MYRTLE BEACH SC RBC Bank accuses 13 appraisers & apprentice appraisers.

[Mike Kennedy]

Saturday, Dec. 31, 2011 Modified Sun, Jan 01, 2012 01:58 PM

Courthouse notebook | Appraisers could be next Myrtle Beach area mortgage fraud focus

"But instead of calling them active participants in a widespread mortgage fraud scheme, the appraisers are accused of aiding the fraud through negligence, according to a civil lawsuit working its way through federal court."

Read more here: http://www.thesunnews.com/2011/12/31/2574161/courthouse-notebook-appraisers.html#storylink=cpy

 

[Smokey Bear]

And how do the banks explain their 'sudden' discovery of the 'bad' appraisals? Didn't they due their due diligence when the received the appraisals? Sounds to me like they just used the appraisals as file fillers and didn't bother to review them until the loans went bad.

 

[JRS at OBX]

I used to work for RBC, then they went to Transunion and Fiserv. They got what they paid for.

 

[Noreen]

I used to work for RBC, then they went to Transunion and Fiserv. They got what they paid for.

Are you NOT saying fast & cheap versus diligent and credible???? ( I know you are credible, "they got what they paid for" is what I picked up on)

 

[JRS at OBX]

Are you NOT saying fast & cheap versus diligent and credible???? ( I know you are credible, "they got what they paid for" is what I picked up on)

I'm saying they used to care, then they went to the dark side....now look what has happened.

 

[Mr Rex]

IIRC the appraisals in the suit were prior to RBC going to AMCs

 

[JRS at OBX]

IIRC the appraisals in the suit were prior to RBC going to AMCs

m2:

 

[Mr Rex]

As an aside, I would be willing to bet that if the loan officers at RBC had to deal with those English as a second language habibs that call appraisers from Fiserv, they would ditch them in a New York Minute.

 

[smallface]

Bish was disciplined in NJ in 2006. Didn't analyze the contract and was $100,000 over the SP.

 

[Mike Kennedy]

Bish was disciplined in NJ in 2006. Didn't analyze the contract and was $100,000 over the SP.

Much more than that:

"..the failure to report an appraisal clearly and accurately as required by Standards Rule 2 of the Uniform
Standards of Professional Appraisal Practice the USPAP,

failure to provide a complete or accurate description of the neighborhood or the subject’s site
characteristics,

failure to correctly report or analyze significant physical characteristics,

value conclusion not supported by data and analysis in appraisal report,

failure to accurately report all readily observable property defects that affect the property’s
marketability,

and the failure to report major defects that may impair the health or safety of the property occupants.

On February 16, 2006, a letter issued from the Attorney General, maintaining that whether or not respondent was
able to obtain the contract for sale, the disparity of $100,000 between the contract price and the value conclusion should have been addressed in the report, but was not."

Bish, Gary Lic# 42RG00127300 Final Order of Discipline 4/3/2006
____________________________________________________________

* back in 2006, contract analysis was required "if available during the normal course of business", the respondent replied that a copy of a contract was not provided to him; that subsequently was changed by the GSEs/HUD when using GSE report forms to mandatory contract review prior to submittal of an appraisal.

a. his report should have indicated the steps taken to obtain the contract as well as the result (unknown from data in the disciplinary report).

b. The Bullseye lives