California Real Estate Fraud Report

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18
Jun

REO Fraud – Are Real Estate Agents Going Under the Microscope?

REO fraud has been a highly-overlooked form of real estate fraud. It takes a number of forms and involves the listing agent (most often) as well as selling (buyers’) agents, the buyer and even the asset manager for the lender or its asset managing servicing firm.

Times may be a-changin’ for REO listing agents who cut corners or who commit outright fraud with foreclosed properties entrusted into their care for resale.

At a recent conference, attorney Michael Waldron of the Ballard Spahr law firm put REO agents on notice that the work they do could well come under scrutiny as a result of the $25 billion robo-signing settlement banking giants Bank of America, Wells Fargo, JP Morgan Chase, Citigroup and Ally Financial (GMAC) signed with the attorneys general for all 50 states. New oversight by third-parties to insure that everything from trash-out to inspections to BPOs (Broker Price Opinions*) are completed accurately. One red flag, according to Jim Taylor of Wells Fargo, is agents who outsource or subcontract some of these tasks to others.

* BPOs are property valuations performed by licensed real estate agents instead of the more expensive appraisals that require a licensed appraiser.

Read the original article in HousingWire.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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