Editor’s Note: Kevin Barnes severed five years on mortgage fraud charges and now speaks to the industry on risk management and fraud issues. Inside Mortgage Fraud (Way Inside) By Kevin Barnes I want to start by sharing a little background about what I’ve done and the consequences. I started off in the mortgage industry as...…
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S.2452 is a bill intended to “amend the Truth in Lending Act to provide protection to consumers with respect to certain high-cost loans, and for other purposes.” Among other things, it’s intended to establish a duty for mortgage brokers and lenders to consider the best interests of their clients first. Lenders will be required to…
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An alarming precedent has just been set for real estate appraisers in the bankruptcy case of Evaluation Solutions/ES Appraisal Services (ESA). Despite numerous objections from appraisers and agent/brokers alike, a Florida bankruptcy judge has ruled in favor of JPMorgan Chase in granting a Bar Order which absolves Chase of any liability on future claims from…
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Calling all Appraisers: Shut Up and Drive People who spend a significant amount of time in their vehicles may want to rethink the temptation to multitask over the phone while driving. A new study finds that if you conduct professional or personal business over the phone while driving, you may wind up killing more than…
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Editor’s Note: This story first appeared in Working RE’s Online edition. You can catch up on back editions here: WRE Online When Bad things Happen to Good Appraisers by David Brauner, Editor As E&O providers, OREP sees a lot of claims information. Here is the story of one appraiser who may be like some of…
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Comp Checks: Shifting Liability to Appraisers By Steven R. Smith, MSREA, MAI, SRA In case you are not aware, a loan can be funded under desktop underwriting guidelines with as little as a list of sales. So why all the comp check requests by mortgage brokers if in many cases they already have all they...…
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Fraud or Incompetence: You Make the Call by David Brauner, Editor Fraud or incompetence? According to Larry Disney, Executive Director, Kentucky Real Estate Appraisers Board, that is a question that regulators across the nation are grappling with as they sort through the growing number of complaints against appraisers. The answers are not always clear cut....…
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Taking Care of (Your) Business by David Brauner, Editor Two files sitting on my desk and several other stories this issue speak to why the success or failure of your business in today’s world depends on knowing who you work for and who you work with, as much anything else. One file concerns an appraiser...…
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Employee or Contractor? You (Don’t) Make the Call – IRS Does Editor’s Note: Several appraisers in California recently reported that the Employment Development Department (tax collectors) in their area is targeting appraisal offices looking for independent contractors where, in their judgment, “employees” should be. And theirs is the only opinion that counts. The consequences are…
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The presence of mold is a contentious issue for building owners, builders, insurance companies, real estate agents and others. Mold addendums to sales contracts are now offered by many real estate boards for use by their members in sales transactions. As a professional appraiser or inspector you need to understand mold and all its…
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