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Published: Wednesday, 5/19/2010

Bowling Green loan firm fined for appraisal violation

A mortgage loan company in Bowling Green has been fined $1,000 by the Ohio Department of Commerce's division of financial institutions for attempting to influence an appraisal of a house in Toledo on which the mortgage was being refinanced.

Limes Financial Funding Ltd. of 990 West Poe Rd. has agreed to pay the fine for the incident in May, 2008, involving appraiser Dan Bukowski.

Mr. Bukowski was appraising the home of Robert and Constance Pearce of 4203 Onondaga Ave., who were refinancing their mortgage. On the appraisal request sent to Mr. Bukowski, Limes listed the house's estimated value at $88,000 and the loan amount as $66,500.

State law forbids “attempting to instruct or induce” appraisers by placing “anticipated or desired appraisal value” or loan amounts on an appraisal forms. Lucas County records show that the house had a tax value at the time of $119,000. That valuation was dropped to $110,000 in late 2008.

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