Desk review

[Lee SW IL]

I have been asked to complete a desk review on a form FNMA 2000. That form specifically states its a field review. I have been asked to advise if the report I have is crediable or questionable.

Without going by the property, this appraisal is questionable.

Is there another form, or can you advise any language to use to make this review acceptable.


Thanks
Lee

 

[kimcha]

Hi Lee,
You are correct, there is a better more correct form for a desk review. It is a Form DRF-1, and there are several others. The DRF-1 is the form recognized by FNMA/FHLMC as a desk review. The advantage of this form, is that it does not ask for you to estimate a value. Therefore, you do not have to meet all of the USPAP requirements of estimating a value. You only need to meet USPAP guidelines for the review. Lenders hate it, because they want you to give them a "free value", and make you liable for your estimate, withou them having topay for it. Check with your software provider, they should be able to supply you with the form program. Good Luck, Chuck Kimber

 

[Mountain Man]

I agree with Chuck. Use DRF1 if you are doing a desk review.
However, I bet that the reason they want the form 2000 is either 1. they don't know any better or 2. so they can ask you for a new market grid and value. What you charge is your biz, but I would make them upgrade the order to a field review fee if they wanted a market grid, etc.

 

[jtrotta]

Both Mel & Chuck provide good input, just my $.02 - is if they ask for a desk review and it's on teir order form, that's what you give them, Do Not provide an "Estimate Of Value", thats not what they've requested. Hand in your work and when & if they call back, and ask for a figure, you can then advise them, that you have to conform to USPAP if they want a figure and perform a Drive By or Full report. New report, New Fee.


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