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Bank Trust Department - Which Form?

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gregb

Elite Member
Joined
Sep 3, 2011
Professional Status
Certified General Appraiser
State
California
Trust department is asking for a date of death appraisal on the Fannie uad form 1004 (3/05). Loan purpose is stated as "Trust" and the Loan Program is stated as "Portfolio." I have been turning down these assignments because the bank wants/needs them on the fannie form as an xml file uploaded thru Appraisal Port. In the past I have always submitted these types of report on the AI or General Purpose forms.

Comments?
 

JTip

Elite Member
Joined
Oct 12, 2004
Professional Status
Certified Residential Appraiser
State
Pennsylvania
hmmmm.....I don't see anything devious about this request....portfolio loan on a UAD 1004....unless you don't like the portal and the $14 fee....
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
If its for loan purposes no problem imo
 

gregb

Elite Member
Joined
Sep 3, 2011
Professional Status
Certified General Appraiser
State
California
Sure, engagement form states Loan Purpose as "Trust" but this date of death appraisal is for the trust department, probably no loan involved. As a retrospective appraisal, effective date 02/09/2017, difficult to pretend the appraisal is for loan purposes.
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
Trust department is asking for a date of death appraisal on the Fannie uad form 1004 (3/05). Loan purpose is stated as "Trust" and the Loan Program is stated as "Portfolio." I have been turning down these assignments because the bank wants/needs them on the fannie form as an xml file uploaded thru Appraisal Port. In the past I have always submitted these types of report on the AI or General Purpose forms.

Comments?

This would be a retrospective appraisal with the extraordinary assumption that the subject and comparables inspected on the inspection date appeared as they were on the date of death.

You can't do this on a FNMA 1004 form because you can't modify the form to make it USPAP compliant.
 

Howard Klahr

Senior Member
Joined
Oct 4, 2004
Professional Status
Certified General Appraiser
State
Florida
Despite the bank using an incorrect order form, the intended use is clearly DOD and not a loan. Speak with the bank and explain ...
Most notable the different definition of value for the different intended purpose. The IRS has disqualified appraisals for the wrong definition of value
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Portfolio would suggest that the lender has an existing mortgage on the property. As such it is a "mortgage finance transaction" just as a REO or pre-foreclosure etc is related to a "mortgage finance transaction". It does not say "new mortgage finance transaction".
 

Howard Klahr

Senior Member
Joined
Oct 4, 2004
Professional Status
Certified General Appraiser
State
Florida
As such it is a "mortgage finance transaction" just as a REO or pre-foreclosure etc is related to a "mortgage finance transaction".
Right because Date of Death is a "new" borrower type. In the last cycle the borrowers supposedly had to at least fog a mirror
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Right because Date of Death is a "new" borrower type. In the last cycle the borrowers supposedly had to at least fog a mirror

Does a death require a new mortgage?
 

gregb

Elite Member
Joined
Sep 3, 2011
Professional Status
Certified General Appraiser
State
California
Update:

Bank QC guy agrees that the General Purpose form is appropriate for a date of death appraisal.

So, processor then sends me an email, saying to add a current market value to the report.

So, Bank QC guy says, to go ahead and complete a second report, with current market value, as a second assignment. What remains to be settled is the form for the second report. Awaiting to see the purpose of the second assignment.
 
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