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Hybrid

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Marion Rhodes said:
Stop putting words in my mouth.

I said the data was being provided to the appraiser by interested parties.

now do you want to dispute the AMC's interest as the agent of the lender?

I've alleged nothing,

Simply provided the regulations which you firstly claimed did not exist and then claimed, so what no lender ever sued any appraiser, even though lenders don't sue appraisers, the FBI and the FDIC arrest them - because mortgage fraud is criminal, not civil.

And now you want to claim nobody will ever enforce those regulations.

Yup, into it all goes south again and sure enough, those regulations will be enforced.

FBI Reports

Mortgage Fraud Report 2006

May 2007

image

This house was used in a Mortgage Fraud Scheme




Mortgage Fraud Report 2007

April 2008

image

The above photos are from condos that were involved in a mortgage fraud. The appraisal described
“recently renovated condominiums” to include Brazilian hardwood,
granite countertops, and a value of $275,000.

Mortgage Fraud Report 2008

2008 Mortgage Fraud Report

image






The author(s) shown below used Federal funds provided by the U.S.Department of Justice and prepared the following final report:
Document Title:

Working Paper: Burning Down the House: Mortgage Fraud and the Destruction of Residential Neighborhoods


Yeah George,

Nobody will ever have any reason to give an appraiser one set of photos that, oh my, might be of the wrong property.

Never will happen, never has happened, and nobody is in the mortgaging game to make any money. Everyone just works in the financial and real estate fields because they want to help other people.

.
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You and others argue that hybird appraisals will lead to fraud, yet all of the cases you cite involved mortgages done when there was no such thing as a hybrid appraisal and involved appraisals with supposed full interior inspections or using a 2055 drive-by.
 
George Hatch said:
. An appraiser who is amenable to committing fraud doesn't need the mechanism of the hybrid to do that.

Everyone understands this. Well, you don't seem to want to understand this but everyone else does.
Click to expand...
Exactly correct.
 
George Hatch said:
I've done no-look appraisals where NOBODY personally inspected
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Me, too. But that SOW makes sense under some circumstances and I am the final arbitrar of what is needed. It isn't crammed down your throat based on some jackwagon I don't even know or have any reason to trust. Obviously the person doing them is going to put the best light on the property because thy want to please the boss and have no duty to provide an accurate description. Look at some of the dumb comments made in the MLS about condition. Realtors complaining because you flagged obvious defects or safety hazards.
 
CANADA

Major Mortgage Fraud charges from BMO

Yesterday, the CBC reported that the Bank of Montreal was suing several hundred people in an alleged mortgage fraud scam that might well be the largest of its kind ever reported in Canada….

Here are the highlights or lowlights…

  • $140 million involved in this scheme.
  • $70 million of which was phony mortgage money.
  • BMO may lose $30 million.
  • it is alleged that lawyers, mortgage brokers and even some BMO employees took part in this massive fraud.
LOOK AT THE APPRAISAL PROCESS


What’s interesting is that they mention the ‘desktop appraisal services’ in the article… this stood out for me… an appraisal has always been part of the credit underwriting process.. Lenders want to know their security or collateral is of good, marketable quality in case of default…. But with the goal of trying to do more with less, several Banks started offering clients so-called FREE APPRAISALS… that wasn’t entirely true…

Banks must demonstrate to their shareholders that they perform proper due diligence before granting credit. Rather than pay the $250 or $300 for a standard appraisal, we saw the introduction of a desktop appraisal… Imagine trying to look at a computer screen and try to determine the value of a property in downtown Toronto, Vancouver, Calgary, Edmonton or any other city where house prices vary from block to block… it’s almost impossible without visiting the property personally…

Hopefully, the senior management at the Banks and other mortgage lending institutions will review their credit adjudication process and realize that it’s worth paying $300 to get that peace of mind…

Playing devil’s advocate, the crooks can employ the services of a corrupt appraiser but most Lenders have an ‘Approved Appraiser’ list…. it’s more difficult to get a bad appraisal this way… ..
 

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Terrel L. Shields said:
Me, too. But that SOW makes sense under some circumstances and I am the final arbitrar of what is needed. It isn't crammed down your throat based on some jackwagon I don't even know or have any reason to trust. Obviously the person doing them is going to put the best light on the property because thy want to please the boss and have no duty to provide an accurate description. Look at some of the dumb comments made in the MLS about condition. Realtors complaining because you flagged obvious defects or safety hazards.
Click to expand...

This here's still America, and none of us live in bondage. I turn down assignments that I don't want to do on a regular basis, and in my experience have found it pretty simple to do so. All I have to do is just say "no". I have trust that my peers are all just as capable of doing that as I when the circumstances warrant it.
 
Understanding the New Interagency Appraisal and Evaluation Guidelines

On December 2, 2010, the federal bank regulatory agencies released revised appraisal and evaluation guidelines - the first update since 1994! In this webinar recording, industry experts will highlight how the updated guidelines impact real estate appraisers. You’ll hear the agencies' expectations of regulated financial institutions, find out about important appraisal practice issues, as well as hear perspectives from both commercial and residential bank appraisal departments.


SPEAKERS

Robert L. Parson, Appraisal Policy Specialist, Credit & Market Risk with the Office of the Comptroller of the Currency in Washington, DC

Kenneth Dicks, MAI, Senior Review Appraiser with Sovereign Bank | Santander in Boston, Massachusetts and current chair of the AI Client Advisory Board

Stephanie Coleman, MAI, SRA, Senior Manager for Ethics and Standards Counseling with the national office of the Appraisal Institute

Tony Pistilli, Chief Retail Appraiser and Vice President for Consumer Banking Risk Management at US Bank Minneapoli




Oh and look,
you can have a bonafide, Valuation Visionary Explain it all to you.

.

.
 
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