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One Of Nation’s Largest Appraisal Management Companies Was Pressured By Washington Mutual To Inflate Residential Real Estate Appraisals (Long Island, NY)
The banks and mortgage lenders are putting the screws to appraisers and forcing them to use market data that isn’t the best data to be used for accuracy but is the best data to use to monkey with the value of the property that is supported by that bank or mortgage lender’s mortgage. It’s happening so often they’ve even got a nickname for this con job: it’s called “FRAFing,” for “field review ap
Zillow alleges that Trulia infringes on its patented technology by offering a similar service dubbed ‘Trulia Estimates’, originally launched in 2011 in what Zillow refers to as a ‘copycat service’.
The criticism is leveled at computerized real-estate appraisals, which depend on models that use prices from home sales and other data to determine a house's value. Because of the housing market's volatility, these appraisals are underestimating prices, some homeowners, real-estate agents and fee appraisers say.
Two appraisers were sued by two dozen plaintiffs over a mountain-view real estate development in McDowell County that failed when the developer went bankrupt. In the ruling, the Business Court clarified several outstanding legal issues that will benefit North Carolina appraisers in future cases.
Former Lend America president, Michael Primeau, has been suspended by the Department of Housing and Urban Development from doing any business with the department, upon his admission to a wide-scale mortgage fraud scheme.
Appraisers hired by now defunct San Diego-based AppraiserLoft are owed more than $3 million for property valuations they invoiced, but didn't get paid for, according to two people familiar with internal operations at the appraisal management company. « HousingWire
A federal judge dismissed appraisal negligence claims the Federal Deposit Insurance Corp. (FDIC) brought against Lender Processing Services (LPS) for allegedly mishandled appraisals done for Washington Mutual Bank. But the firm is still on the hook for breach of contract allegations. « HousingWire
Aman Makkar the former CEO and former executive Scott Stokas of a San Diego-based company, is now trying to break through another industry: new and used cars. The recently closed down, Appraiser's Loft, left hundreds to thousands of real estate appraisers across the country unpaid. Read the news story from U-T San Diego.
Video Report: A Federal Reserve rule has sown confusion about the way lenders pay housing appraisers, creating new turmoil in an industry already burdened by expensive middlemen, falling home prices and diminished ranks. - American Banker
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