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#781447 - 07/24/07 03:09 PM Appraisal and Section 8
#12 Offline
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Joined: Jun 2005
Posts: 1,338
I've done a search, and I couldn't find anything that fit our situation...maybe I used the wrong search terms. Anyway, our secondary market department asked if an appraiser could discount the cost of the appraisal for employees of the bank. Our compliance officer told them no, it was a violation, however, they insist that other banks are doing this, and it should be legal, because it benefits the borrower (who just happens to be a bank employee). So we're doing a little more research. Does anyone have any opinions? Let me know if you need more info. I'm not always the best at conveying my thoughts into words!
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Lending Compliance
#781498 - 07/24/07 03:45 PM Re: Appraisal and Section 8 #12
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,951
Bloomington, IN
And just why do you think this appraiser is discounting their fee only to bank employees? Hmmm.....could it be because he expects since he's doing the bank employees a favor the bank will refer more appraisals his way?
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The opinions expressed are mine and they are not to be taken as legal advice.

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#781565 - 07/24/07 04:24 PM Re: Appraisal and Section 8 Dan Persfull
#12 Offline
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Joined: Jun 2005
Posts: 1,338
That's what I thought!! Thanks Dan!
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