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a la mode's URAR & 2055 Limitiing Conditions "Rev.

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Larry Lyke

Thread Starter
Senior Member
Joined
Feb 2, 2002
What's the difference between the "regular" and "Rev. 2002" Limiting Conditions offerings in a la mode's doc line-up for those 2 appraisal types?

Or do I have to proofread them against each other to find out?
 
A

Anonymous

Guest
Larry,

I believe some of the verbage was changed to incorporate the changes that required the USPAP compliance form.
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
If the loan will end up with Fannie Mae, you will need to use both. Fannie Mae wants their own limiting conditions, which means the 1996 copy of the 2055. Additional limiting conditions are acceptable, but the 1996 one has to be submitted with the report to Fannie Mae. I don't use Ala Mode so I haven't seen the specific form you are talking about. Wouldn't just be easier to use a one page USPAP Compliance addendum or something similar with the 2001 version of USPAP either pre-printed or where you type it in? And no, the multi-purpose doesn't serve that purpose and has NOT been necessary since the URAR was changed in 1993. The multi-purpose addendum that some appraisers just love is nine years out of date!
 
A

Anonymous

Guest
Jo Ann,

You know how the old one said basically the same thing, but the verbage was changed? Then we had to start adding the USPAP compliance page?

Alamode went and changed the lim. con. page to relfect the new verbage. As far as Fannie goes, I dont worry about them anymore. They do not enforce USPAP. I comply with USPAP. All of my Fannie verbage is there, but really people. When are we going to stop letting the lending side tell us how to complete appraisals?
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
Bill:
Read Section 206 - Certifications and Statements of Limiting Conditions of Fannie Mae's new guidelines that go into effect June 30, 2002. Last paragraph:

"The appraiser may not make a change or a deletion to the appraiser's certifications, although he or she may make additional certifications on a separate page or form." So I still say, if the loan will be sold to Fannie Mae use their 1996 verision and include an additional page to be in compliance with current USPAP. If the loan will not be sold to Fannie Mae, go for the revised form that Ala Mode has.

Some posted a link to a site that the new guidelines can be down loaded to your computer, it follows:

http://www.srappraisal.com/FNMA
 

Larry Lyke

Thread Starter
Senior Member
Joined
Feb 2, 2002
I did not offer up my question for guessing.

Now, just having spent an hour trying to figure out the differences...

AND, having proofread both offerings, I found that there wasn't a jot or tittle difference in text.

Any other suggestion?

Gonna write to a la mode and will put the response here when received, either this afternoon or when received.
 
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