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Does Anyone Do Fraud Investigation Work?

Discussion in 'General Appraisal Discussion' started by Laurie Norman, Dec 29, 2004.

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  1. Laurie Norman

    Laurie Norman Junior Member

    0
    Dec 18, 2004
    Professional Status:
    General Public
    State:
    South Carolina
    ..........
     
    Last edited: Jan 23, 2007
  2. JSmith43

    JSmith43 Elite Member

    18
    May 5, 2003
    Professional Status:
    Certified General Appraiser
    State:
    California
    Scully, is that you? Yes, it's me, Mulder. :beer:

    I'd rather bust terrorists posing as walleye fishermen up in the BWCA. But, I'd rather not start until spring :rofl:
     
  3. Pamela Crowley (Florida)

    Pamela Crowley (Florida) Elite Member

    3
    Jan 13, 2002
    Professional Status:
    Retired Appraiser
    State:
    Florida
    Me too, Laurie. I'd rather be preparing to testify than dealing with the fallout BS with LOs & HOs of a lower than what we 'wanted' (demanded) value.
     
  4. Ray Miller

    Ray Miller Elite Member

    0
    Feb 20, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Wisconsin

    Got a job for you up in this area. The local paper out of the twin cities run a story a couple of weeks ago about different eating establishments from high end to the local fish fry bar having Walleye on the menu and charging an arm and a leg for it. When in fact they were selling some fish from Europe that sold at half the price of walleye at wholesale.

    The reporter figured 50% of the fish sold as Walleye was fake.

    Is over half the population crooks? It seems like it. No matter what business you are in.
     
  5. Karl

    Karl Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Arizona
    In MY OPINION everyone that turns TRULY Fraudulant Appraisals into the Board, DA, Mortgage Bankers Association, Governors Coucil, Senators, Congresspersons.,

    Is DOING Fraud Investigation work. Just not getting paid (in money) for it, (directly)

    Befor going into this line of work BE SURE the Appraisal is TRULY FRAUD & NOT just an Error/Omission or something U may simply DISAGREE with.
     
  6. Ray Miller

    Ray Miller Elite Member

    0
    Feb 20, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Wisconsin
    Before going into this line of work. You might want to check with you E & O and General Lib. insurance company.

    You would need to take a look at your fees as well. You will need to allow for a lot of court and prep time.

    Not knowing you education level, you might want to have advance education like a Masters or Phd, MIA SRA level.

    Then you need to find someone that will want your services. that a key, who do you market to.
     
  7. USPAP Compliant

    USPAP Compliant Elite Member

    2
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    I have done quite a few reviews for the insurance compaines that insure mortgage loans. It seems that they do not have to pay off on defaulted loans if there was a fraudulent appraisal backing the loan.

    These assignments are not taken with some predetermined notion that fruad has taken place......but that is very often the case.
     
  8. Laurie Norman

    Laurie Norman Junior Member

    0
    Dec 18, 2004
    Professional Status:
    General Public
    State:
    South Carolina
    ..........
     
    Last edited: Jan 23, 2007
  9. JSmith43

    JSmith43 Elite Member

    18
    May 5, 2003
    Professional Status:
    Certified General Appraiser
    State:
    California
    Laurie, I'm glad you got some serious replies. It's either FBI or the State appraisal board from the government end or MI companies, Fannie & Freddie, etc in the private sector. I don't think I'd take a homeowner on as a client :p

    Pre-emptive investigations are probably not so common, but, I bet the fraud investigation business will spike when those losses start pouring in....... :eek:


    Ray!! :eek: :eek: :eek:

    That's unamerican!!!!!!! :fencing: :fencing: I want a job hunting down the fraudulent Walleye pushers. Hmmm. I have connections at the DNR......well, too late to go undercover.
     
  10. Restrain

    Restrain Elite Member

    20
    Jan 22, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    We have begun doing this type of work beyond reviews for Freddie, et al. What you have to do is interest a private attorney in that there is sufficient dollars involved to go after the lender, appraiser, and so forth. If you have an active consumer division of the AG's office, you might work a deal with them to do their investigations if you can show that there is a pervasive problem in a certain area.

    We are looking at manufactured homes, where they are sold at $120,000 but worth $60,000. Hundreds of foreclosed homes in our area.
     
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