• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Form 2055 for PMI Removal

Status
Not open for further replies.

Ty Lam

Freshman Member
Joined
Feb 4, 2003
Professional Status
Certified Residential Appraiser
State
Texas
I was wondering if anybody uses form 2055 for PMI Removal? I have only done one PMI removal and used the URAR, but am aware that some lenders will accept a Realtor CMA. If this is the case I would rather use form 2055 to speed up the appraisal. Is this advised? :?
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Ask the lender. Only they can dictate what form they want. It does not matter, you can write the appraisal on toilet paper as long as you cover all USPAP bases. However, the lender has the right to demand any form they want to accept. Don't waste time using a form they will not accept, you will end up doing double work trying to save time. The simple answer is pick up the phone and call the lender to ask which form they will accept.
 

Bill_FL

Senior Member
Joined
Aug 23, 2002
Professional Status
Certified General Appraiser
State
Florida
I would guess that 90% of the PMI removal appraisals I have done are on a 2055.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I have experienced the exact opposite. Almost without exception they have wanted a 1004.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
I agree with Mike. Invariably the lender requests a 1004. However, that doesn't mean that the next lender won't accept a 2055.

Roger
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks