Toledo, OH (1888PressRelease)
May 08, 2007 - IndependenceData.com is the newest answer to potential mortgage fraud and predatory lending practices. Ohio has been in the top 5 states for foreclosure filings within the past year. Recently, Ohio Senate Bill 185 has changed the way that finance & mortgage businesses operate. This bill actually makes it a 5th degree felony to “knowingly compensate, instruct, induce, coerce, or intimidate” an appraiser.
In the past, mortgage professionals would ask an appraiser for a “precomp” to estimate the market value range of the property before ordering the appraisal. According to the Uniform Standards of Professional Appraisal Practice as well as this new Ohio Senate Bill 185, these “precomps” cannot be done legally. This puts most homeowners, buyers or sellers in a quandary because most people do not want to pay for an appraisal if it is not going to have the desired outcome.
Of the 88 counties within Ohio, 77 have some sort of free data services for homeowners to research property records information. Most of the general public does not research these free data services before refinancing, buying or selling a property. There are also many free Internet web sites that will “estimate” the value of a home. Most of these “estimates” are inaccurate and several lawsuits have been filed because most consumers interpret these “estimates” as appraisals. Computers don't understand that a home built in 1970 within ¼ mile of homes built in 2005 are not viewed the same by the real estate market and may have differing values and markets
Most cases of mortgage fraud are based on fabricated financing documents and “puffed” appraisals. IndependenceData.com does not estimate the value of a home, but educates and empowers the consumer by researching and providing the most recent and accurate real estate information available. Every search is completed by a real estate professional to ensure the highest level of accuracy. Each property report includes a property records card, location map, zoning and aerial maps in some areas, and a detailed list of up to 30 neighborhood sales. The potential for mortgage fraud is greatly reduced when the consumer is knowledgeable of neighborhood sales data and real estate market.
For additional information regarding IndependenceData.com
Please call 419-497-2148
or info ( @ ) independencedata dot com
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