A half-built subdivision is a tangible, viewable thing and of course you should include that in your report. I know that I would; however, the question is about mortgage fraud. If you want to opine that the 1/2 built subdivision is a result of mortgage fraud, I would tread lightly. Why? Because you don't know why the subdivision wasn't completed, you really don't. You can make an educated guess but that is all that it is - a guess. As you are aware, property secures debt. However, you don't know why the properties carry such mortgage on them under your example. Keep in mind that if it is a whole subdivision, there are infrastructure costs involved (streets, greenbelts, amenities, utilities, etc.) which might account for such a mortgage on a particular property.

Mortgage fraud may or may not impact the value of a property but that is beyond the scope of BPO.

I know it is difficult (and strange) to articulate the possibility of mortgage fraud, but there are often neighborhood "nuances" that affect value, and I think that it what IAS wants you to talk about. Recently I did a BPO for IAS on a condo that is in a complex that used to be government housing apartments. The crime was so horrible there for so long the city shut it down, sold it off to investors who rehabbed it and sold off the units as condos. It has been almost 5 years, but the area CANNOT recover from the stigma of what it once was. THAT is valuable in determining value of a property.

Again, that's location and of course, that affects value. A mansion in the middle of a cow field isn't as valuable as it would be in an area of other mansions. That rehab is sitting in an area that is what it is; on the other hand, it could be argued that (had it been successful) it was gentrification (which is generally considered to be good). Does that rise to the level of fraud? I don't think so. The work was performed, the units were rehabbed. Misguided? Maybe. Fraud? I don't think so.

Main Entry: fraud
Pronunciation: \ˈfrȯd\
Function: noun
Etymology: Middle English fraude, from Anglo-French, from Latin fraud-, fraus
Date: 14th century
1 a: deceit , trickery ; specifically : intentional perversion of truth in order to induce another to part with something of value or to surrender a legal right b: an act of deceiving or misrepresenting : trick
2 a: a person who is not what he or she pretends to be : impostor ; also : one who defrauds : cheat b: one that is not what it seems or is represented to be

I told them is was a typical older neighborhood. Nothing phenomenal(they like that word) about it. This was a drive by BPO. How am I supposed to know what mortgage broker screwed which neighbor? The comps would support any problems in the area anyway. Isn't that why they want comps?

I got my first order from them. Drove out and took photos. Next day I discover its in interior not an exterior. So, I email Rep and tell her situation. I than call owners in get access. Next day I go and shot the interior. I log-on to input the order, BUT the order is no longer there. I noticed the Rep never emailed me back when I informed her I had not heard from the Point of contact (owners) and could not get in, delaying the order 1 day. Now the order is gone...Would someone actullay re-assign when the only issue was I had not heard back from the owner to get access? I am angered to say the least. I informed the company, I drove out and did the order...no one bothered to email and tell me it was re-assigned. Or could it be that due to the holiday the Rep never saw my email and just has yet to respond?

Why didn't you just phone your rep?

That helps. Very insightful. Thanks for the response.

they might have sent the order to the client without the interior being done, that would explain why it is not in your que.

I have had orders with problems disappear from their que, when it is resolved it reaapears.

I have had an interior cancelled also without any notice, but was paid for the pictures that I took.

The're prob out for the holidays.

It has been my experience that IAS Valuation Manager for my assignments does not reply to emails nor to VM left by me for her. I do recive emails from her though!

Anyone else get this from them today or am I being paranoid? I am curious if it is a nationwide warning or just my area?

+++++++++++++++++++++++++++++++++

An Open Letter to Our BPO Agents…


Over the past few weeks, we have found it necessary to terminate several agents for fabricating market data in their reports. The BPOs of many other agents are currently under review and we expect more terminations in the near future. In some cases, fictitious comparables were provided. In others, sale dates, sale types or physical characteristics were altered in order to make the comparables appear to be in compliance with guidelines when in fact they were not.

We firmly believe the vast majority of IAS agents are absolutely honest and professional. Unfortunately, the irresponsible actions of a few can undermine your and our credibility. IAS is built on a foundation of integrity. For that reason, we have always maintained a zero tolerance policy against unethical or illegal actions by agents or employees.

We hold the broker of record responsible for both their own actions and the actions of their subordinates. I strongly urge agents who rely on the contribution of others in any part of the BPO process to supervise those individuals closely and make them aware of the detrimental consequences of fabricating data.

To the many thousands of you who continue, despite mounting challenges, to provide IAS with reliable values based on your expertise and factual reporting of the data, we thank you for your hard work and the integrity you bring to this very important process.



Respectfully,

Director of Valuations

Integrated Asset Services, LLC

Maybe I will be able to get some work from them now instead of the thanks but no thanks letter.

You should have nothing to worry about as long as you have used real comps that have sold in the last 3 months, within 1 mile, +/- 10% sq ft of subject and all comps within 25% value of each other. Within 10 years in age. Oh, and all the same color. Piece of cake. LOL

I got that email too. Hopefully they sent it out to everyone who works for them not just a few of us... sounds like they have a detailed auditing process..good for them..

Fired IAS a long time ago! The QC is outright impossible!!

Same Color.....very funny, but very close to the truth!

They should pratice what they preach..... you do this bpo and tolerate our QC process for little $$ and you will get the listing..............NOT!

I would never make an false data up, but with this company I can see how some agents would just to shut up QC, thus the reason for vowing not to work for them! Oh and along with when you stick to your work, then they wanted CMA's done! I am very happy without them.