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Undue Influence on Appraisers Halted
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March 4, 2009
One state's Attorney General is calling attention to the improper influencing of mortgage appraisers by others who inform them upfront of what a property value should reflect.
Ohio Attorney General Richard Cordray said that the state had reached a settlement with Frontier Appraisals LLC that was accused of trying to influence an independent appraisal of a residential property. Frontier was ordered to pay a $5,000 civil penalty and is prohibited from indicating a loan amount or estimated value in future appraisal requests. The company, however, admitted no wrongdoing.
The state also has undue influence lawsuits pending against Apex Mortgage, CFIC Direct, First Ohio Banc & Lending and Nations Lending Corp.
Read story Port Clinton News Herald
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