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Firrea

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tyfsu

Thread Starter
Freshman Member
Joined
Jul 11, 2007
Professional Status
Certified Residential Appraiser
State
Florida
Hello All,

I've been a member on this forum for sometime but never really felt the need to post anything. (Maybe out of fear that you might bash the "trainee":new_llying:) Seriously, I've learned a lot from the forum, this why I'm hoping you can answer a question for me.

The client is requesting the FIRREA addendum on the new 1004. I thought I remembered a thread in the past stating the FIRREA was non-compliant with the new forms. Is this correct? Now I could be wrong but I've been told by other appraisers in my office that the FIRREA is only need on land reports. On the ACI software the FIRREA addendum is listed as "retired" so am I correct in thinking this form is no longer needed? My mentor doesn't know the answer so this is why I'm asking the great minds out here. (Yes, I maybe sucking up just a little)

I searched endless for the answer to this question but was unsuccessful so I apologize in advance if I missed a previous thread.

Thanks

Tyler :new_newbie:
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Throw it in. Its not misleading...at least some of the more recent versions. You might simply want to eschew "limited" or references to departure.
 

Smokey Bear

Elite Member
Joined
Dec 8, 2004
Professional Status
Certified Residential Appraiser
State
California
Seriously, I've learned a lot from the forum,
Guess so if you've learned not to tick off TC. Welcome to the forum. :)
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Might want to add a comment on that FIRREA addendum that the only reason it was added was due to the insistance of the client and is not really considered part of the appraisal report.
 

stefan olafson

Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
FIRREA was the basis for the mess we are now in! Part of the financial morass of the early to mid 1980's was to place blame on the appraisers. Thus the birth of FIRREA and the licensing of appraisers.

Not in the report that the addendum was added per request of client. I agree with Pam
 

Non Sequitur

Elite Member
Supporting Member
Joined
Feb 14, 2002
Professional Status
Certified Residential Appraiser
State
Louisiana
Your client is wrong and so are the appraisers in your office. But this isn't a hill I would die on. If your client insists I would follow Pam's advise.
 

tyfsu

Thread Starter
Freshman Member
Joined
Jul 11, 2007
Professional Status
Certified Residential Appraiser
State
Florida
Your client is wrong and so are the appraisers in your office. But this isn't a hill I would die on. If your client insists I would follow Pam's advise.

Thanks for the quick responses!

Hello Non Sequitur
I'm here to learn so from what I gather from your response, the FIRREA addendum is not required on any reports?

Tyler
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
Thanks for the quick responses!

Hello Non Sequitur
I'm here to learn so from what I gather from your response, the FIRREA addendum is not required on any reports?

Tyler

Not required by Fannie or Freddie but, apparently, for some reason, THIS lender is requiring it.
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Pammie said, it was added was due to the insistance of the client and is not really considered part of the appraisal report.

There's a comment that should just breeze through UW. Smart Arse.
 

Bama Bayou

Senior Member
Joined
Oct 19, 2006
Professional Status
Certified General Appraiser
State
Alabama
It's part of the appraisal if you put it in there as an addenda or addendum. I would simply state that it was added at the "request" of the client. This is no big deal, just do it and get it over with.
 
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