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Mortgage Broker's License Revocation?

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Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Does anyone know of a case where the license of a Florida Mortgage Broker was either suspended or revoked?

If so, what were the circumtances?

(I no longer do reports for mortage loans, but here is a case I heard about yesterday): A Florida mortgage broker ordered two appraisals on the same property. The mortgage broker submitted only one of the reports (the higher one) to the mortgage funding firm, and further, the appraiser did not get paid by the title company, whom the broker had said was to pay the appraiser.

Through the mortgage funding firm and from the title company, the appraiser learned that his report had not been submitted to either of them. When the appraiser called the mortgage broker in a effort to get paid, the mortgage broker said, "Call the borrower-homeowner." Who, of course, told the appraiser she did not owe him anything.

Was there any violation of Florida law on the part of the mortgage broker?
What recourse does the appraiser now have?
 

Marty Davis

Freshman Member
Joined
Aug 1, 2002
The BEST thing to do is to file a Mechanic's Lien" on the property. You probably won't get paid right away, but before they can refinance, sell etc. they will have to satisfy the lien. :oops:

Marty Davis
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Marty,

I'll let others more knowledgeable about this hopefully give a more researched answer, but I believe you cannot file a mechanics lien for an appraisal. Especially if it's for a lender.
 

Francois K. Gregoire

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Florida
The BEST thing to do is to file a Mechanic's Lien" on the property. You probably won't get paid right away, but before they can refinance, sell etc. they will have to satisfy the lien. :oops:

Marty Davis

Marty,

Please don't file a mechanic's lien. In Florida, this is reserved for contractors and materialmen. Right now, the only way to lien the property is to secure a judgement against the creditor/borrower/client and have it recorded.
 
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