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Fighting Pressure: Fraud Postcard

Editor’s Note: We received this possible fraud/pressure solution from an appraiser who prefers to remain anonymous.

"I created the attached postcard and use it whenever I get a telephone call from a lender shopping for a value. It's quick, cheap, and quite easy to use. If every appraiser started using these postcards, I think we might eventually be able to stomp out this pervasive problem. If lenders learn that they will loose the loan if they make such requests, maybe they'll stop making such fraudulent requests.

If you were a homeowner or buyer receiving this postcard, wouldn't you switch lenders?

Believe it or not, the last such request I got was in the form of a written email! The mortgage broker actually gave me the rope with which to hang him. I promptly called my local FBI office and emailed them my complaint and a copy of his request!

The attached document is in Word format and can easily be edited to include one's correct address.  Then, it can be printed on card stock, cut and stashed nearby for easy use. I've chosen to remain anonymous for obvious reasons."

Andy Appraiser
Certified Residential Appraiser
XYZ Appraisal Company
Anytown , Colorado 12345      

                              _________________________________

                              _________________________________

                                   _________________________________

Dear Homeowner,

XYZ Appraisal Company performs real estate appraisals in the Metro Anytown area.  Our Appraisers are certified and licensed by the State of Colorado .  We do not perform fraudulent appraisals.

On _____________, we received a telephone request from a company who identified themselves as: ____________________________ _______________________________________________________ located in: _____________________________________________.  We were asked to perform a fraudulent appraisal on a property located at: __________________________________________________. 

Specifically, we were requested to appraise the above described property at a specified, pre determined value and, if we agreed to do so, the appraisal order would then be sent to us.  We take such requests very seriously.  Such appraisals violate state laws, our own ethical standards and USPAP (Uniform Standards of Professional Appraisal Practice); a doctrine that governs our appraisal industry.  In short, such a request constitutes mortgage fraud which is a very serious and costly problem for the buying and selling public and lending institutions in the United States . 

 Whenever possible, XYZ Appraisal Company files complaints with the FBI, The State Attorney Generals Office, HUD, FANNIE MAE, and the Comptroller of the Currency against such companies.  These agencies are asked to investigate our complaint and take legal action if warranted.  Additionally, we notify the owner of record of the property we’ve been requested to fraudulently appraise. 

Being so notified, we recommend that you, or the borrower of the above described property, consider the use of a more reputable and honest lender to avoid involvement in any future investigations or charges of complicity.

Respectfully,
Andy Appraiser , Certified Residential Appraiser
XYZ Appraisal Company
Anytown , Colorado 12345