Industry News – Volume 17 States Fighting Back Ohio Attorney General Marc Dann has filed a lawsuit against 10 mortgage firms under the state’s new predatory lending law. The firms are being accused of influencing appraisers to “puff up” their property appraisals above market value. This has resulted in buyers owing more than the property’s…
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Editor’s Note: The following Q&A with MARI results from its name coming up again and again as the source of complaints against appraisers. The responses are from Merle Sharick, Vice President – National Manager of Business Development, Mortgage Asset Research Institute (MARI), a ChoicePoint company. Mr. Sharick has been at MARI for four years, after...…
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Editor’s Note: You can find the class action, filed by a group of appraisers against FNC, Inc., at the bottom of this page. Federal Suit Alleges Misuse of Appraisers’ Data by FNC by David Brauner, Editor In a federal class action, a group of appraisers from across the country has filed a complaint against FNC,...…
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Reporting and Stopping Mortgage Fraud by David Brauner Like many appraisers, Pamela Crowley is fed up with pressure from lenders to make a deal work. Unlike most, she is doing something about the problem that is working. And not only working for her but for the entire industry- appraisers and lenders. Crowley’s solution is the...…
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Dealing with Pressure by David Brauner, Editor Few appraisers remain untouched by lender pressure to make a deal work, whether the demand is to “adjust” a property’s value or its condition. Besides losing business, honest appraisers are losing faith in their ability to practice their profession reputably, mainly because there are so many who don’t....…
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Appraiser Blacklisting: Fighting Back by Cary Barker, WRE Assistant Editor Blacklisting can do damage to your reputation, your bottom line and in some cases, your health- especially when you can’t get answers or help. Here’s how one appraiser, banned from the approved list of a large national lender, did get answers and ultimately, satisfaction- but not...…
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Editor’s Note: A recent online debate about AVMs highlights the many facets of this very important issue and underscores the wide divergence of opinion among appraisers about the place of AVMs in the lending process, and in the marketplace. The conversation was sparked by the story Copyright Appraiser Takes on AVMs. AVM Tango! Man or...…
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Editor’s Note: Tim Vining, MAI is at it again. Vining is the appraiser who made national news by bringing the first appraisal copyright infringement lawsuit. The case settled in his favor. This time he is taking on AMVs. Read how and why below. “Right on to Tim Vining! Please let him know hard-working appraisers support him.” – Eve…
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Lender Pressure: Solving the Problem by David Brauner, Editor Two comments in our Readers Respond section highlight the most serious problem facing appraisers today, and perhaps the best possible remedy. The problem is lender pressure or put a different, far better way – appraiser independence. In his comments about the unfairness of unregulated broker price…
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Editor’s Note: Appraisers can combine their expertise with technology to compete and beat AVMs, according to appraiser and Zaio Chief Executive Officer Thomas Inserra, SRA. Read his thoughts below. Out-Competing AVMs by Thomas Inserra, SRA Appraisers don’t have to accept the continued loss of business to AVMs. They can compete for the business and win…
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