If you think your liability is limited to 5 years.

[Mr Rex]

I have had 2 retro assignments in the past week from 2000 and early 2003. I can't imagine the lenders are sniffing just for fun and giggles.

 

[Rufus]

From a recent C.E. class, a well know instructor gave an example of an appraiser being sued for an assignment that was over five years in the past. USPAP says that one must keep files for a minimum of five years. It does not state a maximum. This really concerns me because I learned from my mentor to go to the file cabinet and dump the old files as part of the month end procedure.

 

[NUTSaboutAPPRAISING]

Hi Y'all,
I also have had 2 retro assignments in the last week - for 2005 & 2006. Interestingly both appraisals were completed by the same appraiser. More interestingly, both appraisals are fraudulent: incorrect subject data, false comp data and very pushed values. I am struggling with the thought of reporting the appraiser to the state board of appraisers. How are y'all handling these types of reviews??

 

[Rufus]

How are y'all handling these types of reviews??

By stating what information is inaccurate, listing the correct information, and never attacking the appraiser. (What goes on inside my head is another story.)

 

[NC Old Guy]

nuts,

Out of curiosity, why are you stuggling? You will have those that claim "we are not the police". However, I tend to think that the police go looking for the "crime". You've had it dumped in your lap. Now you just need to decide whether or not you will report it. Ask yourself, what if, instead of a very bad report(s), you had instead been witness to a: (fill in the blank with things like murder, armed robbery, dashing out of the store with $1000 worth of goods, etc.). Would you report it? Stand as a witness? Then ask yourself if there is a differnce with what someone has dumped in your lap. If as bad as you imply, may not be "armed" robbery but bet the $$ limit is great enough to reach the grand larceny amount. How can anyone expect any of the appraisal boards to deal with the issue if no one will turn in the really bad reports. Without the real bads, they can only deal with the petty stuff.

 

[chad hampton]

i wouldn't worry after 5 years. I think at this point they are grasping at straws.

But I know some people love to live in a continuous state of paranoia.

 

[Elliott]

Attorneys always make money, whether they win or lose.

 

[Mr Rex]

On the review from 2000, the person listed on the invoice as paying for the appraisal is in the Federal Pen now for FHA related mortgage fraud and has to pay several million in restitution and fines. So I guess maybe the appraiser(s) that signed it better put their assets in someone else's name ASAP. They were involved in several of the properties that put the other feller in prison.:new_smile-l:

 

[Lee Lansford]

Hi Y'all,
I also have had 2 retro assignments in the last week - for 2005 & 2006. Interestingly both appraisals were completed by the same appraiser. More interestingly, both appraisals are fraudulent: incorrect subject data, false comp data and very pushed values. I am struggling with the thought of reporting the appraiser to the state board of appraisers. How are y'all handling these types of reviews??

What are you "struggling" with?

 

[Lobo Fan]

I think this is why lenders are pushing for an appraiser's bond in the new Senate bill. They want a pool of money to recover from. Even if they cannot prove fraud, will it be worth defending a settlement? Soon it will be impossible to get the bond. All it will do is bankrupt a lot of good appraisers (as well as some shady ones).