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  #1  
Old 07-31-2005, 05:31 AM
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Pamela Crowley (Florida) Pamela Crowley (Florida) is offline
 
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(Posted by: Ben Vukicevich,SRA @ Jul 30 2005, 11:20 PM)
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FYI, comp checks are officially dead. I have been told by a lender that an appraiser can no longer do any work for free. They are all running scared of the implementation of the Sarbanes Oxley Act. They are afraid that any thing done for free maybe considered a kickback to obtain future appraisal business or to keep a current business relationship and they are taking no chances.

So when they call for the free comp checks, forget banging USPAP in their faces or threatening them with state agencies. They're not impressed. Bang Sarbanes Oxley at them and they'll fold like limp noodles. It's like sticking a cross in a vampire's face..Wow. How appropriate.
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Old 07-31-2005, 06:49 AM
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Too good to be true?
  #3  
Old 07-31-2005, 07:56 AM
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That's wonderful!!! Now where did Ben say THAT and what is his reference so I can have it directly from the source?
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Old 07-31-2005, 08:42 AM
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It's my understanding that Sarbanes-Oxley has to do more with securities fraud and accounting "Best Practices". How does that stop any one asking for a Comp Check?
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Old 07-31-2005, 08:44 AM
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I was raised in Missouri. You got to show me this is happening and will continue. I still get request everyday.

Can I take all those old orders and turn them in? Nail the SOBs that have caused me great grief in the past!
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Old 07-31-2005, 10:33 AM
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My understanding is that Sarbanes-Oxley was signed into law in 2002. That's 3 years ago, so why are we just getting this supposed ammunition NOW??

I'm still curious how it applies to Comp checks, cuz I don't see the connection.
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Old 07-31-2005, 12:56 PM
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I researched the Act on the internet and saw nothing regarding comp checks or appraisal related issues. It has been around since 2002, where is the specific reference to appraising and comp checks?
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Old 07-31-2005, 01:06 PM
Edd Gillespie Edd Gillespie is offline
 
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Generally what statutory language means is announced by the court. Does anybody have a case cite? Could it be an MB knows something I don't? Boy, is that humbling.

I can't imagine anyone in our industry having the gitty up go to get a court to rule that MB dealings with an appraiser are even an issue regardless of the statute. I talk a lot about it, but I'm not doing anything about it, particularly at that level. Who did this, I need to send him a contribution.

Ben, call that guy back and get us some info.
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Old 07-31-2005, 01:07 PM
leelansford leelansford is offline
 
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I suspect that there is more to this story than we've been presented with here. There must be something more (or, likely, "less") to the story.

I may be way off base...and I admit that I am taking but an educated guess...but I doubt that there can be any restraint on an appraiser providing service for free.

Otis: Your "too good to be true" comment may prove to be prophetic.
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  #10  
Old 07-31-2005, 03:47 PM
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Here's the deal. Sarbanes Oxley is from 2002 but implementation was 11/2004. I agree that it appears to be an accounting law. I tried using that on the lender...that it didn't concern me as an appraiser. Anyway, some companies are just getting around to it. Some companies may know what they're doing, some may not. I sure as hell don't. I know what I have been told and it scared the hell out of me. I got the idea that I was really doing something wrong by just trying to be nice. They were not impressed with me being nice.

Anyway, I got into a discussion about doing a free appraisal for a mortgage loan. I didn't need the money as bad as the borrower.. Yeah I can be a sucker sometimes. I sent the report in without an invoice and patted myself on the back for being such a caring human being.

The QC department freaked saying ANYTHING done for free could now be considered a form of a kickback to gain or maintain business relationships. They were taking no chances. They quoted Sarbanes Oxley in the email saying what I did was a "big no-no under Sarbanes Oxley." Why I don't know. I would assume their legal department knows its stuff.

I went back and forth telling them it could not be considered a kickback as the borrower did not control any future business sent my way. How dare they control what I wanted to do or how I priced my reports. Evidently, price does not matter too much. Free sets them off on a rampage...to the point where I thought I was going to lose a client.

The emails ended real fast. Nothing to be done for free. Their final say on an email cc'd to me from the LO: "Find another appraiser."

Short and sweet and very serious to boot. My heart dropped to my feet when I read that. I was just trying to be nice and now I was being considered as acting like a criminal.

I ended up sending an invoice for services rendered.

So if this is true, what is a comp check? A LO is asking for something for free so the appraiser can gain business or obtain future business by complying. Now if my free appraisal scenario set the QC department on fire, what does a free comp check due to them if they are serious about Sarbanes Oxley implementation? You can't do it and the LO's shouldn't be asking for them, if they're serious about compliance. Could completing the comp check for free be considered a kickback to gain business? Yep...That email is burned in my brain. NOTHING for free.

Ben
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