New scam?

[Wally Jones]

Pam,

My apologies for appearing to not take your question seriously. The situation you described just seemed so ludicrous to me that I resorted to an attempt at humor rather than give thought to a serious reply. Of course, if I became a victim of such a scam, I'm sure my smile would disappear.

I haven't heard of anything like you described.

Most of our clients have our electronic signature on file, deal with us extensively on the phone and generally recognize our style of reporting. For new clients, we generally talk with them several times from the initial request until the report is received to ensure customer satisfaction. So, for our particular method of doing business, I'm having a hard time visualizing how this potential scam could succeed. If such a thing is suspected, the proper authorities should be alerted and they can investigate.

Of course, for the dedicated crook, who uses my name and license for clients who don't know me, I'm not sure he can be stopped. But he sure would have to move around a lot, I think, which would seem to make his crime counterproductive. It would be cheaper for him to simply get his own license and continue his criminal activity "legally", as so many apparently are already doing. (Oops, almost let some humor slip in there! )

 

[bradellis]

Pam,

Identity theft is real and happens all the time. Frankly, it is pretty easy- the ASC site has everything one would need- license number, name address, etc.

When the lender is questioned over whom he paid, it all becomes clear, in most cases.

And yes, I have seen it first hand. The cutest one was signed in script generated by the computer. ANY client who did not question that got what he deserved.

Brad Ellis, IFA, RAA

 

[Larry Lyke]

Pam -- Likewise, my brat-boy-on-the-block apology for perpetuating the fun stuff.

Having "some" first hand knowledge of how our State's investigative troops work, I venture the following scenario:

Alert your state investigators who oversee appraisers (mortgage people, whoever). They can send a investigator to the loan broker, whomever, obtain copies of the appraisals and just trace them backwards and by the end of the day surely they can come up with the culprit.

The state could probably do 90% of the work by phone and fax.

The real person the state would naturally focus would be the loan broker or mortgagee's origination source. It's hard to imagine the later don't know what's going on.

 

[Bobby Bucks]

I don’t think we’ll ever be able to completely “scam proof” our end of the business. I lock all my
PDF files, but like any lock, they’re essentially only for honest people. I’ve seen a software
program that permits the altering of PDF files. There is a site that encourages appraisers to post a
copy of their license, resume and E & O policy online for all the world to see OR download to use
illegally if they so desire. I’ve heard of mortgage brokers creating phony W2 forms and I’m sure
there are new scams being created by the minute. My defense? 99% of my work is not with
mortgage brokers. Let’s face it, the potential for fraud is much higher with Lucky Eddie’s
Creative Mortgage than it is with Acme Building & Loan. There is an old adage about “If you roll
around with dogs, you will eventually get fleas.” I take this to heart and avoid the brokers like the
plague. I also save a hard copy and a PDF copy on my hard drive. Isn’t that the purpose of a file
copy anyway?......to prove what your report actually stated? Other than posting an armed guard
to shadow every individual report I don’t know what else to do. I worry more about another prohibition than I do about identity theft.

 

[slacker]

......If questions come in regarding the quality of the report, the licensed/certified appraiser just says, "I didn't do that report."

Who's to say that our names and License numbers aren't on reports floating around out there anyway. I always make sure that my car is visible somewhere in my subject photo's. If my car isn't in the picture I know didn't do the report, "Your Honor".

 

[Jim McGrath]

:idea: Gee, instead of letting my license expire I could have just leased it out!

Maybe we could start a license exchange right here on the forum. Maybe a forum to post your license and the price you want to lease it. :lol: :lol: :lol:

Wayne, should we charge a sliding scale for how much over value it is?
10% =X 20%=xx 50%=xxxx. I don't want to quote fees, because that would be price fixing.

Jim

 

[Larry Lyke]

slacker --

Been doing what you suggest for many years. The Street Scene on 95+% of my appraisals has my car license or my whole car showing in it.

Back to the main point:

Any mortgagee, other appraiser, appraisal shoppe, any person with a computer and a copy of appraisal software of any kind, or any person with limited skills (intelligence?) can copy or remake an appraisal for about $30 in costs or so. Even buying new comp photos.

The whole idea is to base the fraud appraisal on an actual appraisal produced by a licit appraiser for this particular occasion. The fraud could be knocked out in a couple of days. If there was enough room within the grid choices used, the appraisal could simply be raised $5,000-$30,000, maybe.

The main problem with fraud is that it's done by lazy people who want quick money and they then hang around in the area to spend the ill-gotten gain. If fraud were raised to a higher level and committed as "honest" forgeries, the gain would be greater and harder to detect, and probably detected later.

Disclaimer: I'm not advocating for such! Even though it sounds like it, huh? It's just that I hate sloppy work. 'Do you hear me, Judge? I mean it!'