appraisal fraud: Mortgage Brokers Cannot Order Appraisals! - 03/06/08 08:59 AM
In November of last year Washington Mutual and eAppraiseIT were named in a law suite by New York Attorney General Andrew Cuomo. The suite basically stated that Washington Mutual pressured eAppraiseIT to inflate appraisals in order to write more loans.
Now let's fast forward to this month. Fannie Mae and Freddie Mac agreed to only purchase mortgage loans from lenders who use independent 3rd party appraisers.  Fannie Mae and Freddie Mac will put up $24 million to create the Independent Valuation Protection Institute that will take complaints from consumers and appraisers and will report to Andrew Cuomo as wells as OFAC - … (5 comments)

 

Anthony Torres

Glendale, NY

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MortgageBrokerPros.com

Address: 73-01 Metropolitan Avenue, Middle Village, NY, 11379

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The purpose of this blog is to educate and disupute some common misconceptions relating to the wonderful world of mortgage finance. Of course, I will ocassionally utilize the blog to vent some frustrations as well.


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