Saying that now-defunct Utah Central CU would "not have made the loan if the appraiser had performed his appraisal with care, skill and diligence,'' the NCUA sued an appraiser and alleges that the loan led to the credit union's eventual failure.
The credit union lost $407,000 on a $584,000 loan for the purchase of home appraised by Utah appraiser Blaine Park at $730,000, but the agency alleges it should have been closer to $520,000.
The NCUA alleges, in a lawsuit filed in U.S. District Court in Salt Lake City, that Park didn't follow the appropriate professional standards and the $160 million credit union wouldn't have made the loan for as much as it did if it hadn't been for Park's erroneous appraisal.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
