Appraisers Speak Out On Pressure, Fraud, and Reform

RE:Appraisers Speak Out On Pressure, Fraud, and Reform

Anonymous — Fri, 22 Feb 2008 13:00:00 GMT

The goverment and municipalities are the number one offender of bad appraisers. I just received a "notice of property value" from the City of NY and the Dept. of Finance where they increased the property value on my house once again. You would think that with the housing crisis and economy the city would lower not increase your real estate taxes. The reason why they raised the value is to increase taxes. A tactic that is very unfair and deshonest, and is done by the goverment.

RE:Appraisers Speak Out On Pressure, Fraud, and Reform

Alan — Fri, 07 Sep 2007 11:00:00 GMT

False appraisals are accepted by very willing dupes, lenders who do so little to vet the appraisals.reviews by local "review appraisers", (not avms), would very easily uncover most of the negligence/appraisal fraud out there, but like a bank that leaves the vault open, lenders are so very "surprised" that the values are inflated and property conditions mischaracterized...what rational person or entity lends without knowing the collateral's value..mortgage lenders do business exactly this way

RE:Appraisers Speak Out On Pressure, Fraud, and Reform

aNONYMOUS — Fri, 03 Aug 2007 11:00:00 GMT

Appraisers are definately pressured by relators and mortgage brokers but they CAN put a stop to it. It may mean losing some business but you have to hold your ground with the realtors and mortgage brokers. Remind them that pressuring, threatening, coercing or intimidation of any kind to any person involved in a federally related mortgage transaction is a violation of the federal RICO ACT. They'll stop.

RE:Appraisers Speak Out On Pressure, Fraud, and Reform

Anonymous — Tue, 24 Apr 2007 11:00:00 GMT

Lenders do sometimes pressure appraisers, but as an appraiser for 35 years, I can tell you that the root of the problem is sales agents, who seem to believe that it is the appraiser's job to justify their deals and will raise hell with anyone who gets in the way. Ask any loan officer or appraiser & they will relate horror stories of dealing with these people. Any firewall legislation to immunize appraisers from pressure is doomed to failure unless it addresses abusive real estate agent behavior.

RE:Appraisers Speak Out On Pressure, Fraud, and Reform

D.Cook — Fri, 02 Mar 2007 13:00:00 GMT

There are numerous appraisers who do not complete an inspection correctly and end up with numerous errors - including homes as comparable that are not even similar to the subject property. These appraisers need to be report to the FBI so they do not give the rest of the profession a bad wrap. The FBI website for your state will have this information.

RE:Appraisers Speak Out On Pressure, Fraud, and Reform

Doreen Campbell — Sun, 12 Nov 2006 13:00:00 GMT

I see fraud, pressure, and I also see ignorance. New guys were never trained in busy times, cranking out too many reports daily/weekly. South Florida's huge boom & resulting over-inflation of values left too many new mortgage, realtors & appraisers under-educated and unprepared for the swing to a much different market. A recent review showed valuation above expiring listings in the complex! What's wrong with this guy? He used obvious non-comps to support fraud... Sad that reliable appraisers are shunned

RE:Appraisers Speak Out On Pressure, Fraud, and Reform

Jaime — Thu, 05 Oct 2006 11:00:00 GMT

To clear up the problem caused by most defective appraisals the industry need only to require the lenders to submit the address, appraisers name, license number & date of the appraisal to the local state agency. The agency can then sort by date with a subsort by appraisers license number to see if the number is being used by only the properly named appraiser and to see how many appraisals that appraiser is signing off on each day. The numbers would show up the "boiler" shops.

RE:Appraisers Speak Out On Pressure, Fraud, and Reform

Ginny — Fri, 11 Aug 2006 11:00:00 GMT

Does an appraiser have to come back if they want to see if you fixed a leak?

RE:Appraisers Speak Out On Pressure, Fraud, and Reform

AL B — Tue, 14 Feb 2006 13:00:00 GMT

Does anyone know where to report inspectors who did a shoddy, bad appraisal on a property? Thanks, Al B

RE:Appraisers Speak Out On Pressure, Fraud, and Reform

Wayne — Thu, 12 Jan 2006 13:00:00 GMT

I was asked by a lender to change a purchase price or increase by $ 10,000. I told the lender that must come from Selling Agent & Seller. I then would disclose this information in Sales & Listing Analysis. Then then wanted me to guarantee my appraisal for new higher amount or cancel the assignment after I had made inspection and inspected the sales comparables. Yes, inflate the amount and hit a number. They even said they had some else already guarantee the higher number over the phone.

RE:Appraisers Speak Out On Pressure, Fraud, and Reform

Stephen — Fri, 13 May 2005 11:00:00 GMT

The mortgage lending business is in a state of anarchy. One need not look beyond the tip of their finger to realize that, given low barriers to entry into the field, this is the ultimate get rich quick scheme that really works. A complete reengineering of the industry is required.

RE:Appraisers Speak Out On Pressure, Fraud, and Reform

Barney — Fri, 13 May 2005 11:00:00 GMT

The statement, Appraisers claim they are being pressured should be sent to pasture. Nearly all appriasers are pressured on a regular basis to commit gross fraud and the mortgage industry makes no attempts to conceal so. You may read it from the brokers @: Ref: Brokers Outpost.com

RE:Appraisers Speak Out On Pressure, Fraud, and Reform

arcticblueice — Thu, 12 May 2005 11:00:00 GMT

I am grateful for everyone who is making an effort to tame this feeding frenzy where fraud is so rampant. The F.B.I. has received thousands of complaints and are making an effort to educate the public. You may report real estate fraud here: http://www.namb.org/report_fraud.htm You may also just provide a tip to the F.B.I. at the following URL: https://tips.fbi.gov/ Invest wisely and please report felonious behavior immediately.

RE:Appraisers Speak Out On Pressure, Fraud, and Reform

Edd Gillespie — Thu, 12 May 2005 11:00:00 GMT

Why dont you run a piece on mortgage fraud. Mortgage brokers usually want an appraiser who will help them commit mortgage fraud, and unfortunately they can find one. But, as in prostitution, the john is as guilty as the prostitute. Ask your readers what they think of mortgage brokers who pressure appraisers to come up with an estimated value that will make their loan work.

RE:Appraisers Speak Out On Pressure, Fraud, and Reform

Tawfik Ahdab — Wed, 11 May 2005 11:00:00 GMT

Thank you. Thank you. Now lets start hearing some responses to our problems from other real estate industry participants and regulators. We have sent a letter to the president of the National Association of Mortgage Brokers, signed by over 100 appraisers. We havent received a peep in reply to date, and this was months ago. This was months ago. I have sent correspondence to OFHEO, but received no reply either.