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Using an EA on a FannieForm

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by CANative, Jul 6, 2007.

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  1. CANative

    CANative Elite Member

    256
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    No names, but big name lender via an AMC that everyone knows but does not hate at this point.

    1976 manufactured home with no labels and plates but a county foundation document listing the data label and serial numbers.

    The issue is over the roof. The unit does not have the original riveted metal roof with membrane cover. It has a newer roofing structure built on top and comp shingle roofing.

    California law requires plan approval and permits for alterations to a manufactured home and there are no permits for this new roof. I've seen these roof types before and have never heard of any major problem and I figure the roof will surely last longer than the remaining economic life of an average quality, 30+ year old MH. But because of the law I have to use an EA that the roof will meet the engineering requirements and could pass an inspection.

    So I used the CB4 and stated the EA. The AMC is going crazy because they say the lender MUST have an "as is" appraisal even when an EA is used. I sent the AMC guy who's hounding me a long email which included: The Fannie Mae FAQ addressing when and how to prepare the report with possible but unknown adverse conditions, a cut and paste of the health and safety code concerning alterations and the verbiage about modifications and liability from NADA.

    No good. He states USPAP allows EA's so I should just make the EA and check the "As Is" box on the form.

    I'm being pressured (they'll have to use another appraiser now and in the future per the rep).

    This is a stupid form thing. If there were no checkboxes I would state that "my opinion of value is XXXX subject to any stated HC's or EA's" which is the same as checking the CB4 box. The ony problem is that if the lender wants to send this loan off to the corn field later they have to get an inspection.:angry:
     
  2. leelansford

    leelansford Elite Member

    45
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Some times you just can't win...damned if you do, damned if you don't.

    The client wants everything "neat and tidy" in a world where such does not always exist.
     
  3. CANative

    CANative Elite Member

    256
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    After calling me every half hour starting at about 9 this morning they stated if I didn't send the revised appraisal report in 10 minutes they would reassign the job and I would not be paid for the report I sent.
     
  4. Renee Healion

    Renee Healion Senior Member

    0
    Feb 21, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Connecticut
    Starting to hate them yet?
     
  5. CANative

    CANative Elite Member

    256
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Yes.

    I wonder if I should Chase down their client and tell them what's going on?
     
  6. Pamela Crowley (Florida)

    Pamela Crowley (Florida) Elite Member

    3
    Jan 13, 2002
    Professional Status:
    Retired Appraiser
    State:
    Florida
    YES!!!!!!

    This is a good example of something that needs to be put on the www.MortgageFraudWatchList.org also!
     
  7. Nope, because they do the exact same thing. trust me!
     
  8. Otis Key

    Otis Key Elite Member

    0
    May 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    CB4 is an "as is" based upon the EA - give them the phone number to Fannie Mae and tell'm to call and get fannie to call you and tell you that you're wrong - send me an email, pm or whatever and I'll give it to you. I'm really getting tired of having to educated these fools. And AMC phone monkies are the worst to try and educate!

    BTW - thanks again for that help - looks like THEIR "deal" is stuck in limbo since the UW hasn't called me back YET!
     
  9. CANative

    CANative Elite Member

    256
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    The person on the phone wasn't a true phonemonkey. He is an appraiser with 31 years in the biz (according to him, and he sounded like it too)

    We compromised and I changed the box to "as is", transferred the reconcilliation comments to an addendum and used the space to state that the as is value is based on an EA. I also added comments to the scope of work page in addition to clearly describing the issue in the description of the improvements.

     
  10. CURT VAN HOOSER

    CURT VAN HOOSER Senior Member

    0
    Nov 3, 2003
    Professional Status:
    Licensed Appraiser
    State:
    California
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