Posted by Cochise on April 19, 2008 at 13:21:16:
In Reply to: AI, Appraisal Institute, Designation Descrimination posted by Cochise on April 04, 2008 at 14:20:58:
From: http://dirtlaw.typepad.com/blog/2007/05/mortgage_fraud_.html?cid=111354378#comment-111354378
For single family residential real estate, the cost of an appraisal is generally less than $500. For a certified MAI appraisal of commercial property, the cost is usually more than ten times that--in some cases $6,000-$8,000 for the appraisal report.
THERE IS NO SUCH THING AS A CERTIFIED MAI APPRAISAL!
If you want more information on mai appraisers please visit http://www.hwforums.com/2191/
Posted by: Cochise | October 21, 2007 at 11:05 AM
Cochise - technically you are correct, it is not the report itself that is certified. The appraiser has earned an MAI designation - see
http://www.appraisalinstitute.org/about/designations.asp
Posted by: Julia M. Wei | October 22, 2007 at 09:28 AM
American Mrtgage has called me reccommmending reverse mortgage. I have 1st and 2nd mortgage and my house will be paid for in ten years, however not having a house payment is tempting, tho I do not qualify for cash or very little. How do I know if this is the rigth and reputable thing to do......
Posted by: peggy | October 24, 2007 at 01:19 PM
Hi wei,
I see you have not visited /2191. You say "earned" I was once part of the orginazation and believe me it is more like "purchased" than earned.
Posted by: Cochise | November 15, 2007 at 07:39 AM
Peggy is exactly right. The Appraisal Institute is a Scam and a Fraud. I believe two their appraisers in Cali went to JAIL this summer. I am still trying to locate their names. Maybe wei knows!
Posted by: Cochise | December 28, 2007 at 02:29 PM
Nice article. Contrary to some comments, reverse mortgages are the perfect vehicle for elder fraud and abuse. it has happened in my family. On another note, many lenders utilize appraisers to review and do QC work on other appraisers appraisals. This protects the lender from overvaluations and fraud. If a family member suspects fraud, they can contact an appraiser that specializes in Appraisal review and contract them to look at the appraisal. Most times, however, this will be after the loan is closed. Cochise is right. MAI's are actually, in my experience, MORE likely to provide a lower quality residential appraisal, as they tend to be focused on commercial appraisals.
Posted by: Anthony Blackburn | January 07, 2008 at 08:45 PM
Great article profiling how vulnerable our senior citizens are to these schemes.
My name is David Kessler and I am a national trainer/consultant on exploitation of the elderly.
Please visit my web site at:
www.ProtectingTheElderly.com
If I can ever assist in any manner on these crimes please contact me.
Thank you,
Dave
Posted by: David Kessler | March 10, 2008 at 11:42 AM