1004p

[Tim The Enchanter]

meet your future in lending work

What about Wicked Uncle Ernie?

 

[gregb]

Preppers are probably over-reacting-

 

[Elliott]

Why not make it a 2055p?

 

[gregb]

Why not make it a 2055p?

Or a 704p?

 

[Terrel L. Shields]

I expected an entirely new format. Is this being presented seriously as a time saver? Please, not the argument that we should be at our desks "doing what we do best". Most of us did not sign up to be cubicle prisoners.

20 years from now a new generation of appraisers will not know what a house inspection is or how to do it.

 

[Tim The Enchanter]

meet your future in lending work

What about Wicked Uncle Ernie?

20 years from now a new generation of appraisers will not know what a house inspection is or how to do it.

But there will still be inspectors. Someone needs to eyeball the physical property.
So, hermaphrodite appraisals.
Err, hybrid.

 

[Terrel L. Shields]

 

[Meandering]

Three initial ideas come to mind while contemplating FM's desire to make me desk bound. What is the fee, will my E&O cover me and what will be the assignment conditions layered on by the lender/AMC to the 1004P?

Interesting questions,

Considering Fannie is JUST NOW saying desktop appraisals are in "test mode", so all previous to March, were not sanctioned by the GSEs.

Appraiser Update
March 2019

Desktop Appraisal
In many cases, our analysis determines that an appraisal is the necessary level of collateral validation needed from the lender. We are testing the performance of a desktop appraisal informed by the photos, measurements, and other facts about the subject property that were previously collected. The scope of work, limiting conditions, and certifications in the existing URAR appraisal form (1004) are not suited to these desktop appraisals, so for our test we created a modified version of the 1004 that we call a “1004P.”
https://www.fanniemae.com/content/news/current-appraiser-newsletter.pdf

 

[bnmappraisal]

Thanks for posting Greg. Interesting going through it and seeing the similarities and the "slight" differences

It seems they really chose some of their words carefully
i.e. The SOW section on the 1004p states "familiarize themselves"

On page 6 part 25 it says you made no inspection, unless otherwise noted.
Bottom of page 2 still says complete int and ext etc inspection.

Good catch Lee, I missed that part

 

[Elliott]

"Bottom of page 2 still says complete int and ext etc inspection."

ASB and State Regulators insisted on leaving that in so they could still nab appraisers when they were prosecuting a complaint.