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OTS TAKES ENFORCEMENT ACTION AGAINST REAL ESTATE APPRAISER

 OTS TAKES ENFORCEMENT ACTION AGAINST REAL ESTATE APPRAISER
 WASHINGTON, July 9 /PRNewswire/ -- The Office of Thrift Supervision (OTS) announced today its first enforcement action against a real estate appraiser.
 OTS said consent orders of prohibition, professional debarment and cease and desist were signed by William Lloyd, who had provided appraisal services to failed First Federal Savings Bank and Trust, Pontiac, Mich.
 Without admitting or denying guilt, Lloyd consented to a ban from serving as an officer, director, controlling shareholder or institution-affiliated party for any federally insured depository institution. In addition, Lloyd is barred from practice before OTS, cannot issue appraisals other than those of 1-4 family residences for any federally insured depository institution, and agreed to pay $1,600 in restitution.
 OTS charged that Lloyd's April 1990 appraisal of a property known as Island Harbor was plagiarized. More than 28 pages of his appraisal were copied word-for-word from an earlier appraisal on the same property and also incorporated incorrect assumptions and mathematical errors from the original document, OTS charged. As a result of Lloyd's actions, OTS alleged that First Federal was denied the independent and impartial opinion as to Island Harbor's market value for which Lloyd had been retained and paid by First Federal.
 The $1,600 restitution must be paid to the Resolution Trust Corporation (RTC), receiver for First Federal Savings, by July 15, 1992. The money represents the amount the thrift paid Lloyd for his plagiarized appraisal.
 Lloyd must also conform to other OTS limitations should he choose to perform appraisal services in the future, including submission of a quarterly report of all appraisals in which he participates with other appraisers, other than 1-4 family residences, which are issued to insured depository institutions.
 -0- 7/9/92
 /CONTACT: Thomas P. Mason of the Office of Thrift Supervision, 202-906-6677/ CO: Office of Thrift Supervision ST: District of Columbia; Michigan IN: FIN SU:


DC -- DC021 -- 7958 07/09/92 15:36 EDT
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Publication:PR Newswire
Date:Jul 9, 1992
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