Subject: Dodd-Frank Title IX, Loan or Borrowing of Securities/Securities Lending Activities
From: Salvatore L. Saravo
Affiliation: Citiwide Appraisal Services

October 22, 2011

Appraisal Loft
16745 West Bernardo Drive, Suite 450
San Diego, CA 92127

On Monday October 8, 2011 Appraisal Loft known as a major Appraisal Management Company to the Appraisers had surprisingly closed its doors and stopped taking orders.

I had been doing Appraisal services for Appraiser Loft for close to 1 year before it's closing. Regretfully, Appraisal Loft defrauded me of over $5,075 in unpaid services since 06/2011. Although the money is important and well needed, how it was done and why this loss could have been prevented is what made it worse. I had been given the shift since June 2011 by Annette from Appraiser Loft accounting dept. Every week I called for payment of my service fees and was told bluntly the check is in front of her and will be processed next week, or the processing dept was behind, or they lost the check and are cutting a new one...on and on.. this became a pattern. My instincts told me to stop taking orders. I picked up the phone the day after Columbus day to hear a recording stating they were no longer taking orders.. the disgusting part is, till the last day they were still sending appraisal orders to appraisers. They knew what they were doing and continued on. This is complete fraud and deception.

Appraisal Loft Company and its CEO took advantage of as much money as they can possibly get from homeowners, lenders, employees and appraiser before closing the doors. The CEO named Raminder Makkar should be in jail just as any other Ponzi scheme or mortgage fraud case. These kind of deceptive practices are having detrimental financial and personal effects on the Appraisers and its industry as well as the lender/banking department, homeowners, businesses, families and individuals. Homeowners whom paid the Appraisal Management Company (Appraisal Loft) as well as Lenders are out a large sum of money and will lose their mortgage service and rates. Appraisal Lofts unethical practice has caused a loss of millions in dollars. An investigation into Appraisal Lofts unethical practice and victim restitution is warranted.

As appraisers, prior to Hvcc/Dodd Frank regulation, we were an independent business, collected our payments fees up front to avoid this exact kind of situation as any other business in America practices. Unfortunately, we have been irresponsibly stripped of our business independence, and are now dependent solely on Appraisal Management Companies trust to earn a living and hopefully get a check in the mail. Appraiser Loft is proof and evidence of the fact. Without any change in respect to Appraiser fee independence, these deceiving and corrupt practices will continue to happen and WILL cause a serious effect on the housing and Appraisal Industry.

As an individual/business and homeowner, I am requesting a change in this dysfunctional Appraisal business/Appraisal Management Company regulation. It would be a great service to see the same paid officials and individuals, whom implemented and supported the Hvcc/Dodd Frank rule take on the responsible and moral act of reversing or correcting the Appraisers fee dependents/trust on Appraisal Management Companies and bring back their business independence as an American business should be. It is only right and constitutional for an Appraisal business to individually, independently and confidently collect its own upfront fees for business just as well as an Appraisal Management Company should. Once again, Appraisal Loft is proof and evidence of the fact that this regulation warrants change. I am certain my letter speaks for thousands of individuals,businesses and homeowners throughout the nation.

Sincerely and regards,

Mr. Salvatore L. Saravo
Citiwide Appraisal Services