form 2070 anyone do one of these?

[bart nathan]

Got a request from a AMC this morning for a quote on a 2070 with interior inspection. Never heard or done one of these before so I pulled up the form and took a look. Seems pretty straight forward but if you have to add the 2055 which 2055 do you add the old one or the new one?

 

[hastalavista]

Bart-

I'm confused :icon_eyecrazy: :

What is the connection in your assignment between the 2070 & a 2055?

 

[bart nathan]

I was reading part of the 2070 and it says if any of the questions are marked yes or no in certain areas it tells you to attached a 2055 appraisal.

 

[hastalavista]

OK, I got it (you can see I don't do a lot of these!).

My "no help" answer is that you should check with your client.

Maybe you can let us know what they say, so we'll all know in the future.

Thanks!

 

[Damon Pedersen]

Look at the questions on the 2070 and you should be able to determine as you do the walk through weather or not the 2055 is needed. Generally a 2070 is a easy assignment assuming the property is typical to the neighborhood, in good condition, etc. If the 2055 is required, the complexity of the assignment is increased. Then you would just do a 2055 and not submit the 2070.

Don't tell anyone, but a trained monkey could fill out the 2070.

A 2070 form basically is just letting the lender know the property is there. From my experience, the lender is either updating their loan portfolio or the borowwer is trying to borrow a small amount of additional funds or is at a low LTV.

 

[Chris Colston]

Got a request from a AMC this morning for a quote on a 2070 with interior inspection. Never heard or done one of these before so I pulled up the form and took a look. Seems pretty straight forward but if you have to add the 2055 which 2055 do you add the old one or the new one?

2070 forms don't usually have interior inspections, all it asks is if the house is there and does it comply with the neighborhood. It's not an appraisal, no value is given. The new 2055 form is for EXTERIOR ONLY, so THAT would answer which 2055 to use.....the OLD one. I do believe that Fannie Mae set aside the 2070 form in November when the new forms were required. I might suggest you call the client for clarification and to determine the exact scope of work required.

 

[Artemis Fowl]

2070 forms don't usually have interior inspections, all it asks is if the house is there and does it comply with the neighborhood. It's not an appraisal, no value is given. The new 2055 form is for EXTERIOR ONLY, so THAT would answer which 2055 to use.....the OLD one. I do believe that Fannie Mae set aside the 2070 form in November when the new forms were required. I might suggest you call the client for clarification and to determine the exact scope of work required.

Ya...I thought the 2070/2075 was dead. Loved those forms. Basically...asks "Is there really a house there?" Easy $$.

BTW...I don't think the monkey even needed training for these.

 

[Steve Owen]

If the 2055 is required, the complexity of the assignment is increased. Then you would just do a 2055 and not submit the 2070.

The client who used to order 2070's wanted the 2070 sent back, regardless of the answers... then, the client would decide whether to order an appraisal. This may be different from client to client.

I'd go with Chris on this, you need to communicate with your client and find out exactly what they want. I never heard of a 2070 with interior inspection... although the form clearly allows for one.

The new 2055 disallows interior inspection (stupid Fannie), so I don't think you could do one in this situation. But, then, I wouldn't do one under almost any circumstances I can think of anyway.

 

[Damon Pedersen]

I had one bank once order a final inspection on an appraisal I did not do. I told them to provide me with the original appraisal and I could see if the work was completed as required in that report and then do my own final inspection. (I have several disclosures when I do final inspections on properties that I did not originally appraise.) But, anyway they could not find the original report they said so they had me do a 2070 Interior. Not sure what that helped them accomplish, but I did it and got paid.

Monkey see, monkey do.

 

[Shea Koch]

Charge

Do I dare ask??? What do you Appraisers charge for a 2070 - I have rarely been asked to do them.

Thanks!