Appraisers' Free Forum

http://www.mari-inc.com/pdfs/mba/MBA9thCaseRpt.pdf

Table 5 shows some interesting (to me) numbers. During the height of the sub-prime activity, and before the implosions, there was an increasing number of reported appraisal/valuation frauds and then in 2006 there was a decline.

Otis, you have to read too...you can't just look at the pretty pictures

MARI notes, “The low levels of reporting are typically due to the fact that reported incidents involve more than one type of fraud. If a reporting lender finds misrepresentation in, for example, the verification of employment and occupancy status, that lender is not likely to pay for the review appraisal to verify appraisal fraud, even if the appraisal appears to be inflated. But these numbers are likely to increase as the lengthy process of reappraisal and value-verification is completed in many investigations.”

OK....I admit it...I like the pretty pictures too...especially the ones you have to turn sideways to view properly

I didn't read the article but I have serious issues with the way MARI deals with reports. They do not appear to be looked into and the appraiser does not get a reasonable chance to rebut.

I heard a MARI guy at a conference here. I got the impression they are making money trashing appraisers.

To make it worse it is my understanding that appraiser does not even know which appraisal is being targeted.