1004p

[djd09]

The CRN's private email forums probably have all the answers.

 

[Evincere]

For the 1004P, Fannie has stated the inspection is done first, and THEN a decision is made regarding additional valuation, if any.

My question, if anyone knows--Who will Fannie be ordering the inspections from? Will they hire and train their own staff? Will they order directly from AMCs, who will maintain their own inspector database, will they defer to the lender? Will it even be lender dependent on the inspection side?

No conjecture please, only looking for rock solid information if anyone has it...

The most likely scenario and direction will be outfits that do REO servicing as they already have legions of re agents on their BPO rosters. Outfits like clear capital are salivating at the chance to now pick up loan originations

And don’t ya know...their chief financial officer addressed the VA - so concerned was he about our Veterans paying too much for an appraisal he suggested hybrids. However, In his address to the congressional committee there was no - zilch- nada mention of reducing closing costs

 

[Andrei Fin]

I’ve asked the same in a few of these threads and no one seems to know.

I just reviewed a 1004p and the comp pics were MLS photos.

I could not believe that the form has no prominent pre-printed verbiage regarding the hybrid inspection. It looks just like a 1004 which is very misleading to the reader IMO. The appraiser had a couple of lines about the hybrid inspection buried down in his addendum.

 

[ramrcdk]

I just reviewed a 1004p and the comp pics were MLS photos.

I could not believe that the form has no prominent pre-printed verbiage regarding the hybrid inspection. It looks just like a 1004 which is very misleading to the reader IMO. The appraiser had a couple of lines about the hybrid inspection buried down in his addendum.

Can you, would you redact and share? I understand there are...countless forms, some have software for drops-downs & some are not. MLS photos : at least you know to assume the property pic is same as MLS data

 

[Evincere]

I just reviewed a 1004p and the comp pics were MLS photos.

I could not believe that the form has no prominent pre-printed verbiage regarding the hybrid inspection. It looks just like a 1004 which is very misleading to the reader IMO. The appraiser had a couple of lines about the hybrid inspection buried down in his addendum.

I believe it. It’s a slight of hand hat trick switcheroo. That’s the idea. Chain Appraiser to desk and use MLS.

But, why the review? Client request or a 1004p you just happened to come by

If possible to redact The addendum would be of great interest

 

[Evincere]

Greg, You da man! On first blush, looks like Hybrid 1004p is not a dimes worth of difference from a 1004. p~~

?

All they Did was add wig, changed the color of the lipstick and now try to pass it off as an imposter

 

[George Hatch]

I just reviewed a 1004p and the comp pics were MLS photos.

I could not believe that the form has no prominent pre-printed verbiage regarding the hybrid inspection. It looks just like a 1004 which is very misleading to the reader IMO. The appraiser had a couple of lines about the hybrid inspection buried down in his addendum.

I think this is a huge mistake on the appraiser's part. If I were doing one of these I'd put a prominent scope of work summary at the top of the first page of my written addenda, bolded, separate and in addition to whatever verbiage the form might have on the topic.

I don't think Fannie should be using any variation of the 1004 for this type of assignment precisely because it might be misinterpreted by the readers.

 

[Dublin ohio]

Can you, would you redact and share? I understand there are...countless forms, some have software for drops-downs & some are not. MLS photos : at least you know to assume the property pic is same as MLS data

Here is a pdf of what my software has. Looks like 1004. Except differences in pre printed SOW and certs and check boxes on last page of certs concerning type of inspection(s) if any. Have highlighted a couple of the differences in the SOW and certs

 

[Evincere]

Here is a pdf of what my software has. Looks like 1004. Except differences in pre printed SOW and certs and check boxes on last page of certs concerning type of inspection(s) if any. Have highlighted a couple of the differences in the SOW and certs

No is just no way ANY Appraiser should be devaluing themselves by completing that form for a fee that does not resemble current 1004 compensation.

 

[Dublin ohio]

No is just no way ANY Appraiser should be devaluing themselves by completing that form for a fee that does not resemble current 1004 compensation.

Agree 110%. The only difference is not making an inspection. Have alway looked at the typical inspection as being the "easiest" and least time consuming part of the process.