A mortgage broker and real estate closing agent in the Twin Cities have been indicted in federal court for allegedly orchestrating a mortgage fraud scheme that resulted in a $2.5 million loss for financial lenders. The indictment, filed in U.S. District Court in St.Read more

On average, an appraiser working with major appraisal management companies (AMC) has more than 15 years of experience appraising residential properties, according to a new survey conducted by the Title/Appraisal Vendor Management Association (TAVMA). In addition, the survey showed that the vast majority of appraisers used by TAVMA members are "certified" appraisers, a designation that requires more experience and an additional level of testing above the state-licensed level.Read more

A former California-licensed real estate appraiser was sentenced to three years in federal prison and ordered to pay more than $46 million in restitution for her role in a massive mortgage fraud scheme that caused tens of millions of dollars in losses to federally insured banks. Lila Rizk of Rancho Santa Margarita, Calif. received the three-year prison term after her conviction last summer on conspiracy, bank fraud and numerous loan fraud charges.Read more

You have all been there; that is if you have been in the mortgage business for longer than two or three transactions. You are shepherding a loan along the pathway to a closing for a client. The client has a job, you have qualified the client for income, you have pulled the client’s credit report, they have the proper downpayment and everything seems hunky-dory. Then, it happens … you get a call from the underwriting department, and you hear that dreaded statement.Read more

Amidst all of the discussion of the mortgage crisis and the implementation of the Home Valuation Code of Conduct (HVCC), there has been lots of finger pointing, concerning who was at fault for the meltdown and what should and should not be done to fix the problem(s). Unless you have been in seclusion for the past year, you have heard of the attempts of New York Attorney General Andrew Cuomo to keep appraisers separated from loan originators.Read more