Appraiser Indicted for Contributing to $6M in Lender Losses

Allison Tussey —  October 19, 2010 — 2 Comments

Joshua Melton, a licensed Texas Appraiser, was indicted and stipulated in a Factual Statement that he knowingly prepared 34 inflated appraisals resulting in not less than $6,044,096 in losses to lenders. According to the statement, between February 9, 2004 and July 11, 2007, Melton and others engaged in a scheme to willfully defraud mortgage lenders through the use of materially false representations, including the use of inflated appraisals. The properties included in the scame are as follows:

911 Hills Creek, McKinney, Texas;

6804 Boulder Lake, McKinney, Texas;

2105 Pebble Beach, McKinney, Texas;

5806 Edgewood, McKinney, Texas;

1917 Savannah, McKinney, Texas;

5917 Spring Hill, McKinney, Texas;

5701 Spring Hill, McKinney, Texas;

7003 Wellington Point, McKinney, Texas;

909 Hills Creek, McKinney, Texas;

1612 Hastings Bluff, McKinney, Texas;

7110 Wellington Point, McKinney, Texas;

2603 Sunny Meadows, McKinney, Texas;

6917 Echo Canyon, McKinney, Texas;

1220 Hills Creek, McKinney, Texas;

810 Hills Creek, McKinney, Texas;

509 Old Course Circle, McKinney, Texas;

812 Hills Creek, McKinney, Texas;

931 Hills Creek, McKinney, Texas;

1000 Windsor Creek, McKinney, Texas;

5904 Cypress Court, McKinney, Texas;

1603 Timber Edge, McKinney, Texas;

7012 Old York, McKinney, Texas;

822 Hills Creek, McKinney, Texas;

6908 Echo Canyon, McKinney, Texas;

1112 Shady Oaks Circle, McKinney, Texas;

508 Willow Springs, McKinney, Texas; 

2021 Savannah, McKinney, Texas;

8700 Weston Lane, Lantana ,Texas;

5212 Balmoral, Flower Mound, Texas;

4609 Hampshire, Flower Mound, Texas;

1221 San Saba Court, Allen, Texas;

549 Mariah Bay, Heath, Texas;

6100 Troon, Fort Worth, Texas; and

3933 Westway Terrace, Fort Worth, Texas.

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Allison Tussey

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2 responses to Appraiser Indicted for Contributing to $6M in Lender Losses

  1. 9 of 10; might be feasible if the samples reviewed were suspect in the first place. Truth be told, many appraisers gave way to unethical practice; the majority however did not.

  2. We find appraisal fraud in nine out of every ten mortgage transactions we examine.

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