I love Rachel Dollar and the Mortgage Fraud Blog! It is amazing to see the lengths people will go to steal and defraud!
This latest article drives home the point I often hear in appraisal forums and continuing education classes that, "mortgage fraud would be impossible without a complicit, corrupt appraiser". And this is true.
Note the story in this weeks "Perp Walk" newsletter:
He admittedly purchased, along with others, a residential property but failed to disclose to the mortgage lender that US Appraisal had handled the appraisal.Mortgage Fraud Blog - Appraiser Admits Role in Mortgage Fraud Scheme http://bit.ly/vzt69G
I guess there is no straighter line to mortgage fraud than owning your own appraisal management company! There is a REASON we need checks and balances between big banks and big appraisal management companies.
The state of Florida now allows you to search for appraisal management company licenses, either approved or in the works. It will be interesting to see how many complaints get filed in the 1st year against entities behaving badly.