- CRAV Issues A Challenge To Industry-by Matt Smith of Valuation Review 8/28/06
The topic is one of the most contentious issues dominating the appraisal industry today.
Pressure to overstate a property’s value or condition was reported by 55 percent of appraisers who participated in the 2003 “National Appraisal Survey” from October Research. The pressure was most likely to come from a mortgage broker or loan officer.....read more
- CRAV Challenges Lenders, Brokers In White Paper The Center for Responsible Appraisals and Valuations is urging participants in mortgage process to promote accurate appraisals in residential markets. By October Research Corporation August 22,2006
The Center for Responsible Appraisal and Valuations (CRAV), founded in 2005 by the National Community Reinvestment Coalition, recently released a compliance white paper titled Residential Mortgage Originators, Securitizers, AMCs and the Mortgage Broker....read more
- New Headache for Homeowners: Inflated Appraisals Rosy Valuations, Common in Boom, Now Haunt Sellers; 'It's Pay-the-Piper Time' -by JAMES R. HAGERTY and RUTH SIMON of The Wall Street Journal July 22, 2006
The Wall Street Journal, July 22, 2006- As the housing market cools, Americans are confronting a problem that was easy to ignore during the boom: inflated appraisals of home values. Critics inside and outside the appraisal business have long warned that many appraisals are unrealistically high. That's partly because generous appraisals help loan officers and mortgage brokers, who often choose the appraiser, complete more deals. If a home is appraised at less than the buyer offered, the deal is likely to fall through....read more
- Mortgage fraud hits close to home in Nevada - By Jennifer Shubinski of In Business Las Vegas June 9-15, 2206
It may come as no surprise to those in the real estate industry that Nevada is near the top of the heap when it comes to mortgage fraud. According to the Mortgage Asset Research Institute (MARI), Nevada ranks seventh when it comes to alleged mortgage fraud and material misrepresentation reported by major mortgage lenders, agencies and insurers to a MARI database. ...read more
- NCRC Attacks Brokers Choosing Appraisers – by Brian Collins of Origination News April 1, 2006
WASHINGTON -- In addressing a complaint regarding inflated and fraudulent appraisals, the National Community Reinvestment Coalition is attacking an industry practice of allowing mortgage brokers to select appraisers....read more
- Appraisers pressured to inflate home prices - by Joe Light of Jacksonville Times-Union 3/3/06
professionals say the practice is common in a booming real estate market.
It didn't take long for Sage Stevens to feel the pressure. An appraiser who has worked for the Jacksonville Appraisal Group for six months, Stevens says she got a phone call on Tuesday that has become customary during her short tenure. A mortgage broker asked if her firm could guarantee a home's value before even inspecting the house....read more
Center for Responsible Appraisals and Valuations Announces Charter Members’ Joint Effort To Ensure Accurate Home Appraisals - by Karen Hinton 3/24/06
WASHINGTON, DC – The Center for Responsible Appraisals and Valuations announced today, March 24, 2006, eight new members that have joined its organization and, as such, compose the first group of appraisers, lenders, and industry experts nationwide to become charter members, dedicated to ensuring fair and accurate appraisals for homebuyers....read more
