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Archived Announcements

Newly Designated Members – January – December 2018.

Congratulations to the following Newly Designated Appraisers – January to December 2018:

AACI, P.App
Travis Archibald
Pardeep Bual
James Davis
Peter Gibson
Sarah Gillespie
Dan Green
Shannon Horne
Cody Johanson
Rahul Poojary
Janelle Somerville
Rachelle Tink
Phillip Yang
Yanyan Yang

 

CRA, P.App
Madonna Blunt
Kerry Dimmock
Robert Franks
Robert Ironmonger
Michael Kind
Emad Mirzaei
Chris Ponti
Bradley Reimer
Anton Suurkask
Lawrence Tang
Patricia Ward

 

2018/19 AIC-BC President, Graham Held

GRAHAM HELD, AACI, P.App. ELECTED

AIC-BC congratulates Graham Held, AACI, P.App of Kamloops, BC on his re-election as President of the British Columbia Association of the Appraisal Institute of Canada.  A Press Release was sent out in October 2018 advising of Graham’s accomplishment.

Industry Alerts

From affordable housing issues, to speculation tax, to tighter mortgage rules, to spikes and drops in housing prices, the British Columbia real estate market continues to be under the microscope.  Under these circumstances, while it is an opportune time for increased appraisal demand, it is also a time to exercise caution.  The AIC-BC will use this forum to share fraud-related notices as they are made available and would like to take this opportunity to share best practices and additional information about how AIC-BC Members can protect themselves and the public.

 

Industry Alerts

FICOM has advised of the following Industry Alerts:
A Notice of Hearing has been issued to Prem Lata Devi Singh
A Decision on Penalty and Costs – MA Campagna
Cease and Desist Order – Jay Kanth Chaudhary aka: Mike Kumar; George DeSouna; Jay Michaels
Notices of Hearing have been issued to Dean Frank James Walford and Loan Depot Canada

 

For general mortgage broker inquiries, call:
Office of the Registrar of Mortgage Brokers
Financial Institutions Commission
Phone: 604-660-3555 |
866-206-3030 (toll free) | Fax: 604-660-3365
2800 – 555 West Hastings Street | Vancouver, BC | V6B 4N6

Email: ac.cb1563396044mocif1563396044@tcud1563396044nocre1563396044korb1563396044 | Website: www.fic.gov.bc.ca

 

AIC Fraud Prevention Tips:

  1. Know your client.
  2. Know your market – heated markets are hubs for fraud.
  3. Exercise due diligence in your research — property flips, sales/listing history and exposure time can tell a story.
  4. Issue letters of engagement with every assignment but particularly with unfamiliar clients.
  5. Password-protect your reports and only give the password to your client.
  6. Decline if it doesn’t feel right – providing a reliance letter to a new intended user is not a mandatory requirement; you have the right to decline – it is an extension of risk.

 

If you suspect that your report has been altered or compromised, you should immediately*:

  1. Advise your client, if appropriate, of the suspected activity;
  2. Report suspected fraudulent activity to the Appraisal Institute of Canada – BC Association Executive Director, Christina Dhesi, to request that an email broadcast be sent out to the AIC-BC Membership;
  3. Report any suspected fraudulent activity to the Appraisal Institute of Canada’s Director – Professional Practice, Shelley Poirier.  Information will be held on record should a related claim or complaint arise;
  4. Report suspected activity to appropriate lending associations such as MIABC, CMBA-BC, and MPC;
  5. Contact FICOM at ac.cb1563396044mocif1563396044@tcud1563396044nocre1563396044korb1563396044 or 866 206-3030 to advise of the suspected activity;
  6. Alert your local police to advise of suspected activity and obtain a case number.

*These recommendations are for general information purposes only and should not be construed as legal advice.  AIC-BC urges Members to contact AIC’s Director of Professional Practice with specific questions or for additional guidance.

 

For more information, please refer to the following AIC publications:
Protecting Yourself Against Valuation Fraud
Mortgage Fraud Red Flags and Warning Signs for Valuation Experts
Avoiding Mortgage Fraud is Everyones Business