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Newsletter - January, 2006
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Table of
Contents
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Pueblo Mortgage Fraud Seminar Huge Success!
On November 2, 2005, a innovative Mortgage Fraud
seminar conceived by General Certified Appraiser Ivor Hill was held in
Pueblo, Colorado. The seminar brought together over 500
professionals including members of the FBI, the Police and Sheriff’s
Departments, bankers, Realtors, county assessors, representatives of
elected officials of both the Senate, Congress, and the State’s Deputy
Attorney General as well as over 200 concerned real estate
appraisers.
It was Hill’s vision to bring together all
disciplines that are concerned with Mortgage Fraud to establish a
grassroots movement and create open lines of communication to enable
all professionals to work together in the fight against mortgage
fraud. “Previously,” Hill states, “various entities concerned
with real estate transactions were not operating from the same
page. This seminar provided the means for all of us to realize
how we can effectively combat fraud by working together and maintaining
open lines of communication.”
All individuals involved in the seminar felt so
strongly that the seminar would be a turning point in halting mortgage
fraud in Southern Colorado that they volunteered their time and energy.
Any profits made from the seminar will be donated to Habitat for
Humanity. Eight speakers shared their expertise with the audience:
Linda Lowry, President of the Pueblo Association of
Realtors, spoke on the topics of the ethical behavior of Realtors in
listing and selling transactions, selection of title companies, and the
responsibilities and duties of Realtors in dealing with lenders and
disclosure to buyers.
Dan Bradley, Federal Bureau of Investigations Senior
Supervisory Special Agent discussed the rapid growth in real estate
fraud, the roles of the co-conspirators, the criminal violations
involved, and the short and long term community impact due to real
estate fraud.
David Brerenbaum, Executive Vice President,
National Community Reinvestment Coalition, recognized the prevalence of
pressure on appraisers to inflate values and spoke about NCRC’s plans
for establishing The Center For Responsible Appraisals and Valuations
which will create a code of conduct to insure independent and
responsible valuation practices by lenders, appraisers, appraisal
management firms and other business entities involved in real estate
transactions.
G. Glen Bartholomew, the President of the Colorado
Association of Mortgage Brokers and co-author of the 2003 Sunrise
Application for the regulation of Mortgage Brokers in Colorado
discussed the importance of licensing Brokers in Colorado to impede the
growth of mortgage fraud and prevent those previously convicted of
fraud related crimes or licensing revocations to practice as a mortgage
broker in Colorado.
Patrick Flannigan, Supervisory Residential Appraiser
for Pueblo County Assessors Office, explained the typical questionable
sales activity occurring in Pueblo and the steps his organization is
taking to correct discrepancies in the county data which, if left
inaccurate, will ultimately lead to a destabilized tax base and higher
overall property taxes for the general public.
Jan Michael Zavislan, Deputy Attorney General
for Consumer Protection at the Colorado Attorney General’s Office,
talked about the work being done by the Attorney General’s Mortgage
Fraud Task Force and discussed the types of mortgage complaints
received in their office and commented on the current proposal to
regulate mortgage brokers.
Jim Parks, Senior Vice President and Chief Appraiser
for Aurora Loan Services, spoke on the role lenders are taking to
address the problem of mortgage fraud by using technology, smart
regulation, increased emphasis by the FBI and State Attorney’s General
and by informing the public and our peers of the issues and holding our
peers responsible for their actions.
And in closing Lou Garone, Review Appraiser for
Aurora Loan Services and Past Chairman of the Colorado Board of Real
Estate Appraisers gave a comprehensive presentation about appraiser
obligations from the Uniform Standards, Guidelines, and the law.
The turning point seminar successfully brought
together industry professionals, both local and national, to
communicate with each other and help combat fraud in Colorado, a state
that has been named as one of the top ten hot-spots for mortgage fraud
in the nation.
The effects of the seminar are already being felt in
southern Colorado as members from law enforcement and the real estate
industry begin to share information and work together to effectively
stop mortgage fraud.
The success and positive feedback from this program
has generated enough interest that two additional seminars are being
planned for May 4th and 5th in the Denver area. If you were
unable to attend the first seminar, make arrangements early to attend
Denver in May. Registration is on a first come, first served
basis. Log on to ijhillappraisalservices.com for further
information and forms.
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