Fraud alert

[alebrewer]

That is why I think it is a loan officer or a mortgage broker for a good % of them. They have access to all of the appraisers data, license, E&O, etc. They could also be teaming up with appraisers...

What Danny and Jgrant said probably accounts for the others....

Most appraisal management platforms that I'm familiar with (AppraisalScope, Mercury, AppraisalPort, Appraisal Firewall, Valutrac, etc.) also store the appraisers' credentials and E&O policy info. If appraisers think they're not including those docs in the closing packages they're blissfully ignorant.

 

[Zoe]

Market structure?

 

[Zoe]

Let me simplify it. Market structure can have more impact on price than anything else. It can impact other things as well.

Take for example non-separation of fees on truth in lending disclosures. That is market structure related.

 

[sputnam]

I am glad our state has a stamp/seal and just not a signature.
I also use ALAMODES verify with a serial number.

Will be easy to show that it was not me.....

The seal is no longer required in NC. I like it... so I will keep using it.

 

[Carnivore]

I had no concerns about ACI because I use Total. My point still stands, ACI was in fact hacked. Over at facebook appraisers were having report delivery issues. It was strange but not all of them. none the less every one at ACI that had banking information stored for renewals at ACI were indeed at risk. Fortunately none of them at facebook reported that issue. Many were having report delivery issues.. It was even post on here,

https://appraisersforum.com/forums/threads/ACI-outage.237084/

First American Financial confirms threat actors stole and encrypted data

The title insurance giant said the cyberattack is contained, but it is still working to determine whether the incident will have a material impact.

www.cybersecuritydive.com

 

[Carnivore]

One issue of including EO declarations page and license information is Identity theft, These are just two pieces of personal information. It is the accumulation of that info and other info about you can lead to identity theft outside of appraisal work.

 

[J Grant]

One issue of including EO declarations page and license information is Identity theft, These are just two pieces of personal information. It is the accumulation of that info and other info about you can lead to identity theft outside of appraisal work.

we do not know who or if it was one person or a ring who committed these acts - it sounds to me like it was not simply an appraiser; whoever did it had to have knowledge of portals and accounting departments idk how this faked identity appraiser got paid for all these invoices or if it was just a case of their license was not renewed and they faked a renewed license -

but if a person or people are brazen enough to omit fraud with RE and appraisals, it is no biggie for them to fake an E and O insurance declarations page- , just lift one out of the internet or an appraisal and change the name or expiration date.

 

[alebrewer]

I had no concerns about ACI because I use Total. My point still stands, ACI was in fact hacked. Over at facebook appraisers were having report delivery issues. It was strange but not all of them. none the less every one at ACI that had banking information stored for renewals at ACI were indeed at risk. Fortunately none of them at facebook reported that issue. Many were having report delivery issues.. It was even post on here,

https://appraisersforum.com/forums/threads/ACI-outage.237084/

First American Financial confirms threat actors stole and encrypted data

The title insurance giant said the cyberattack is contained, but it is still working to determine whether the incident will have a material impact.

www.cybersecuritydive.com

ACI was definitely hacked. I never noticed any change or interruption in service, though. Not sure what happened to them...

 

[alebrewer]

One issue of including EO declarations page and license information is Identity theft, These are just two pieces of personal information. It is the accumulation of that info and other info about you can lead to identity theft outside of appraisal work.

You do know that your Cert and E&O are stored on the order management sites, right? When I was running appraisal desks, if the appraiser didn't include them in the report, the underwriter picked them up off Mercury or AppraisalScope or whatever and put them in the closing package.

 

[John Hassler]

The invoices are not fake. They are for actual completed appraisals.

I get a copy of software that allows me to create my own signature. I set it up under the name J Grant, George Hatch or whatever. I use an email and phone number I control and I start accepting orders from a lender. I have them make the checks out to my company name, XYZ Appraisal.

While anyone can impersonate an appraiser, the real fault lays with the AMCs/lenders. With few exceptions, the ruse can only occur if the client fails in their due diligence of validating the appraiser’s address. This could be verified by mailing a portal validation code, or similar, to the appraiser’s address of record at the ASC, which comes directly from the licensing authority's records. While easy for a lender/AMC to do, it does cost the them staff time and postage, and possible delay on the first assignments.