Thomas N. Morgan
Member
- 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?
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?
