Appraisal Fraud Doesn't Need an Appraiser

Reverse mortgage loan agents are being prosecuted for mortgage fraud which included inflating the appraisals of the properties involved.  One such incident involved raising the value of a Florida condo from $31,000 to $275,000 on a reverse mortgage and then not even paying off the existing mortgage, now a senior citizen is left in foreclosure.  Altogether, Louis Gendason, John Incadela, Marcos Echevarria of 1st Continental, and Kimberly Mackey, a title agent in Pittsburgh, obtained $2.5 million in reverse mortgage loans from Genworth Financial between 2009 and 2010.

Click here to read the full story at the Miami Herald.