Real Estate Appraiser Jailed For Bogus CU Appraisals

Published April 03, 2013, 6:33 p.m. EDT

|

Updated August 26, 2020, 10:23 p.m. EDT

1 Min Read

DAVENPORT, Iowa A real estate appraiser was sentenced to six months in prison and ordered to pay $131,000 restitution to Deere Harvester CU for filing false appraisals to allow members to refinance their home loans.

Processing Content

Michael Saad, 49, is free while he files an appeal of the sentence.

Prosecutors said Saad knowingly inflated the values of properties he appraised in 2007 to justify higher mortgage loans for borrowers. They said he misrepresented the square footage, age, number of bedrooms, number of bathrooms, and other information associated with the subject properties and the comparable properties listed in his appraisals.

Saad reached a plea agreement in November.

For reprint and licensing requests for this article, click here.

MORE FROM AMERICAN BANKER

Community banking

Citing bad loans, USDA bars a group of lenders from lending program

The move comes about a year after rising delinquency levels prompted SBA to raise lender fees and tightened underwriting standards in its flagship 7(a) program.

By John Reosti
Reporter

May 18
Artificial intelligence

OpenAI launches Plaid integration for ChatGPT Pro users

Select ChatGPT users can now connect their bank accounts to the AI-powered chatbot for personal money management advice based on their financial history.

By Melinda Huspen
Tech Reporter

May 18
Fraud

Always-on fraud checks cut Suncoast's losses by a third

Suncoast Credit Union moved from one-time identity checks to monitoring members for the life of the account. It says fraud losses fell more than a third.

By Carter Pape
Technology Reporter

May 18
Wells Fargo

Wells Fargo settles lawsuit alleging hiring, lending discrimination

The $110 million settlement, which was mapped out last fall, requires Wells Fargo to establish a $100 million fund to provide downpayment and closing-cost assistance to eligible borrowers who live in or plan to buy a home in certain low- and moderate-income census tracts.

By Allissa Kline
Reporter

May 18
New York

First Trump, Now Mamdani; politicians stepping into payments

Whether red or blue, leaders share an affinity for battling fintech giants, as the liberal mayor is pressuring regulators to scuttle Western Union's plan to buy digital transfer Intermex, shortly following PayPal's 'DEI settlement' with the Trump administration.

By John Adams
Executive Editor, Payments

May 18
Agentic Commerce

Why JPMorgan Payments has been 'pretty quiet' on agentic commerce

Prashant Sharma, JPMorgan Payments' executive director of biometrics and identity solutions, spoke with American Banker about agentic commerce and how liability is shifting as a result of large language models.

By Joey Pizzolato
Reporter

May 18

Load More