Fraud in Appraisals
The certifying or licensing of real estate appraisers (“Panel Studies Regulating Real Estate Appraisers,” Oct. 18) will not solve the problem of inflated appraisals.
These appraisals are not the result of incompetence but of fraud by the appraiser in collusion with the borrower or lender or both of them.
A competent real estate professional--whether a broker, review appraiser or loan officer--should be able to evaluate the qualifications of an appraiser or the quality of an appraisal.
The only reason blatantly inflated appraisals result in bad loans is that it suits the fraudulent interest of two or more of the parties involved. No license or certification will override their intent.
GARY A. ROBB
Los Angeles
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