Current version of 1025 for Drive By reporting

[JM2187]

I'm being told that Fannie Mae has instructed that the current 1025 can be used for drive by inspections as long as disclaimers are added indicating no interior inspection was performed.

Has anyone else heard this, or getting instructions to do this?

 

[CANative]

They can't just "say" it. They'll need to revise the certification and scope of work pages.

Please, someone stop the insanity.

 

[JM2187]

just rec'd written confirmation that yes indeed, they do want exterior only inspections on the new 1025...

 

[hastalavista]

On the other hand, if they can "just say it", then perhaps we can "just say stuff" too; like modifications are now "ok"?

I have not heard anything on this front.

Joe- this would be big news. Please let us know if you confirm this is or isn't so.

 

[hastalavista]

just rec'd written confirmation that yes indeed, they do want exterior only inspections on the new 1025...

Is there a link you can post?

 

[Lee Lansford]

If this is true, Fannie needs to produce a new "exterior-only" form for appraisals of 2-4 unit properties.

 

[JM2187]

No, it's just a fax of description of products being requested with the forms required. This was from one of their regional offices, dated 1/2005. I've E mailed them asking for clarification, as this is the first I've heard of it, but was curious if anyone else was aware of this. The section in question looks like this:

Property Type Report Form

2-4 Family Fannie Mae 1025 (revised March 2005)
Complete Full Inspection Form 1025
Exterior Inspection Only Form 1025
Interior Inspection (Update) Form 1025


We will not accept appraisals that are not on the proper forms

 

[Mike Kennedy]

IF TRUE, at the rate this nonsense is going, Fly Over Satellite photos and a Certified Guess based on the Official Spaghetti on the Wall Method of Valuation will suffice. IMO any End User granting loans based on unverified, largely erroneous, data WITHOUT interior inspection ......is nuts..... ESPECIALLY tenant-occupied properties.

 

[Zero]

IF TRUE, at the rate this nonsense is going, Fly Over Satellite photos and a Certified Guess based on the Official Spaghetti on the Wall Method of Valuation will suffice. IMO any End User granting loans based on unverified, largely erroneous, data WITHOUT interior inspection ......is nuts..... ESPECIALLY tenant-occupied properties.

Is that common sense I hear? You're right, Mike. Between the "they said this" crowd and the "GLA (or anything else for that matter) is defined by how the market looks at it" crowd, we might as all make up our own language, number system and secret decoder ring and keep pulling rabbits out of hats. Appraisal often looks enough like a magic trick, now are we going to be told that it HAS to be?

 

[Mike Boyd]

IF TRUE, at the rate this nonsense is going, on the Fly Over Satellite photos and a Certified Guess based Official Spaghetti on the Wall Method of Valuation will suffice. IMO any End User granting loans based on unverified, largely erroneous, data WITHOUT interior inspection ......is nuts..... ESPECIALLY tenant-occupied properties.

Now, that Spaghetti On The Wall method of valuation is right up my alley! Gotta be as good as a standard driveby. (I know, no such word as driveby.)