Appraisal fraud is the rarely mentioned, but often essential, ingredient in real estate fraud or mortgage fraud and other real estate crimes. Without an appraisal justifying the listed price of a home, mortgage fraud cannot occur.
In California, one of the most well-publicized stories of real estate fraud and mortgage fraud is taking a turn, as the state regulatory agency responsible for overseeing appraisers wants to revoke or suspend the license of a Bakersfield real estate appraiser who appraised more than a hundred homes for the former Crisp and Cole company. The appraisal fraud part of this real estate fraud investigation is being managed by the FBI.
Read the Full Article on the 32-page accusation complaint filed against Kirk “Mark” Newton by the Office of Real Estate Appraisers (OREA).