Think Tank Report Paints Picture of Mortgage Appraisal Fraud

RE:Think Tank Report Paints Picture of Mortgage Appraisal Fraud

dave — Fri, 02 May 2008 11:00:00 GMT

Fraud alert! Fraud alert! Fraud alert! Fraud alert! Fraud alert! Fraud alert! More money lost in fraudulent cash for key programs. Some agents offer friends or strangers to participate in the cash for keys program even if there is no occupant in the residence. In return the resident splits the payment with friend or stranger. Example: An empty foreclosed home an agent offers a friend or stranger cash for keys even though the friend or stranger does not reside and never has resided at that residence. The previous owners of the foreclosed home never rented to the said cash for keys recipient.

RE:Think Tank Report Paints Picture of Mortgage Appraisal Fraud

Mike the Lender — Sat, 07 Apr 2007 11:00:00 GMT

I work for a very large international bank based in NYC. We provide a true arms lenght appraisal for our borrowers. I have no contact with the appraiser, dont know who he or she is, all I do is order the appraiser from a national vender. In a purchase its a little different as the appraiser has to see the contract to take into account concessions. The refi business is the real achilles heal. Its where much of the gross fraud takes place. I hope that HUD steps in soon to regulate the industry.

RE:Think Tank Report Paints Picture of Mortgage Appraisal Fraud

Cochise — Wed, 18 Oct 2006 11:00:00 GMT

Appraisers Take the Pledge: http://www.hwforums.com/2191/

RE:Think Tank Report Paints Picture of Mortgage Appraisal Fraud

Raymond G Hamilton — Thu, 05 Oct 2006 11:00:00 GMT

A victim of appraisals in Colorado, greedy Realtors, mortgage brokers that will fill in the blanks to get their pay no matter what the truth is. The appraiser in my case was told what the price had to be before they had seen the house. The mortgage broker had no state licence or background check as none required in Colorado - the state with the most foreclousures.

RE:Think Tank Report Paints Picture of Mortgage Appraisal Fraud

tom — Fri, 08 Sep 2006 11:00:00 GMT

As a mortgage professional..... I am relieved that this is getting the attention that it has. I have worked for Brokers who "breathe" down the neck of LO's to request, push and even threaten the appraiser that they will not receive anymore business unless they can "do them a favor". My personal opinion is that the broker/lo should not be allowed to order appraisals. this keeps us out of the loop....no pressure from the lender and the appraisal is as true as it can be.....

RE:Think Tank Report Paints Picture of Mortgage Appraisal Fraud

Pam, Appraiser — Thu, 19 May 2005 11:00:00 GMT

Most of the requests I received from mortgage brokers come in with a request for a predetemined value on them. Many of them will not order the appraisal unless you preapprove the value they are looking for. I have been an appraiser for 20 years the situation has progessively deteriorated. The appraisers are accountable for everything and the lenders/brokers for nothing. It is a disgrace. Almost getting a ridiculous business to be in if you want to be an Ethical Appraiser.

RE:Think Tank Report Paints Picture of Mortgage Appraisal Fraud

Mark, Appraiser — Thu, 28 Apr 2005 11:00:00 GMT

The fraud is much more rampant than most people understand and the govt wont stop it. Why? The housing market is one of the few remaining bright spots in the US economy and if it hits the skids, hang on. Its one of the few industries that (so far) cant be outsourced overseas and the they will protect it like a mother grizzly protecting her cubs. The system wont change as long as mortgage brokers are paid on commission. Mark, Appraiser

RE:Think Tank Report Paints Picture of Mortgage Appraisal Fraud

Tawfik ahdab — Wed, 27 Apr 2005 11:00:00 GMT

Again, good article on appraisal fraud. You went to a website, you read the Demos report. Now, all you need to do is interview appraisers themselves. If you want to know how rotten the system is and how dangerous to our economy mortgage fraud and appraisal inflation have become, all you have to do is ask us. Its the real scandal of our day.