Attached condo on 1004/70H

[TripFee]

Got an order for a hybrid appraisal for an attached condo using form 1004/70H. As I have never done a hybrid on a condo I did a little research and it appears attached condos can not be done on a 70H and need to be done on a 465H. Is this correct? As the AMC is telling me they don't offer 465H appraisals and will have to cancel the order if that's the case.

 

[glenn walker]

It's a " hybrid" not a loan being sold to Fannie so yes it can be done on another form of lenders choice .
Just document your file on what they are asking for. OR let them give it to someone who has no issues.

 

[Dublin ohio]

Got an order for a hybrid appraisal for an attached condo using form 1004/70H. As I have never done a hybrid on a condo I did a little research and it appears attached condos can not be done on a 70H and need to be done on a 465H. Is this correct? As the AMC is telling me they don't offer 465H appraisals and will have to cancel the order if that's the case.

There is a seperate form for condo hybrids, The certs for the 1004 hybrid are similar to the 1004. 1004 hybrid not for condos. Says so right in the certs. So I guess they will have to cancel or convert to typical 1073

 

[Dublin ohio]

It's a " hybrid" not a loan being sold to Fannie

Fannie does hybrids. They even have hybrid forms.

 

[Dublin ohio]

As the AMC is telling me they don't offer 465H appraisals and will have to cancel the order if that's the case.

That seems strange. Wouldn't it be the lender to decide on the product they would accept.

 

[glenn walker]

Yes true but if not being sold to Fannie a lender can use any form they want. And most "hybrids" are not sold
to F & F but are used on other loan programs. THE LENDER knows what form to use. If the appraiser doesnt know how to do it then ask lender to send it to another appraiser familiar with the programs they are using. Some will even give you sample forms.

 

[glenn walker]

On the order the lender normally tells the AMC what forms they want and what loan product they are using it for.

 

[Dublin ohio]

On the order the lender normally tells the AMC what forms they want and what loan product they are using it for.

Got an order for a hybrid appraisal for an attached condo using form 1004/70H

 

[TripFee]

That seems strange. Wouldn't it be the lender to decide on the product they would accept.

Sorry I said AMC out of habit, it's for UWM direct which is technically the lender. I reached out to them to make sure they wanted it on a 70H as subject is an attached condo and not a 465H. They informed me that they don't offer that and would cancel the order if that's the case.

 

[TripFee]

Yes true but if not being sold to Fannie a lender can use any form they want. And most "hybrids" are not sold
to F & F but are used on other loan programs. THE LENDER knows what form to use. If the appraiser doesnt know how to do it then ask lender to send it to another appraiser familiar with the programs they are using. Some will even give you sample forms.

I disagree, I've got plenty of 1004s for attached condos which the lender has changed to 1073s once I reached out to them.