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Lawsuit Names 125 Defendants
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February 18, 2009
An appraiser who was named in a civil lawsuit filed by an Indiana mortgage corporation, along with 124 others, has permanently surrendered his license after an investigation by the Tennessee Real Estate Appraiser Commission. The mortgage corporation alleges the 125 defendants engaged in some form of mortgage fraud, which led to 89 mortgage loans defaulting.
Thomas W. Farris Sr. of Southaven, Tenn. surrendered his license in lieu of the state taking further disciplinary action. The civil suit is separate from the state's actions.
Irwin Mortgage Corp. is seeking $50,000 in a dispute over an appraisal that Farris completed. Allegedly, Farris inflated the value causing the lender to approve a $72,000 loan on a $30,000 property and he also failed to disclose that there was another contract on the property at the time of the appraisal.
Irwin has filed a $10 million lawsuit against the 125 defendants. The company contends much of the fraud was committed by straw buyers along with various real estate finance professionals.
Read story at Memphis Daily News
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