Fraud alert

[alebrewer]

I would never place my E&O in an appraisal. Lenders, Homeowners, borrowers, realtors, processors etc. all get to see copies of appraisals. None of those entities other than the client need to know my insurance info. Any client I do business with has an updated copy of my policy in their internal records and that is where I like them to keep it, in their internal records. Not for public consumption.

That's awesome.

 

[Dublin ohio]

It seems improbable that if the appraiser who lost their license was smart enough to commit all this widespread fraud, they would also be stupid enough to use their real name and have the checks sent to their address - it just seems more likely a hacker or criminal used their identity - IMO -

It doesn't take much more than a functional version of the right software. Most software has the appraiser's name embedded. But someone with the right knowledge could change that. They could also have worked with the appraiser they are impersonating and had access to the software. A hacker doesn't make sense. Not enough money involved.

 

[Lil Rhody]

awe·some
/ˈôsəm/
adjective

extremely impressive or daunting; inspiring great admiration, apprehension, or fear.

 

[J Grant]

It doesn't take much more than a functional version of the right software. Most software has the appraiser's name embedded. But someone with the right knowledge could change that. They could also have worked with the appraiser they are impersonating and had access to the software. A hacker doesn't make sense. Not enough money involved.

The software and creating a fake invoice or appraisal is the easy part. But how did they get lenders and clients to pay all the fake invoices or use the appraisals, and what loans were involved? That would be the hacking part - from my limited knowledge of it.

The Fannie letter went out to lenders and seemed substantial enough for them to identify it as a problem, so added up in large numbers, the amount over 2years could be significant.

 

[Zoe]

If those fraudulent appraisals were paid full fee.... you know for sure that they were fake!

That was too funny. Almost made me pee in my pants.

 

[Carnivore]

Not long ago ACI was hacked in a big way. They were completely shut down. I don't use ACI. What I thought might happen to ACI users is if they had stored banking information with ACI to auto-renew their subscription. I don't use ACI.

I use Ala commode...I They keep suggesting I go auto renew for a discount. I refuse to do that because I do not save any payment methods with any company.

Yes, its tedious....but I just don't do it.



You should change your passwords for all accounts periodically.

Here's a joke about passwords

Whenever I forget, it will tell me: "Your password is incorrect."


I Changed all my passwords to 'incorrect."

 

[Zoe]

Dry humor at it's best.

 

[alebrewer]

Not long ago ACI was hacked in a big way. They were completely shut down. I don't use ACI. What I thought might happen to ACI users is if they had stored banking information with ACI to auto-renew their subscription. I don't use ACI.

Not true. I'm not sure what all the hubbub was about, but I never lost functionality with ACI. Granted - ACI is poop, but so are the rest of them. I've used them all. Antiquated technology that no one is updating because they have a captive audience and the big three have an oligopoly...

 

[Zoe]

Not true. I'm not sure what all the hubbub was about, but I never lost functionality with ACI. Granted - ACI is poop, but so are the rest of them. I've used them all. Antiquated technology that no one is updating because they have a captive audience and the big three have an oligopoly...

yeah, it is actually an oligopsony. But your correct on market structure and market power on price.

 

[Zoe]

It's all supply and demand. Market structure has nothing to do with it.