Appraisal News and Business Tips

Posts Tagged Fraud

9-20-18 Newz// Zillow Addicts – Pyramid House – Favorite Podcasts

Unusual pyramid house in Malibu takes its cues from the sun and moon

Excerpt: This one-of-a-kind residence looks like it belongs in the swirling sands of Giza rather than on a hilltop in Malibu. The three-bedroom house was designed for two astronomy photographers and built to face the magnetic north like the needle of a compass. Sitting on one of the highest points in the Santa Monica Mountains, it has perfect vantage for observing the ocean as well as the movements of the sun and moon.

Read more and see the fotos plus video!! Currently listed for $2,999,000. Has been on the market for awhile.
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3-2-17 Newz .Appraiser identity theft .Data shows no appraiser shortage

HUD Fraud Alert: Appraiser Identity Theft

 Excerpt: Most of the schemes happened when an FHA roster appraiser provided his or her personal identification number (PIN) for the desktop appraisal software to a colleague or supervisor. Providing the PIN was often rationalized because

* It was needed to keep the process timely,
* A fast turnaround was requested by the lender, or
* It was a contingency for when the roster appraiser was away or unavailable.
While these actions may seem innocent enough, they raise severe risks for misuse because the appraiser can never be sure the PIN will only be used with his or her knowledge and for legitimate purposes. Over the last couple of years, OIG has received more than a dozen reports of identity theft by colleagues or supervisors. Following are some case examples of the various schemes.
The identity theft examples were in IL, CA and WA
Click here to read the 2-page Fraud Bulletin:

My comment: Read the bulletin for more info. There was a lot of this reported when trainees were used in the last boom. All the appraisers were sentenced to 3-5 years in prison.

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How much value does a huge backyard shop add?
Another good post from Ryan Lundquist!!

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Why are Appraisers Furious at Fraud by their Peers while Corporate Lawyers are Complacent?

Thanks to appraiser Joe Lynch for posting this link online!!

Excerpts:
I have done a series of articles about the efforts of honest appraisers (which began in 2000) and loan brokers to alert the lenders, the markets, and the government to the twin fraud epidemics (appraisals and “liar’s” loans) committed by lenders’ controlling officers that drove the financial crisis.

Honest appraisers could have profited greatly by becoming dishonest appraisers who would be given the lucrative assignments by fraudulent lenders’ controlling officers and their agents.  Instead, honest appraisers suffered serious losses of income because they refused to succumb to the extortion efforts of the fraudulent lenders and their agents.

I have spoken to several groups of professionals who audit and many board members.  I always ask:  “who were the heroes?”  Which members of their profession stood up and put their careers on the line to prevent the crisis?  They have not been able to come up with a hero from their professions.

What about corporate lawyers?  I get the same answer about heroes when I speak to legal groups made up of professionals who represent corporations

Why are Appraisers Furious at Fraud by their Peers while Corporate Lawyers are Complacent?

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