Client requesting FNMA 1007 after the Opinion of market rent is already on the FNMA 1025 form?

[Terrel L. Shields]

No no no.
Tell them to...

 

[sputnam]

So Im confused. The 1025 FNMA form has a rent schedule , but now the client has requested a "revision" for a FNMA 1007 form. From my knowledge that would be considered a new assignment. And Im not even sure why they would want the FNMA 1007 form when I explained it within the report, providing 3 rental comps and concluding an opinion of monthly rent for the subject. What do you all think?

They can request anything they want. I tell them what my fee is. They can pay it or do without. If you already reported comparable rentals then, I don't think it requires an new assigment. It's just a change in the report format. Just take what you already did and move it to the 1007 form.... or leave it and copy it to the form.

Of course you can always tell them to pound sand... but that will likely be the end of your relationship with that Client.

 

[Tim Hicks (Texas)]

They are just uneducated or confused. Educate them...nicely.

 

[Lee Lansford ASA]

THis is a purchase and a Estate sale. But again on the 1025 I thoroughly explained this within the rent portion on the 1025. The 1007 is another assigment not a revision and they are requesting a revision for the same property

 

[Lee Lansford ASA]

The folks asking you for the 1007 don't understand what they are dealing with. Someone is looking at the requirements for a SFR investment property and not understanding that the subject is a 2-4.

 

[sputnam]

Disagree. It doesn't require a new assignment if the information is already in the report. All you are doing is changing how the information is reported.

 

[Zoe]

I am sure the reply by now is please disregard our previous request. Thank you.

 

[David S]

So Im confused. The 1025 FNMA form has a rent schedule , but now the client has requested a "revision" for a FNMA 1007 form. From my knowledge that would be considered a new assignment. And Im not even sure why they would want the FNMA 1007 form when I explained it within the report, providing 3 rental comps and concluding an opinion of monthly rent for the subject. What do you all think?

It could be just their underwriting software automatically generate the request. Their software bug.

 

[David S]

So Im confused. The 1025 FNMA form has a rent schedule , but now the client has requested a "revision" for a FNMA 1007 form. From my knowledge that would be considered a new assignment. And Im not even sure why they would want the FNMA 1007 form when I explained it within the report, providing 3 rental comps and concluding an opinion of monthly rent for the subject. What do you all think?

Interesting point is Condo rent schedule also use 1007.

 

[Tom D]

If this is a good client, you shut up and do it. You just put 1 unit in from each of your 3 rental comps. You describe the unit, there is nothing misleading in doing this way. Some of you people here don't run a business. Not a new report, additional info to what's already in there.