Monday, June 23, 2014
Tuesday, June 17, 2014
6/17/2014 Legal News
From: www.valuationreview.com
Pennsylvania appraiser convicted by federal jury for inflated appraisals.
A federal jury in Pennsylvania handed down its decision June 11 in a mortgage fraud case in which an appraiser was accused of providing fraudulently inflated appraisals. After deliberating for nearly five hours, the jury found James Lignelli of Presto, Pa., guilty of three counts of bank fraud, according to a June 11 announcement by the U.S. Attorney’s Office for the Western District of Pennsylvania.
Proof that the consumer needs someone to review their appraisals before they close on their loans.
Monday, June 2, 2014
P.A.R.R. wants the Consumer to Get and Review their Appraisal and we feel so strongly about this that should our typical fees we charge be an issue, we may, on a case by case basis, perform our reviews for the Consumer free of charge. What? That's right, Free of Charge!
Reviewing your Appraisal Is That Important to us!
Sunday, June 1, 2014
What do Appraisers think of P.A.R.R.
On a website called "Appraisers Forum" (http://appraisersforum.com/showthread.php?t=200604) Appraisers discussed and vented their thoughts on P.A.R.R. and many seem to believe that P.A.R.R. is misleading the Consumer by offering review services to you, the Consumer. Some believe that we are not allowed to "Review" consumers appraisals because we are not licensed appraisers, we are not the appraisers Client, that the Lender is just allowing the consumer to receive a copy of the appraisal and that what we do is in violation of USPAP (Uniform Standards of Professional Appraisal Practices) http://www.uspap.org/.
For the Record, P.A.R.R. does not employ Licensed Appraisers, We are not an AMC (Appraisal Management Company) and our clients are NOT Lenders. We are not performing "Reviews" as defined by USPAP and are not regulated by USPAP. Because we don't employ "Licensed Appraisers" we can not and will not Opine an Alternative Value. The Lender is not "Allowing" the consumer to receive the appraisal report or to have a copy of it, it is now Law that the consumer receive a copy of the appraisal and that the Lender gives the Consumer 3 days to Review it.
At P.A.R.R. we strongly believe that without good sources to properly review and verify the data in an appraisal, the document is virtually worthless to the consumer, with the exception of Lining the Bottom of a Bird Cage. Therefore, we can, using our data sources, provide any alternative Comparable Sales for YOUR review that we find. If You the Consumer believes that the comps we provide would be more similar, closer in proximity or more recent than the sales provided by the appraiser or if other data is found to be inaccurate, then at your discretion, you should provide them to your Lender / Banker to be forwarded for further or closer review to the Appraiser who completed the report.
Many of the questions posed by the appraisers indicated concern regarding P.A.R.R.'s intent. Would we turn appraisers in to the Appraisal Board with Complaints? P.A.R.R. would have no reason to report an appraiser for poorly written appraisals rather simply report our findings to our clients (You the Consumer). What our Client (You the Consumer) does with the P.A.R.R. report or the Lender / Banker does with the data if you, the consumer gives it to them is completely out of P.A.R.R.'s control. The P.A.R.R. Report is yours, You the Consumer, are our Client and as P.A.R.R.'s disclaimer reads, we will not share any information in our report period. However if you wish to share it, it is up to You the Consumer. P.A.R.R. has explained this in detail in the disclaimer that must be agreed to when we are hired for the review.
It should be noted that some Appraisers welcome an unbiased review in the event that they did report something incorrectly or omitted comparable data that even the Lender / Bankers missed in their review of your appraisal. Others however seem to view us as a threat or find what we do as offensive because they say P.A.R.R. preys on homeowner ignorance.
P.A.R.R. is not out to mislead anyone, Appraisers, Lenders and certainly not our Clients, the Consumer. We don't feel that our Clients or Homeowners are Ignorant at all. We do feel however that our Clients are Untrained and Unaware regarding Appraisal matters and some may lack the skill or resources to properly research and review the data in the appraisal. For an Appraiser to say that Homeowners are Ignorant in itself in our opinion is Ignorant and highly offensive, especially considering the issues the appraisal industry has gone through in the last several years.
P.A.R.R. wants the Consumer to Get and Review their Appraisal and we feel so strongly about this that should our typical fees we charge be an issue, we may, on a case by case basis, perform our reviews for the Consumer free of charge. What? That's right, Free of Charge!
Reviewing your Appraisal Is That Important to us!
For more information on Making Sure Your Appraisal is Up To P.A.R.R. please visit our Web Site and click on the Contacts Tab. Please feel free to ask us any questions about your appraisal. We truly want to help.
Subscribe to:
Posts (Atom)