Residential Mortgage Expert in Loss Mitigation
A residential mortgage expert was requested for a class action suit involving mortgage companies charging excessive fees to homebuyers for unnecessary appraisals. The fees for multiple appraisals, added into the balance of the mortgage loan, ranged from $50 to $150 each. The defendants argued that the periodic appraisals were necessary to protect the value of the mortgaged property, which could diminish over time. The defendants further argued that the money represented fees charged by third parties for appraisals of the mortgaged property.
IMS ExpertServices located residential mortgage experts who were familiar with appraisals and price opinions to serve as consultants regarding mortgage fees and loss mitigation.
This residential mortgage expert has over twenty years of audit loss mitigation and management experience with some of the largest and most respected financial institutions in the country (Citicorp, Chemical Manufacturers Hanover, Fannie Mae, Great Western and California Federal). He was in charge of one of the largest Real Estate Owned (REO) Deficiency Recovery and Fraud Investigation Divisions in the country. IMS Reference #1573376
This mortgage fraud expert has over sixteen years of experience in the mortgage banking industry. She worked for a major financial institution where she developed a residential mortgage lending process approved by both Fannie Mae and Freddie Mac. She also developed a system for identifying fraudulent information during the loan application process and prior to funding. She has expert witness experience, primarily in mortgage fraud. IMS Reference #1563561