• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Florida fraud news article

Status
Not open for further replies.

Pamela Crowley (Florida)

Thread Starter
Elite Member
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Good article - horrible title. Joni Herndon is a member and incoming Chair of our Florida REA Board.

Home Fraud Starts with Crooked Appraisal

http://floridatrend.com/article.asp?aID=48370

How big a role do appraisers play in mortgage fraud?

In most cases, you can't have mortgage fraud without an appraiser. A fraudster is not going to pay cash for a home. They have to get a lender, who hires an appraiser to inflate the value. The appraiser is key to mortgage fraud.

What's an example of a fraudulent appraisal?

In Pinellas County on Snell Isle, there are canals, harbor and open bay - three sets of sales data you'd use. If you want to pump up the value, you might compare canal front to open bay and not disclose any difference to the lender, who's in California.
Of the nation's 102,000 licensed appraisers, 37,000 have been in business only three years. Is that a problem?

When everything is going up, the new appraisers come in and they don't have good mentoring or good training. In Florida, you only have to train for two years until you get to be state certified, and then you can bring on trainees yourself. What the heck can you learn in two years? Unfortunately, there's been no change.
 

USPAP Compliant

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
I am shocked and amazed that there could be ANY appraisal fraud going on in Florida!
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
AF and state boards are more interested in 'supplying'
appraisers. Too many appraisers? Is that why I got
a Finiti order for a 2055 for $155? I actually had the
audacity to laugh at the process about the fee, she
didn't appreciate that.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
NYCERTAppraiser replied. Will be interesting if they actually print it with 24 hours as advertised.



update: they didn't. :new_smile-l:
 
Last edited:

Michael Chu

Member
Joined
Feb 9, 2006
Professional Status
Certified Residential Appraiser
State
Georgia
false report?

Good article - horrible title. Joni Herndon is a member and incoming Chair of our Florida REA Board.

Home Fraud Starts with Crooked Appraisal

http://floridatrend.com/article.asp?aID=48370

Of the nation's 102,000 licensed appraisers, 37,000 have been in business only three years. Is that a problem?

Where did those numbers come from? Certainly not anything close to those published on the ASC.gov - only 30,zzz Licensed Appraisers in the US out of a total (CG,CR, L) 121,zzz listed and tracked by ASC.

But I wonder if the percentage still holds true for the number of appraisers with < 3 yrs. in business.
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Florida has Fraudulant Real Estate Transactions??? NO!!! Please tell me that that is not possible & Appraisers are involved, NOW that is just plain out & out lies. I been told that Appraisers had absolutely nothing to do with any of this fraud cause USPAP say so.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks