On the front lines against mortgage fraud
Mortgage fraud has made headlines locally and nationally. Most of the time, mortgage fraud involves identity theft or fraud – making a borrower appear to be somebody else, with a better job, more income or fewer debts – so a person seems more creditworthy. But some mortgage fraud involves a broker or loan officer telling the lender and the borrower that the house is worth more than it is, so they can close a larger loan and make a bigger commission.
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Appraisers are paid a set fee for their work whether a deal is closed or not, so they can’t benefit from fraud like this. They’re often hired by the lender, who is interested in an objective, third party opinion of value in order to determine whether the property is valuable enough to cover a defaulting borrower. Appraisers don’t work for commissioned loan officers, mortgage brokers, or real estate agents, because this is considered a conflict of interest. There’s too much pressure to offer an assessment that isn’t objective so commissioned parties can profit.
Nobody benefits more from an appraiser's professional valuation on a home than the new homeowner. If a borrower can no longer pay on the home they’ve mortgaged, they’ll need to sell it at a value that covers the balance of their loan. An objective appraisal is imperative for getting property valuations right. With David Hesidenz Appraisals, you’ll get a professional, unbiased opinion of value on your property, so you can be assured you’re paying what it’s actually worth.
We are the homeowner's – and lender's – best line of defense against mortgage fraud. Contact us today to see how we can suit your appraisal needs.