Two of Valuation Management Group’s executives, Natalie Thompson, VP, and Vicky Thompson, CEO, recently attended the 12th annual education conference of the Georgia Real Estate Fraud Prevention and Awareness Coalition, known as GREFPAC. When GREFPAC was founded, they were spreading the message that “Mortgage fraud is not just a white collar crime issue showing up only as losses to huge lenders. The real victims are the families who must live and raise children in damaged neighborhoods often in the midst of irresponsible and dangerous career criminals.” The original founders of the organization were Julia Barrette, Ann Fulmer, Carl Heckman and Alicia Sheppard.
Since the time GREFPAC was founded through 2014, Georgia has lost the infamous designation of being the #1 leader in mortgage fraud to being #41. In 2014, according to the Corelogic mortgage fraud risk report, Florida, New Jersey and New York held the highest risk rankings. The 2015 report is not yet available, but we believe the work done by the GREFPAC organization to educate and increase awareness is a key contributor to the tremendous improvement in Georgia.
The conference had a variety of speakers. The keynote speaker, Rob Chrisman, discussed the mortgage industry today and where he believes it is headed. Several attorneys spoke of the life cycle of a whistleblower claim and how to manage it, the FBI spoke on business email compromise scams and recent Georgia mortgage fraud cases. Additionally, an attorney discussed actual mortgage fraud cases and the losses to the financial institutions. The Deputy Commissioner for Non-Depository Financial Institutions Division of Georgia Department of Banking and Finance, Rod Carnes, discussed the regulatory environment and proposed changes. The information was informative and interesting.
Valuation Management Group has been involved with GREFPAC since VMG’s inception 10 years ago. We feel awareness and independent appraisal processes have helped decrease appraisal fraud nationwide. VMG provides an appraisal process that helps to ensure appraisal independence and eliminates pressure on appraisers to deliver an appraisal report that is not supported by sounding reason and methodology.
Valuation Management Group is a national, full service appraisal management service company that manages the appraisal process for financial institutions, banks, mortgage bankers, and credit unions. We offer the full array of commercial and residential appraisal products and services. We take the appraisal process from ordinary to extraordinary.