In my opinion, I do not believe it is mainly appraisers. Sure there are those that are inflating property values which hurt a lot of people in the long run. However, this is not the only form of mortgage fraud. Lenders trust the appraisals they receive. What I would like to know is if there is a way for a lender to institute a system of checks and balances within system for appraisers? Should they have to put such a system in place? No! But lenders need to protect themselves and their reputation. What if it circulated within the community that Lucky Appraiser who worked for So and So Lending gave a false appraisal? Where would So and So Lending’s business be.
