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States Working to Uncover Lending Abuses

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Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Hey:

How about convinceing them to monitor appraisers' claims of unpaid work performed???

On the premise that appraisers who are unpaid for work completed probably did a legitimate appraisal (as opposed to the one used to close the loans) :twisted: :twisted: :twisted:

and that mortgage brokers and lenders who pull this stunt often are probably shopping appraisers, and 'fireing without recompense' for work performed :twisted: :twisted: :twisted:
 

Verne Hebert

Senior Member
Joined
Feb 25, 2002
Professional Status
Certified General Appraiser
State
Montana
Thanks for the thread. We will have to watch. My interpretation is simplifed monitoring of companies by the government to collect all of the appropriate fees the government is owed--wouldn't want to miss any.

But maybe it is an avenue that can evolve!
 
Joined
Jan 16, 2002
Yesterday afternoon I spoke to an attorney for NY State who is in Albany.
We are preparing testimony againist a Long Island appraiser for revocation of his license, the hearing is in Manhattan on Tuesday morning.
Anyway, he said "there is a large increase in court cases regarding mortgage fraud and appraisers, not sure why..." I suggested there is an increased public awareness concerning the problem, and the public is being encourgaged to file complaints. There is also a local agency that deals with predatory lending practices and they refer cases to the NY State Attorney General (which is how this case caught their attention).
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Think this could be due to Repo's & people discover that two years after buying there home it is worth less when properly Appraised than it was when they bought it through the RE AGENTS Loan Co with the Cousin doing the Appraisal.?? This will be a TV commercial within the next year.
"Do You owe more on your home than it's worth? Call Jim Socoloff He's the Lawyer that cares about U" "Lets get these guys that have put U in DEBT" Just call the 800# We will take care of the rest.
 

bobburnitt

Junior Member
Joined
Jan 16, 2002
Taken from the article:

"As described by Commissioner Jim Pledger of the Texas Savings and Loan Department, the ...........blah...blah.........blah...........

"Dealing with all the different rules are an extreme burden" for lenders who operate in more than one state, Pledger said at AARMR's annual convention in Chicago............blah and blah.......and blah.

Pledger has been commissioner of the Lone Star State's S&L office since 1988. The office not only supervises state charted thrifts and savings banks but also licenses and oversees more than 10,000 residential mortgage brokers and loan officers........more blah..blah............."

Well I'll tell you a little about the Texas Savings and Loan Department. I have two complaints filed on Loan 'Officers' who asbsconded with appraisal fees that were collected from borrowers, and never paid to the appraiser (ME), AND THEY WON'T DO A THING. They told me "they were not going to process any more appraiser filed complaints, there were just too many, so they weren't going to do anything to any of them."

When a loan 'officer' collects an appraisal fee from a borrower, that money is the borrowers money until it is paid to the appraiser. It is a fiduciary responsibility. That money is *NOT* the loan officer's expense account to run on until the loan closes or whatever. To take a borrowers money for an appraisal and then not pay the appraiser is not just being a deadbeat, it is STEALING!!!!! It is theft, it is more than just not paying. The Texas Savings & Loan Department (that is run by Mr. Pledger) won't lift a finger to prosecute these slobs.

Well I am glad Mr. Pledger is in Chicago making speeches on how to fix the mortgage lending biz, especially when it is so screwed up here in Texas. Maybe he can get it just as screwed up all across the fruited plain.

Our legislature, and these overpaid, under-motivated bureaucrats think the mortgage fraud thing is just a big joke. More regulation, more licenses, more speeches, won't help, you have got to have enforcement.

Until Mr. Pledger does something about the complaints I have filed here in Texas, I don't think I am going to be very impressed with his game plans.

BB in Texas, still waiting on my money Mr. Pledger.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
When a loan 'officer' collects an appraisal fee from a borrower, that money is the borrowers money until it is paid to the appraiser. It is a fiduciary responsibility.

Hmm, good point. As a broker, I have other people's money in a trust account that I use to pay vendor's bills. If I just decide to keep the money, Wooah Nelly :!: The state would be on me like stink on............ an incumbent? :lol:
 

bobburnitt

Junior Member
Joined
Jan 16, 2002
Yeah Buddy,

I'm a R.E. broker too. If I put an earnest money deposit in my pocket for ONE SECOND it is COMMINGLING FUNDS, and could result in license revocation from the Texas Real Estate Commission. But when a Loan 'Officer"' in Texas steals the money the borrower trusted the Loan Officer with to pay the appraiser, well Mr. Pledger and the Texas Saving & Loan Department ain't got time to do a friggin thing about it.

Problem is the borrower doesn't know and probably doesn't care that the appraiser didn't get paid. He got his loan (most of the time anyway) and everything is fine with him. If the appraser could file a lein (in Texas) on the borrower's home, the borrower might be a little more concerned that his money was stolen by the Loan 'Officer'. I believe he would squall like a smashed cat.

The Texas legislature took away appraisers (and some other 'professionals') right to file a mechanics lein on the homeowners property. So Thanks for your support Texas.

Our economy has been setting at the peak for a good while, when it craps out you will hear righteous indignation about all the crooks in the loan business from politicians, "consumer" groups, and from Joe Sixpack. Americans never do anything about anything until the bottom falls out. But of course the least powerful will catch the heat, and you know who that is.

BB
 
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