Corelogic Getting Out Of The AMC Business

[djd09]

don't worry good news...scum bag AMCs have helped fill up the borg up with cheap, fast, and racist data

 

[Kitarkus]

Wells Fargo Workers Went on Appraisal-Fraud Bender​

by Jeremy Bagott · Published October 11, 2022 · Updated October 13, 2022

Loan officers at Wells Fargo altered values in the bank’s database, so loans would qualify for so-called appraisal waivers…
It feels like Ground Hog Day all over again. Who can forget the Wells Fargo banker who, stressed from opening fraudulent accounts in the name of hapless depositors, had begun guzzling hand sanitizer? That was in 2016. New revelations from the nation’s second-largest mortgage lender will make the U.S. taxpayer want to take a good long pull on the nearest bottle of hand wash.

Dozens of loan officers at Wells Fargo altered values in the bank’s database, so loans would qualify for so-called appraisal waivers, according to recent reporting from Business Insider. In some cases, Wells Fargo employees slashed $1 million or more off home values, reported the publication. The mortgages, based on the chicanery, were then sold to Fannie Mae and Freddie Mac, both of which are in federal conservatorship.

Business Insider’s reporting indicates loan officers at the bank changed values, since waivers were available only to properties valued below $1 million. Reducing the value of a home in their system below that threshold triggered a waiver. In some high-cost areas where Wells Fargo does considerable business, like the San Francisco Bay Area, databased values – some questionable to begin with – may have been reduced from, say, $2 million to below $1 million.

Wells Fargo Workers Went on Appraisal-Fraud Bender

Loan officers at Wells Fargo altered values in the bank’s database, so loans would qualify for so-called appraisal waivers... It feels like Ground Hog Day

appraisersblogs.com

it's a good thing they cut the mortgage brokers out of the loop...

The article was published prior to last Halloween FYI

 

[djd09]

Value acceptance offers are available to all lenders through DU. There are no prerequisites and no registration
process.
When a DU loan casefile receives a value acceptance offer and it is exercised by the lender, Fannie Mae accepts the
value estimate submitted by the lender as the market value for the subject property and provides relief from enforcement
of representations and warranties on the value, condition, and marketability of the property.

clueless

 

[djd09]

The article was published prior to last Halloween FYI

hee haw hee haw