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PRESS RELEASE
Appraisal Valuation Fraud Meeting
Foundation holds first symposium to discuss fraud solutions
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WASHINGTON--(Nov.
6, 2006)--The Appraisal Foundation, (www.appraisalfoundation.org)
the Congressionally authorized source of appraisal standards
and appraiser qualifications, held its first symposium on
Valuation Fraud in Washington on Oct.
12. The Valuation Fraud Symposium was designed to find specific
solutions to the increasing fraud problems plaguing both
the appraisal and mortgage industries. The conference focused
on building awareness of valuation fraud and providing an
interactive platform for discussion of possible solutions.
"The Appraisal Foundation is pleased to provide this essential
outreach in the interest of public trust," said Lee Hackett,
chairman of the Board of The Appraisal Foundation. "The
Foundation wants to do everything that it can to limit the
impact of mortgage fraud on public trust in valuation."
Statistics from a soon to be released FBI report indicate
that valuation fraud is an ever-increasing problem; losses
totaled more than $1 billion in 2005. According to the FBI,
that number will be exceeded in 2006 (Jan. 1-June 30, losses
are estimated at $545 million).
The program, which hosted more than 250 attendees, centered
on three panels: Valuation Fraud and the Lender; Valuation
Fraud and the Appraiser; and Valuation Fraud and the Regulatory
Community. John D. Arterberry, executive deputy chief at
the United States Department of Justice, delivered the keynote
address.
The 13 speakers from various appraisal organizations,
lenders, state regulatory agencies and the federal government
urged appraisers to remain vigilant in their business
practices and not succumb to pressures applied by lenders.
Solutions or advice offered included:
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Increasing
awareness of identity theft,
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Utilizing the state regulatory complaint process
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Recognition of red flags on an appraisal
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Reporting overvaluation requests to lenders and regulatory
agencies
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Creating educational opportunities for appraisers and
consumers to avoid valuation fraud, and,
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Finding ways to deter lender pressure on appraisers.
The presentation materials from the symposium will be
available on the Foundation's Web site (www.appraisalfoundation.org)
soon. In addition, the Appraisal Foundation will produce
a four-hour DVD of the presentations, to be available
in the months ahead.
SOURCE: The Appraisal Foundation
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