Ohio Sues 10 Companies for Pressuring Appraisers
June 7 (Bloomberg) -- Ohio, the state with the third highest number of foreclosures, sued 10 real estate companies for improperly pressuring appraisers to inflate home values.
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Additional quotes from the article:
- The lawsuits claim brokers and lenders asked for specific home values on properties the appraisers had not yet seen, in one instance saying, "if you foresee a problem with the value, contact me immediately" and in another case, using the words: "Need aggressive appraiser!"
- The mortgage brokers being sued are Ace Mortgage Funding LLC in Cincinnati; American Home Brokerage Corp. of Garden Grove, California; Apex Mortgage Services LLC in Columbus; First Ohio Banc & Lending Inc. of Independence, Ohio; Island Financial LLC of Twinsburg, Ohio; Premiere Service Mortgage Corp. of West Chester, Ohio; and Robert C. Roach, president of The Valley Mortgage Group of Austintown, Ohio.
