Mortgage Fraud The Easy Way

By
Real Estate Appraiser with AmcAppraisalsinc.com

I love Rachel Dollar and the Mortgage Fraud Blog!  It is amazing to see the lengths people will go to steal and defraud!


This latest article drives home the point I often hear in appraisal forums and continuing education classes that, "mortgage fraud would be impossible without a complicit, corrupt appraiser".   And this is true.

Note the story in this weeks "Perp Walk" newsletter:

 
He admittedly purchased, along with others, a residential property but failed to disclose to the mortgage lender that US Appraisal had handled the appraisal.
 
Mortgage Fraud Blog - Appraiser Admits Role in Mortgage Fraud Scheme http://bit.ly/vzt69G
 
 
 
I guess there is no straighter line to mortgage fraud than owning your own appraisal management company!   There is a REASON we need checks and balances between big banks and big appraisal management companies.   

The state of Florida now allows you to search for appraisal management company licenses, either approved or in the works.  It will be interesting to see how many complaints get filed in the 1st year against entities behaving badly.
 
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Rainer
405,885
Randy Ostrander
Lake and Lodge Realty LLC - Big Rapids, MI
Real Estate Broker, Serving Big Rapids and West Central MI

Good morning Richard. You're right about no straighter line. Yikes. Wrong on so many levels yet more common than either of us want to think.

Nov 23, 2011 08:21 AM #1
Rainmaker
90,211
Craig Chapman
Call Realty / Access Appraisals - Mesa, AZ
The Value Guy

This is why lenders should be banned from owning any part in an AMC.  Many now own interests in AMCs that they profit from in more than one way. If the appraisal industry is to be really independent, then so do AMCs as a part of that system.

Dec 02, 2011 11:29 AM #2
Rainmaker
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Richard D. Ferris
AmcAppraisalsinc.com - Clermont, FL
Florida State Certified (FHA) Appraiser

Craig... "LIKE" - I agree!

Dec 02, 2011 11:34 AM #3
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Rainmaker
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Richard D. Ferris

Florida State Certified (FHA) Appraiser
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