Congratulations to the following Newly Designated Appraisers – January to December 2018:
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.
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.
FICOM has advised of the following Industry Alerts:
A Notice of Hearing has been issued to Prem Lata Devi Singh
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
AIC Fraud Prevention Tips:
- Know your client.
- Know your market – heated markets are hubs for fraud.
- Exercise due diligence in your research — property flips, sales/listing history and exposure time can tell a story.
- Issue letters of engagement with every assignment but particularly with unfamiliar clients.
- Password-protect your reports and only give the password to your client.
- 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*:
- Advise your client, if appropriate, of the suspected activity;
- 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;
- 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;
- Report suspected activity to appropriate lending associations such as MIABC, CMBA-BC, and MPC;
- Contact FICOM at ac.cb1553198155mocif1553198155@tcud1553198155nocre1553198155korb1553198155 or 866 206-3030 to advise of the suspected activity;
- 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