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Unbelievable Broker!

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liznindy

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Indiana
Just returned from a round table discussion on mortgage fraud and predatory lending. Very informatative.

The FBI agent present (who is investigating mortgage fraud in Indiana) gave an example of the fraudulent activity he has encountered in Indiana...

It seems the mortgage broker was using a favorite appraiser for inflated appraisals. This particular appraiser was approached by the FBI and, at that point, decided he would no longer participate in this broker's shady activities. Well, the mortgage broker called the software company listed at the bottom of one of the appraiser's reports...purchased the appraisal software....wrote his own appraisal (with the inflated value)....and forged the appraiser's name (he misspelled it!)!!

He was caught (Thank God) and is going to jail (may already be there).
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
Liz you sound like you might be rushing to judgment. Was the report USPAP compliant? Were the adjustments reasonable and supported? You shouldn’t jump to conclusions unless you personally read the report. BTW, what software did they use? :)
 

liznindy

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Indiana
Bobby,

I am just reporting what the FBI agent said. I am not sure I sufficiently explained the scenario.


The mortgage broker wrote his own appraisal with an inflated value (per FBI agent)....the broker did not have an appraiser's license......the broker forged the appraiser's signature...

The software is the most popular one and the one I use ;) (Hint: It's the way I like my pie!)
 
Joined
Jan 16, 2002
Gee whiz, let's not give them any more ideas. Why bother writing their own reports, they already have the appraisers doing that for them. :unsure:
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Liz,

Bobby was being funny. :lol:

Seriously, we hear about these things as 'hearsay' and think it can't happen to us when it so easily could!
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
Liz sorry for the hassle.... I suppose I could have also asked if the FBI agent was competent enough to do a review on that rascal! :)
 

TEL2002

Elite Member
Joined
Jan 16, 2002
Professional Status
Retired Appraiser
State
Louisiana
Is there an opportunity to make extra dollars by providing research, reviews, etc. for the FBI????....while shooting holes in a few bad guys.

Just thinking out loud.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
TE,

I would dearly love to do that!!! Been thinking of walking in to the local office and point blank asking them.
 

liznindy

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Indiana
TE,

I do know that the FBI is working with a local appraiser (and has been for the past few years). I do not know what services he is providing to the FBI (other than court testimony).
 
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