Ohio Mortgage Companies May Pay $25,000 per Appraisal Ordered

Originator Times, June 11, 2007

Quotes from the Article:

Columbus -- Ohio, According to the indictments obtained by the Originator Times, Ohio Attorney General Marc Dann’s office is alleging that appraisal order forms used by all ten companies contain a "suggested value," "estimated value," or similar titled space and therefore is a violation under the Consumer Sales Practices Act of Ohio.

In the case of Wall Street Mortgage Bankers, their form also included instructions to the appraiser that read, "If the preliminary research shows that the value is not there please DO NOT do appraisal and contact the agent."

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