An unlicensed appraiser was able to submit numerous fraudulent appraisals to a mortgage brokerage company in Pennsylvania, which were then used to secure financial loans. The case has been back in the news as one of his fellow participants pleaded guilty to charges of wire fraud conspiracy and filing false tax returns. John Polosky, a loan officer for First Capital Home Equity, accepted fraudulent appraisals from Kenneth Cowden, an unlicensed appraiser. Cowden had plead guilty in July, 2007, in federal court in Pittsburgh to two counts of failing to file income tax returns.
We constantly monitor the approved appraiser lists of our 323compliance clients to ensure that their approved appraisers are appropriately licensed and maintain errors and omissions insurance. Proper approved appraiser list management is a vendor management responsibility. The FDIC takes that very seriously.........
E-mail me if I can help
Michael Dodds, MAI, CCIM, MRICS
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