Rainer
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Mike Michaud

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