El Paso home appraiser accused of falsely certifying home appraisals surrenders license, pays penalty

El Paso News

In this Oct. 1, 2009 photo, appraiser Katherine Scheri photographs a quarter standing on a crack in a garage slab floor during an appraisal of a hillside home in the unincorporated area of East Los Angeles. Appraisers determine the value of a property by looking at recent sales of comparable homes, or comps. (AP Photo/Reed Saxon)

EL PASO, Texas (KTSM) — An El Paso home appraiser surrendered his license for five years to resolve allegations that he falsely certified home appraisals performed by uncertified assistants.

Daniel O’Leary, manager and registered agent for El Paso Asset Appraisals, LLC, also paid a $100,000 civil penalty.

These appraisals were subsequently relied upon by the Federal Housing Administration (FHA) in insuring home mortgage loans.

“Regulations requiring certified appraisals before a home mortgage is guaranteed by the FHA
are in place to protect consumers and taxpayers,” said U.S. Attorney Hoff. “Any time someone
tries to circumvent those regulations for personal gain, it places consumers and the FHA
program at risk.”

The HUD-OIG, FHFA-OIG and the FBI investigated this matter with assistance from the Texas
Appraiser Licensing and Certification Board (TALCB). The investigation by these law
enforcement agencies revealed evidence indicating that appraisals were certified as having been
performed by Mr. O’Leary on dates when he was traveling out of the state or out of the country.

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