the independence of the appraiser is essential to maintaining the integrity of the mortgage industry
Washington, DC (PRWEB) February 13, 2008
As a result of New York State's Attorney Generals filing a law suit on November 1st 2007 against First American Corporation's eAppraisal, Americas Watchdog's National Mortgage Complaint Center is now investigating if eAppraisals was possibly involved in the same types of practices in the state of California. According to the complaint, "the independence of the appraiser is essential to maintaining the integrity of the mortgage industry". The complaint cited a mortgage lender that supposedly "strong armed" eAppraisals into coming up with inflated values.
Americas Watchdog's National Mortgage Complaint Center has been expressing grave concerns over banks, and home builders forcing appraisal firms into inflating the value of US real estate, as far back as 2005. The group says, "one of the reasons we now have a Titanic real restate disaster in our nation is because banks, home builders, and real estate agents were forcing real estate appraisers into inflating real estate values. In the event the appraiser would not inflate the real estate value, the appraiser would be black balled from getting additional work. If an appraiser or homeowner in California has specific information related to a bank, mortgage lender or a home builder inflating real estate values or forcing appraisers to inflate real estate values, they should contact the National Mortgage Complaint Center immediately. The National Mortgage Complaint Centers web site is located at http://NationalMortgageComplaintCenter.Com
The National Mortgage Complaint Center is also investigating California banks, home lenders and home builders for inflating third part costs associated with a real estate transaction. Third party costs include appraisal fees, notary fees, tax certification fees, flood certification fees, and credit reports. According to the Real Estate Settlement & Procedures Act (RESPA), "it is illegal to mark up third party real estate closing costs or fees". According to Americas Watchdog, "our group has concluded that many to most banks, mortgage lenders and home builders were marking up third party costs in California from 2003-2007." If individuals have specific information about any bank, mortgage lender or home builder marking up third party costs they should contact the National Mortgage Complaint Center at 866-714-6466. (http://NationalMortgageComplaintCenter.Com )
The National Mortgage Complaint Center also has substantial proof that national home builders were setting up shell title insurance companies, reselling the new home buyers title insurance policy at a greatly reduced discount to an actual title insurance company, and then pocketing the difference. According to Americas Watchdog, "if this is not a RESPA violation, we don't know what is." The National Mortgage Complaint Center is the most quoted source in the US on predatory mortgage lending.
Americas Watchdog and its National Mortgage Complaint Center are all about consumer protection and corporate responsibility.