$1000 Fine Per Fake Appraisal

[Frank Bertrand]

Reported a bum appraiser last year. Investigation proved fraud, appraiser fined $1,000 per appraisal and license revoked forever. 7 fake reports in 9 months.

In reading the findings, I see where they nailed him for the wrong census tract on one report; Also he used same comp for two fake reports and used different GLA's for each. Nailed him for that too. I suppose the bad census tract and GLA's are like getting stopped for a moving violation and the cop writes you up for everything under the sun while she has you pulled over(no taillight, no seatbelt, no insurance card, etc) I think it would be a waste of resources jus to pop someone on a bad census tract. After all, wasn't it NASA or McDonnel Douglas who crashed a $200 Million probe on Mars because somebody (who remains anonymous) couldn't convert English into Metric.

I intend to write the state attorney handling this and ask if the crooked banker and homeowner also got charged. After all, I suppose the fruit of the fake appraisal went to the banker, who got the fees for the money and the homeowner who got a mtg worth 2x what the prooperty is worth. All of them should face justice.

However, there isn't much justice around now is there?

 

[Terrel L. Shields]

I think the courts are convinced that the appraiser is the last line of defense against overpriced properties and as such gatekeepers our level of responsibility exceeds that of the banker, seller, or borrower. That is even more reason to cautiously appraise property where the lender or realtor is pressuring the appraiser for a deal. ter

 

[Mike Simpson]

"One of the strongest motivators for honesty is the certainty of getting caught and fear of resulting punishment."

Stripping an appraisers license forever should be a very good deterent.

-Mike

 

[Jeff Horton]

Originally posted by Mike Simpson@Apr 28 2003, 10:54 AM
"One of the strongest motivators for honesty is the certainty of getting caught and fear of resulting punishment."

Stripping an appraisers license forever should be a very good deterent.

AMEN Mike!!

Not sure what has happened but the stories are that our local number hitter has suddenly gone straight. Hearing complaints of him not "hitting the number" and actually be low on his values. Other appraisers are getting work from people that used to be his. I don't know what happened but I can bet it was fear related!