MiCREA introduces appraisal fraud brochure for consumers and REALTORS®

Recognizing the importance of educating Michigan’s homebuyers on appraisal fraud, the Michigan Council of Real Estate Appraisers (MiCREA) Appraisal Fraud Task Force created a new brochure, available in print and online formats, to serve as a resource for both consumers and REALTORS®.

Appraisal/mortgage fraud has increased substantially in Michigan in the past two years, and so both consumers and REALTORS® must be knowledgeable about the subject. According to the FBI, Michigan is one of the “hot spots” for mortgage fraud, with 17,000 suspected cases in 2006. In more than 85 percent of these cases, the fraud was the result of collusion between industry professionals who arranged for buyers to purchase homes for more than the homes were actually worth.

“Appraisal fraud not only steals hundreds of millions of dollars annually from communities across Michigan, it also erodes consumer confidence for the real estate market in general and its practitioners,” said Appraisal Fraud Task Force Chair James Sands, senior vice president and chief residential appraisal officer at LaSalle Bank Midwest.

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The brochure will be available from MiCREA through local associations and can be downloaded online on the MiCREA Web site. The brochure can also be ordered by calling MAR 800.454.7842.

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MiCREA provides links to statewide assessor data

Appraisers know that finding information about properties can be like finding a needle in a haystack. So MiCREA has put together a list of all of the municipal assessor sites in Michigan that could be found. MiCREA also added links to other useful information, like maps and geographical information.

This information is available to MiCREA members on the MiCREA Web site. To access the page, simply use the following username and password:

User name: micrea
Password: micrea

For more information, or to add links to the page, email Carrie Wolanin, MAR Member Services Manager, at cwolanin@mirealtors.com.

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MiCREA Monthly
May 2006

• MiCREA introduces appraisal fraud brochure
• Links to statewide assessor data