Who ACTUALLY Done It?
HousingWire is reporting that Appraisal Valuation Fraud has INCREASED over the last twelve months, according to an index measured by Interthinx, a software developer specializing in the mortage industry and its “issues”.
But WAIT A MINUTE…..didn’t Congress pass HVCC early this year with the express purpose of combatting fraud by keeping brokers out of the appraisal process? Didn’t they tell us it was because the Big Banks were the only ones trustworthy enough to handle that grave responsibility?
So since the Big Banks have been handling appraisals themselves or contracting that job out to their “management companies” (which are primarily owned by the Banks themselves, providing a new source of revenue back to the mothership)…. and now that appraisal fraud is skyrocketing 46% from this time last year, I think it’s fair to ask the obvious question… who ACTUALLY done it?
