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Nearly 13 Million $ In Inflated Appraisals?

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Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
A few years ago, we had a good loan officer make a very bad decision. His management recommended he not make any further loans to a local rancher/investor type who was his friend. They felt they were in as deep as they wanted. Sure enough he made a large loan to the guy on a sure thing investment and he went bellly up.....took the loan officer down with him.

Often these cases are not a series of borrowers, but a string of related properties with one borrower.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
They're worried about inflated values with appraisals. How about the inflated/fraudulent values using AVMs. I wonder why they haven't looked at those.

Roger
 

Dale Smalley

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Hire a review appraiser! They knew exactally what they were doing and now are trying to focus the blame on the appraiser. What a lame excuse for their own bad managment and greedy fingers.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Same old story....lay the blame on the appraiser! Shades of the 80s and the RTC. Actually, I think this will end up as a blessing for those of us who do a good job, don't inflate values, and stay the course.
 

Patrick Egger

Sophomore Member
Joined
May 29, 2003
Professional Status
Certified General Appraiser
State
Nevada
Mike has a point ... it may be a blessing in the long run .... but considering all of the posts I've read here regarding bad appraisers and all of the poor appraisal work that I've seen, why wouldn't the public/investors, FED's etc blame it on the appraiser/appraisal?

I'm not saying that blame isn't due the LO's, management, agents, etc ... but a lot goes directly to those who knowingly or willingly participate in making or supporting such loans ... and from what I've seen over the years ... a lot of that goes directly back to the appraisers and some very creative reports... they simply didn't do what they were suppose to do ... they did what someone wanted them to do.

Its been a problem for as long as I can remember and I've been in this business since 1975.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
As long as anyone with a commission on the line has any say what-so-ever in who gets the appraisal order..... there WILL be number hitters.
 
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