New Plan for Mich. Appraisers

November 14, 2008


As a matter of fraud prevention, the Michigan House of Representatives recently passed a plan that prohibits individuals from coercing an appraiser to provide a predetermined appraisal value.

The plan also restricts an appraiser from discussing information that would help determine what the appraised value should be for that particular mortgage loan. Penalties and civil fines have been revised for violations. Violators would face up to three years in prison and a maximum fine of $15,000.

The plan heads to the Senate for final approval.

Read story at The Bay City Times