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Anyone use a 2055 for a "Multi-Family" ??

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jtrotta

Senior Member
Joined
Jan 16, 2002
Don't do much "2055" work, so I'm wondering if anyone has used that form on Multi-Family's :?:

What do you do about "Listing Data" or do you leave it out :?:

What do you do for the OIS data :?:

An out of State Lender called, and I just told them we haven't used that Form much at all, most of our work requires the normal forms. Past jobs I've done on the 2055 - had to be converted over to regular formats and we lost money on those (2-jobs for the price of one). Haven't used a 2055 in over 3 years.

Curious

8)
 

Frederick R. Ruffell

Senior Member
Joined
Jan 21, 2002
Professional Status
Certified General Appraiser
State
California
jtrotta,
This form cannot be used for multi family, I believe it is in the FNMA guidelines somewhere. I know this because I just did my CE courses and one of the modules covered the Desktop underwriting forms, quantative and qualatative, new and old.
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
jtrot --

The best reason for not using the 2055 for a 1025 job is it would be a lot more work than just using the 1025 from the beginning.

The 1025 as you already know, leads you through the process and is about 99% helpful in getting you to the value conclusion.

I try to get the client to tell me why they think they want a 2055 for a multi. If it's cost -- which it usually is -- I absolutely assure them that a 2055 will cost them a lot more than a 1025 by the time I make the 2055 USPooP compliant and add all those appropriate, intricate addenda at their expense.
 

jtrotta

Senior Member
Joined
Jan 16, 2002
Frederick & Larry

thanks for the input, but I would think that the Originators should know something, don't U :?:

it would seem to me that if your going to re-invent the wheel, everybody needs to know your using rubber and not wood anymore, don't ya think :?:

it seems that all they here when someone talks is; "this forms less expensive" ; and I still have a problem with, why everybody is so concerned with our income, heck they don't pay for it - so why does it bother them so :?:

8)
 
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