To view, click or mouse over the above tabs. Updated every Thursday for the previous week.
 

Battling Appraisal Fraud

New York Appraisal Company Takes Steps to Prevent Counterfeiting

NEW YORK, NY – March 1, 2006 - Mitchell Maxwell & Jackson, Inc., New York and Connecticut’s largest residential appraisal company, announced the implementation of new security measures designed to thwart the use of counterfeit real estate appraisals.

The move was prompted by a significant increase in mortgage fraud last year that has negatively impacted the appraisal industry, lenders and home owners. Nationally, the Federal Bureau of Investigation reports that residential mortgage fraud losses jumped from $429 million in 2004 to $1 billion in 2005 with home buyers picking up the tab in the form of higher interest rates and fees at banks.

“We produce and distribute over 30,000 appraisal reports annually” said Steven Knobel, co-founder of MMJ. “The increase in appraisal fraud has made it necessary for us to introduce advanced counterfeit deterrence measures to better protect the lending industry and maintain the integrity of the MMJ brand.” The changes include sophisticated digital watermarks that make the reproduction of an original MMJ appraisal virtually impossible. “In addition, all of our clients now have the ability to verify our appraisals by using the new electronic ‘Appraisal Check’ feature on our web site.” said Knobel.

“The industry needs an independent investigation into appraisal fraud by a federal agency, in partnership with state regulators and leaders of the mortgage business. In the mean time, we will continue to take all measures necessary to protect the integrity of the appraisal process.”

< Return to News & Press listing
News Page