The ""Appraisal Institute"":http://www.appraisalinstitute.org/ has submitted its response to a recent report released by the ""Financial Crimes Enforcement Network"":http://www.fincen.gov/ (FinCEN).[IMAGE]
The group's March 2012 Mortgage Loan Fraud Update showed that incidences of mortgage fraud rose by 20 percent year-over-year between the third-quarter of 2011 and the third-quarter of 2010.[COLUMN_BREAK]
Commenting on the findings, Appraisal Institute's president, Sara W. Stephens, MAI, said, ""These ongoing reports of fraud in the housing industry reinforce the need for consumers and real estate professionals to rely on individuals with not only the right experience, but the reputation and ethics to help guide them through today's uncertain marketplace.""
Other significant statistics revealed in FinCEN's survey indicated a 14 percent rise in suspicious activity reports year-over-year. Additionally, the data demonstrated that California, Florida, New York, and Illinois lead the nation for instances of mortgage loan fraud.
Continuing its response, the Appraisal Institute reiterated its commitment to fighting back against mortgage-related fraud. In an official statement, the organization noted that between 2000 and 2011, ""7.9 times more nonmember appraisers than Appraisal Institute members received a disciplinary action. Based on the most recent five-year averages, the Appraisal Institute represents 26 percent of the entire U.S. appraiser population, but only 12.1 percent of all disciplinary actions.""