Appraisers
Appraisers tend to be the center of attention in real estate fraud. In most cases it is an inflated appraisal that starts the process.
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Appraisers Appraisers tend to be the center of attention in real estate fraud. In most cases it is an inflated appraisal that starts the process.
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A
friendly appraiser often makes it easier to perpetrate mortgage fraud with
inflated appraisals. At the same time, appraisers are also homeowners',
lenders' and the economy's best defense against mortgage fraud.
Appraisers do not work for individual, commissioned loan officers, mortgage
brokers or real estate agents. The inflated appraisal usually happens for
one of two reasons.
1. The appraiser sees a greater chance make more money. 2. Their was pressure from the broker or the loan officer to make the value match the proposed loan amount. Unfortunately these appraisals have an incredibly negative effect on the market and the true value of homes. |