Current version of 1025 for Drive By reporting

[Marcia Langley]

No, it's just a fax of description of products being requested with the forms required. This was from one of their regional offices, dated 1/2005. I've E mailed them asking for clarification, as this is the first I've heard of it, but was curious if anyone else was aware of this. The section in question looks like this:

Property Type Report Form

2-4 Family Fannie Mae 1025 (revised March 2005)
Complete Full Inspection Form 1025
Exterior Inspection Only Form 1025
Interior Inspection (Update) Form 1025


We will not accept appraisals that are not on the proper forms

Joe,

This is very old data and predates the issue date of the form (although it does not predate the development of the form).

Your post is unclear as to who issued the letter. If it is on Fannie Mae's letterhead, that's one thing, if it is an internal bank memo, then it just amounts to a non-Fannie Mae compliant request.

 

[Brad Ellis]

Joe,

Now between you and Marcia we will have to get clarification. I was told only the 2055 for drivebys- with all its problems. Marcia could well be right about the age of this information- I do not know. But, I'd sure like confirmation and maybe you can get it. I cannot get anything formal noted since Mark left Fannie.

Brad

 

[Ross (CO)]

Don't forget.....there's always the "concessions are typical for the market" crowd too !.......so, so long as they are not over 6%.....one does not necessarily need to reconcile of "adjust" for them.......'cause it might kill the deal !......we won't "hit value"......oh, wait, maybe it's 3%....or is it 6% ?.....oh, boy, this is getting really confusing now ?...........Fannie ! ? !

 

[JM2187]

Just to clarify further, this is from a Fannie Mae regional office. The exterior reports are ordered for auditing and pre-foreclosure purposes.

The portion of the letter with these instructions I received appears to have been part of a service level agreement.

 

[Marcia Langley]

My remark about the data being old was the part of Joe's quote I highlighted in red:

This was from one of their regional offices, dated 1/2005.

 

[Marcia Langley]

Just to clarify further, this is from a Fannie Mae regional office. The exterior reports are ordered for auditing and pre-foreclosure purposes.

I have seen other posters on this board mention Fannie Mae as a client sometimes requires appraisers to violate their own guidelines, especially in the REO department.

 

[Tony in Ohio]

It makes sense for Pre foreclosure or auditing purposes since those are areas where it is pretty clear you can not reasonably be expected to get interior access. The lower reliability of a drive by is already understood by the user, and it is not (usually) being used to extend additional credit) but merely to get a more current Idea of market conditions and subject condition than the originating appraisal.

 

[Marcia Langley]

It makes sense for Pre foreclosure or auditing purposes since those are areas where it is pretty clear you can not reasonably be expected to get interior access. The lower reliability of a drive by is already understood by the user, and it is not (usually) being used to extend additional credit) but merely to get a more current Idea of market conditions and subject condition than the originating appraisal.

Tony,

It does make sense to do an exterior only on a preforclosure. What does not make sense is that Fannie Mae did not accommodate this sensible need in their new forms or that they require breaking guidelines for their own work but demand adherence from others.

 

[jay trotta]

Driveby; should be replaced by the old, "Windshield" language-it's more American.....ROFL

"Windshield Appraisals" - can be done with propero addendum language, afta all, it's USPAPo we're to abide by - so clarification is what is being sought.
Basically, FNMA has drafted a document which warrants, re-writting in accordance with USPAPo, it's a "Test" to sea who's payin attention and who has the ware withall to produce a well written documint.

good luck on the challenge event

 

[Brad Ellis]

Marcia,

I do not think Fannie is asking anyone to violate their own guidelines as they see them. They believe that the sale of the REO is still part of the mortgage finance transaction but I disagree. Based on their requirements, however, a report could be done in compliance but one must add a definition of liquidation value and its source at a minimum.

Brad