Brian J. Moorman, a North Texas real estate appraiser, pled guilty to count four of the superseding indictment, charging wire fraud, aiding and abetting. Although the offense carries a maximum sentence of 20 years, Moorman, through the plea agreement, faces imprisonment not to exceed 27 months and agreed to give complete and truthful information and/or testimony concerning his participation in the offense.
Moorman admittedthat he knowingly assisted a scheme to defraud WMC Mortgage Corporation through a fraudulent closing of the purchase of residential property located at 1206 Quinlan Drive, Allen, Texas. WMC was the lender funding the purchase. Moormanadmitted to preparing an inflated appraisal of the property in order to “hit the number” sought by codefendant, Eugene J. Lockhart, Jr. Moorman understood that Lockhart, Jr. would use the appraisal to justify an inflated $400,000 sales price. In November 2007, Moorman surrendered his appraisal certification.
Thank you Nathan, I couldn’t have said it better myself.
Stephen,
I am guessing you are someone who wanted a dishonest appraiser to overvalue a property for your refi or to keep your overpriced deal with bloated seller concessions together. Oops, you got an honest professional instead.
Go f%#ck yourself hypocrite!
Every appraiser does not belong in prison, as the majority of appraisers do not commit fraud and actually do take their profession quite seriously.
Every appraiser belongs in prison.