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  #1  
Old 01-21-2009, 06:05 PM
moh malekpour moh malekpour is offline
 
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Default FNM 2055 form

I know forms are only tools of appraisals but when they are used, their certifications must be implemented.
2055 Certification says that the form is not designed for condo, coop or manufactured units but I know an appraiser who is frequently using that form for 2-4 units and condos.
Isnít this a misleading and violation of USPAP even if the AMC and the lender donít object to using that form despite of what is in the certification?

This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project.

Last edited by moh malekpour : 01-21-2009 at 06:34 PM.
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  #2  
Old 01-21-2009, 06:43 PM
Hola27 Hola27 is offline
 
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If the client will accept it thats fine. It won't fly on the secondary market.
  #3  
Old 01-21-2009, 08:31 PM
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Riick Riick is offline
 
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^^^^
Bingo
........FHA used to use the old 1004 for everything...
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  #4  
Old 01-21-2009, 09:28 PM
moh malekpour moh malekpour is offline
 
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Quote:
Hola27
Join Date: Dec 2007
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If the client will accept it thats fine. It won't fly on the secondary market.

Quote:
Originally Posted by Riick View Post
^^^^
Bingo
........FHA used to use the old 1004 for everything...
But 1004 certification didn't say that the form was not designed for condo, coop or 2-4 units. did it?
The 2055 certification clearly tells the appraisr not to use that form for condo or coop. Why it should be OK to use that form for condo if the client says use it despite the advice from the maker of the form? It doesn't make sense. The certification of the form is the only page that appraiser has to sign and upon that signature, the appraiser is responsible for everythin about the certification. The form doesn't contain enough information to communicate a condo or (2-4 unit) appraisal report to the client and that is why its maker says that is not design for that purspose. Isn't the appraiser liable for that signature on that certification that says the form is not designed for condo unit but the appraiser ignores it and use it? Show me where in the certificate says to use that form for condo as long as it is OK with the client. Ignoring what the form says is like ignoring what your car owner's manual says. If your car owner's manual says that the car is not built for the speed of over 85 miles per hour but you ignore and went 100 mph, aren't you responsible for a fatal accident? Do you drive a trailor over a bridge that says it is not designed for trailor pass?

Last edited by moh malekpour : 01-22-2009 at 03:17 AM.
  #5  
Old 01-22-2009, 08:30 AM
leelansford leelansford is offline
 
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The words state that the form is not "designed" for certain uses. I didn't read "prohibited" among those words.
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  #6  
Old 01-22-2009, 09:25 AM
moh malekpour moh malekpour is offline
 
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Quote:
Originally Posted by leelansford View Post
The words state that the form is not "designed" for certain uses. I didn't read "prohibited" among those words.
The maker of the form cannot prohibit the user of the from from filling it out and send it to someone the same way that a maker of the car cannot prohibit a reckless drive who doesn't pay attention to the note on dashbord saying this car is not designed to drive on the mountain roads.
Form is only a tool of communication. The maker of the form has the responsibily to tell the user of the form about the capacity and the purpose of that form. It is not the responsibility of the maker of the form to prohibit the user from tearing the form, using it for toilet or communicating an appraisal. The appraiser knows what is the capacity and the purpose of the form and should not misuse it because the form cannot communicate the condo or 2-4 units to the client and for that reason it is misleading and a violation of USPAP. Standard 2
  #7  
Old 01-22-2009, 01:02 PM
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Riick Riick is offline
 
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"The customer is always right"
-- even when the customer is an idiot, and not acting in his own best interest.
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  #8  
Old 01-22-2009, 01:55 PM
moh malekpour moh malekpour is offline
 
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Quote:
Originally Posted by Riick View Post
"The customer is always right"
-- even when the customer is an idiot, and not acting in his own best interest.
The customer is not always right. The customer always has a right to use you or not but you also always have a right to agree with the customer or not especially when it is about protecting yourself.
What about the customer asks you to jump over the bridge?
  #9  
Old 01-22-2009, 02:17 PM
Mike Siegfried Mike Siegfried is offline
 
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Quote:
Originally Posted by moh malekpour View Post
What about the customer asks you to jump over the bridge?
Oh, so you've met my clients?

Mike
  #10  
Old 01-22-2009, 10:23 PM
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PBKlingensmith PBKlingensmith is offline
 
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Are you sure they are not using the old version of the 2055 that allowed those uses?
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