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  #1  
Old 02-09-2005, 07:27 AM
Candas Wall Candas Wall is offline
 
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I had considered setting up a credit system for Brokers and lenders that was similar to your coffee card. Based on volume purchasing. However, after running it by this board I realized that the intentions could be misinterpreted to be not on the up and up. So After speaking to a few USPAP instructors...I am leaning toward using coupons. It is my understanding that USPAP has already approved them and I want to proceed with caution. Has anyone out there used coupons yet and if so would you be interested in sharing your idea's? Any input is appreciated
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  #2  
Old 02-09-2005, 08:01 AM
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Tim Hicks (Texas) Tim Hicks (Texas) is offline
 
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Do you have double and triple coupon days? :rofl:

It has been my experience that lenders are not worried about the cost of an appraisal as much as they are worried about the value on the appraisal. For instance, I was told by a loan officer yesterday that they paid $800 for a manufactured home appraisal, but it was worth it because it achieved the needed value.
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  #3  
Old 02-09-2005, 09:04 AM
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We have used them. We put little stickers on the back of our cards $25 off your first appraisal. They have worked very well. Loan officers seem to like them when they have a client who is debating every closing cost.
  #4  
Old 02-09-2005, 10:53 AM
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Jeff Horton Jeff Horton is offline
 
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This has been discussed seriously and in depth over at the Home Inspectors Forum. The fellow who started it has done very well with this idea and I am going to do this with my Home Inspection business. The ideal place is give these to lenders who then give them to the home buyers.

I think it could work with the Appraisal busiiness as well. I decided against it unless I could get them in the hands of individuals since I would like to do less broker and AMC work. Whatever you do track your results! And I think, I would need to re-read USPAP to be sure, that you should disclose in the Appraisal the discount. Even if I am wrong, it won't hurt anything a keeps you on the up and up.
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Old 02-09-2005, 10:01 PM
Restrain Restrain is offline
 
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In Texas, they're illegal. Considered giving consideration in exchange for work.
Check your state laws.
  #6  
Old 02-13-2005, 11:29 PM
sam strahan sam strahan is offline
 
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kickbacks!
  #7  
Old 02-14-2005, 12:16 PM
Candas Wall Candas Wall is offline
 
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I guess that's the wonderful thing about this forum...is that you can voice your opinion. It seems to me that its only a kickback if its going to a specific person into their pocket. Such as actual money, nascar tickets, football tickets etc that is channeled to only one person. This is a coupon for the entire company for the broker to decide when and how to use it toward the appraisal invoices only!
  #8  
Old 02-14-2005, 05:20 PM
Restrain Restrain is offline
 
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A kickback's a kickback, no matter how you dress that pig up.
  #9  
Old 02-14-2005, 07:03 PM
Darrell Hignite Darrell Hignite is offline
 
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Uspap states, the use of a coupon as a marketing tool would not be a violation of the Ethics Rule, however, a coupon for a reduced fee would be a thing of value connected to the procurement of an assignment. Therefore, proper disclosure must be made in the certification of the written report and in any transmittal letter in which value conclusions are stated.....

Question #23 in 2004 Appraisal Faq's Book.
  #10  
Old 02-14-2005, 08:14 PM
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Kate Kate is offline
 
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Quote:
Originally posted by Darrell Hignite@Feb 14 2005, 08:03 PM
Uspap states, the use of a coupon as a marketing tool would not be a violation of the Ethics Rule, however, a coupon for a reduced fee would be a thing of value connected to the procurement of an assignment. Therefore, proper disclosure must be made in the certification of the written report and in any transmittal letter in which value conclusions are stated.....

Question #23 in 2004 Appraisal Faq's Book.
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