Form 2075 Vs. 2055

[V. Nightshade]

I received an order for a form 2075 on a refi. I'm a licensed trainee, and new to this form. The form doesn't require comps or request any value (except for a neighborhood range). Yet, it was going to be used to support a loan app. I called for clarification, and the loan processor told me that "The automated loan loan system has accepted [a loan on the property] for [$$$]," and apparently said to use this form. What is this all about? What is an automated underwriting system? Can anyone shed some light on this, and the use of this form? The kicker is that the order included an owner estimate of value, and a loan amount request, which was about 65% of the estimated value. Why wouldn't a 2055 or a 1004 be required?

 

[Kevin J. Bowman]

Trudy-an automated valuation model has performed the work of an appraiser-such as it is. The lender is now just merely ensuring that the collateral still basically exists and that the underlying physical attributes are correct. Of course, now they expect - you to do the work for less than a traditional appraisal.

B) -

 

[Farm Gal]

Welcome to the forum Trudy!

You are essentially being asked to perform a 'collateral verification' make sure there really IS a house there, and that there is nothing surfical which would endanger the cleints collateral position.

It ain't an appraisal. But the credit score wasn't high enough to permit a signature note on the basis of the AVM or assessors valuation of the property, OR this particular lender has wisely decided that it is worth ahving a human being walk though the place just to be sure there is an interior to the property, and fill in a few demographic blanks for them.

Lucky for you it isn't an appraisal. No sweat to perform and if I could only get 10-12 of these a week I would bea much happier person.

 

[Bill Rose]

Lee Ann,

What's a "surfical"??

 

[Mountain Man]

Trudy, the 2075 is the ONLY easy money in appraising. Like others said, all they want to know is that 1. it exist... and 2. it has not burned down over night.
To make it more profitable, schedule a real appointment or two in the same area. Take your photos, fill out the form, send it in. :mrgreen:

 

[DB]

I think it is an abbreviation for an extraordinary aquatic waterfowl also known as "Super Fish Owl" .......... :lol: :lol: :lol:

 

[monicalight]

Is it surficial?

surficial definition - [adjective] pertaining to or occurring on or near the earth's surface; "a surficial geologic deposit"

 

[Carnivore]

Trudy,

Makes sure you report the neighborhood data properly. For example if you said values were declining then it may cause a ruckus. You may have to do an appraisal. Make sure you dont list any deficiencies like peeling paint or other problems. Again, you might have to do an appraisal.

Watch those neighborhood highs and lows. They used an AVM and no telling where they got there comps and high value. If your high is to low and your low is really low thne it might mean you will have to do an appraisal.

Incidentally, not to bust your bubble, but since this is not an appraisal you will probably have to clock in the experience as an amount of time versus a half report or something like that.

Please dont tell us that the total fee is less than 100 clams. If you worked for one hour at Mickey D's(in my area) you would receive about $9.00 gross income, health care, 401K, SS contribution by employee, workmens comp insurance and vacation time.

 

[Steve Owen]

Trudy, these things are usually a slam dunk, but it may not be quite as simple as it first appears. FANNIE/FREDDIE have said that they want an appraiser to fill these out, so it is part of your appraisal practice. However, it is not an appraisal. They are not looking for you to determine value. . . they want to know that the house is still there and there are not any obvious adverse conditions. Read the form carefully, there are several things there that will automatically force an appraisal. Things I have run into in the past are a property that is not in conformity with its neighborhood and a property where there was possible commercial use on the subject. Usually though, you just check each checkmark into the "good" column and collect your fee (don't get too greedy, this isn't rocket science).

 

[Restrain]

99% of the time, you take a photo and check the boxes and go with a smile on your face. However, you can run into the occasional oddball. I was asked to do a 2075 on a house. Went out there, found an old rooming house with partially completed (poorly) additions housing 3 families.

So, I completed the report, checking the non-acceptable boxes and sent it in. No phone calls to the client or any of that stuff. Ended up with a walk-in on the sucker.

Roger