• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Tech-based firm helps rout mortgage fraud

Status
Not open for further replies.

Dale Smalley

Thread Starter
Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Tech-based firm helps rout mortgage fraud

http://www.miamiherald.com/business/story/448588.html

"CROOKED APPRAISER

One of Verification Bureau's most dramatic saves involved a ''straw borrower'' ring in Coconut Grove, he said. A crooked appraiser was using comparable sales from expensive homes on affluent streets to arrive at values for property on far less desirable streets only blocks away. This allowed him to procure loans inflated by $600,000 or more."
 

dgappraisal

Freshman Member
Joined
Jun 2, 2007
Professional Status
Certified Residential Appraiser
State
Florida
Dale, could you drop me a line? Got some questions concerning one of your posts and your PM's are turned off.

[email protected]

Thanks.
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Now there is some fuel for the other side!!! for only 20 bucks versing Appraisal Review fees.
 

Marcia Langley

Senior Member
Joined
Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Missouri
True, but it's still voluntary and it's still prosecution rather than prevention of the initial crime (the attempt to defraud).

And that system would not save banks from their own fraud.

And if all the borrower info is OK, it would not detect an inflated value, on it's own.
 
Last edited:
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks