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Warning from Richard Hagar

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Pamela Crowley (Florida)

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Retired Appraiser
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Florida
I asked him if I could post this on the forum and he answered:
Absolutely.

Several appraiser have been convicted and a few more in Washington, California, Florida and Arizona are about to be indicted using this very law.
I've been going over the appraisal process and where appraisers go wrong. The FBI is licking their chops on this one.

RH
Original email this was about:
A little law I just ran across during some research on an appraisers conviction.

If an appraiser values a property for more than it's worth (Federal definition of "Market Value") then this would apply:

18 U.S.C. § 1014: makes illegal the making of “any false statement or report, or willfully overvalue[ing] any land, property or security, for the purpose of influencing in any way the action of” the United States, federal agencies, and Section 20 financial institutions in connection with a mortgage loan. The punishment for a violation is a fine of not more than $1 million and/or imprisonment of not more than 30 years.

An appraisal is not "just an opinion of value." An appraisal must be created following specific Federal/State laws and guidelines.

The value conclusion must also be based on Federal Law. Failure is not an option.

RH
 

Tudor

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Would this include a comp check that was higher then the worth of the property?
 

Pamela Crowley (Florida)

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Florida
A 'comp check' is still an appraisal. I have heard about cases where appraisers doing verbal and/or emailed or faxed 'comp check' where it was combined with an AVM and/or BPO and loans closed with that have been disciplined and/or indicted. If I can get any documentation on this I will post it.
 

Tudor

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Also, would the making of "any false statement" apply to appraisers that sign "did inspect" when they didn't but their trainee did.
 

Mike Kennedy

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"An appraisal is not "just an opinion of value." An appraisal must be created following specific Federal/State laws and guidelines.

The value conclusion must also be based on Federal Law.
Failure is not an option."



Rude B/W awakening for those who claim they see .........GRAY.


 

Karl

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Licensed Appraiser
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Arizona
Remember Boys & Girls Just cause you haven't been busted yet don't think your in the clear it takes a LONG Time for an investigation to even get to the Grand Jury. Cause the Good guys have to dot the I;'s & cross the Tees. The one thing about it is they're putting more people on to get more I's & T's done. Wait till after the election remember whoever is the NEW President has to make a splash in first 100 days & everyone in the leads are Senators that can still be getting things in place for that splash.
 

Ken Lemoine

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Feb 26, 2004
Professional Status
Certified Residential Appraiser
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Arizona
I am just curious, why is Richard Hagar such an expert on fraud and why is it that I never see anyone else stating the same things. I am not doubting his credentials, just, how come everytime I see anything regarding appraisers and fraud, it always comes from Richard Hagar and no one else?
 

stefan olafson

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Apr 2, 2003
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North Dakota
Who is Richard Hagar? There used to be a Rocky Hager who coached football at NDSU in ND, any relation?
 

Dennis J. Black ASA IFAS

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Mar 5, 2002
Professional Status
Certified General Appraiser
State
Florida
If you attended my FNMA forms course in the fall of 2005 you could have learned about this very topic. Some of us just don't get as much press.
 
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