Woman Sentenced for Real Estate Appraisal Fraud

admin —  August 21, 2009 — 11 Comments

Dorie DiMarca, 52, Andover, Massachusetts, was sentenced to eight months in federal prison after pleading guilty to two counts of wire fraud concerning real estate appraisal services DiMarca had performed. DiMarca was also sentenced to three years of supervised release which will begin after she is released from prison. During the term of her supervised release, DiMarca‘s behavior will be monitored by the United States Probation and Pretrial Services Office.

DiMarca provided appraisal services to two mortgage brokerage companies located in New Hampshire – New England Regional Mortgage and First Call Mortgage. DiMarca admitted that she falsely represented herself as a licensed appraiser when she was not licensed and had no authority to provide real estate appraisals. There were at least 30 properties for which DiMarca provided a purportedly legitimate appraisal, generating approximately $12,000 in appraisal fees.

United States Attorney for the District of New Hampshire John P. Kacavas, FBI Special Agent in Charge Warren T. Bamford, and U.S. Department of Housing and Urban Development Office of Inspector General Special Agent in Charge Diane Dechellis today announced the sentencing.

The case was investigated by the FBI and the Office of Inspector General for HUD.

This case was prosecuted by Assistant U.S. Attorney Don Feith.

Be Sociable, Share!


Posts Google+

11 responses to Woman Sentenced for Real Estate Appraisal Fraud

  1. Within 2 years licensing will no longer be a requirement to appraise property. By then 3/4 of the exisiting appraisers will have left the business. The only way to fill these low paying form filler positions will be through revoking license requirements. If you doubt this, think back to the shocking FHA change in 2008 (have a pulse? you’re hired).

    It should be fun to watch it happen!

  2. If only she had called me. I would willingly sold her my appraisal certification for $10. I haven’t used it since May 1st.

  3. I am currently looking for a house and ran accross a subdivision in Mckinney Texas that had a lot of foreclosed property. As I was doing my research I noticed that the foreclosed properties are aprpaised higher than the rest of the neihborhood by over a $100,000. This looks like a classic case of an appraisal that may have been manipulated. The property in 8812 is appraised at $507,917 and the 8813 is appraised at $592,657. The rest of the properties are appraised at $300 to $400 even on ones with the same sqft. These properties are listed as foreclosure.
    Link to appraisal value: http://www.collincad.org/list.php

  4. 25 years ago she wouldn’t have needed a license. Its hard to believe that for the 1st 75 years of the past century, appraisers didn’t need licenses. How barbaric. Good property appraisals means you know the values . An appraisers license doesn’t mean you know values.

  5. I realize Pres Obama wanted to save the world, but saving the bankers first was a big mistake. But it would not have been possible for this mess to happen if all appraisers said “we are not going to take it anymore.” The lenders could not have sold their mortgages without an appraisal to support its value, and when pressured to do so, that is when appraisers should have acted like John Gault in “Atlas Shrugged.” Appraisers have no one to blame but themselves. Have you heard any good appraisal jokes lately?

  6. Not bad at all, I think I might try that when I Get blaklisted from all the XXX damn AMC’s for honest appraisals.

  7. Every profession has it’s bad apples, but it looks like the orchard is filled with lenders and politicians.

  8. she didn’t falsely respresent herself.She stole my licenses and illegally signed my name to all the appraisals, making me owner of an appraisal firm that doesn’t exist. NE Regional and First Call has appraisals done on the same property in one case. Two related family members at differnet mortgage companies using the same woman. Coincidence? Most of the comparable sales used in the 38+- do not exist on the planet. Nice reviewing by the mortgage companies. Scum of the earth.

  9. John Panzavecchia August 26, 2009 at 2:57 pm

    P.S. That is also why appraisers are driving 80-100 miles to do appraisals now.

  10. John Panzavecchia August 26, 2009 at 2:55 pm

    The lenders did not relly care. They want fast cheap, and the right number. The rest they really could care less about. Things are going to get WAAAAY worse when quality goes down with the HVCC. The appraiser that used to get $350$400 a pop now gets $175-$250 after the appraiser managemnt company (AMC) takes their Tony Soprano size cut. Add to this all the increased hoops we have to jump through. That’s why many good experinced appraisers are quitting and the ones who only put and hour into reports in the first place are thriving. I still provide quality but I have already shifted into part time investing or flipping hurricane Katrina damaged houses to make ends meet.

  11. Wow, that is a new one, it was bad enough with licensed appraisers, this certainly puts a new spin on it.

    The key is, lenders are supposed to have copies of their licenses, she may have “created” one but no one verified it. Scary…

Leave a Reply

Text formatting is available via select HTML.

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>