Mortgage fraud raises its ugly head, and did a review today of appraisal report that was fraudulent, in so many ways it was hard to count. Comparable sales had been invented, the true sales had  sales amount increased, and the prior sales information was wrong. In the days of the mortgage boom the likelihood of being reviewed was small, at best. But in today's world of the mortgage meltdown there is much less work.  Therefore reviewer's have more time to spend on each assignment and too justify their job.  I sent my findings to the client and wonder, if anything will be done or if offender will just be excluded from their approved list.  Why people take such a chance of losing their license are being charged with a crime is beyond me.

The new appriaisal rules by fanny and freddy came out today in a deal brokered by Andrew Como. Looks like mortgage brokers are not going to be able to beat you down about value if the agreement stands.

I am sure that the final agreement will be different than what is proposed in this first salvo across the bow of mortgage brokers associations.

 

 

Today is march 7th and it is snowing. I have three appointments set for tomorrow and hope the roads will be passable.