Form Question

[JMY]

I have a Client that is asking if I can do an exterior only instead of a 1004C form. So it would be an exterior of a manufactured dwelling. The borrower is not comfortable with having an interior inspection due to COVID. I have never used a 2055 UAD for a manufactured property. Thoughts? Thank you.

 

[RSW]

I seem to remember that the 2055 cannot be used for mfg home appraisals.

 

[Terrel L. Shields]

First define the problem. In house bank? Fannie Mae? FHA? Would the UAD even apply?

Without knowing which, we cannot determine the protocols that apply. FNMA has the non-inspection 1004 form. I don't know if they have a 1004C non-inspection form. FHA again, they have protocols about the omission of interior.

But if an in house loan from a regular bank and not going to FHA or FNMA (which should be on your letter of engagement) then use some simple exterior inspection form....not the 2055 preferably - or do what I do. Write a narrative. I don't even have a subscription to forms anymore. I simply am as fast with a narrative as I am with forms.

 

[JMY]

Thank you for the replies. I looked did a bit more research and this is what I found out.

I can use the COVID-19 Temporary Flexibilities and Reported on the Fannie Mae (includes 1004C). This form changes the Scope of Work to an Exterior Only...
The Lender is fine with allowing the photos to come from the Owner. There is a Property Assist Feature in Total which allows me to send a link directly to the Owner. They open the link take each specific photo I have labeled that I need and then I can import those photos directly back into my report. (pretty cool).

I am just waiting for the Lender to decide if they are okay with these parameter's and waiting for a new engagement and Scope of Work from them.

Let me know if anyone has any other thoughts/feedback on this. Happy Appraising!

 

[Tom D]

you are doing a covid desktop which is a 1004. if you do a covid driveby it is on the 2055. your lender should tell you which one they want, desktop or driveby.
i love the covid desktop, so much faster without the interior, and my lender pays the same fee. if you are looking at photos to put in the report i gotta assume its a desktop.

 

[sputnam]

USPAP is silent regarding forms. The issue is with the certifications that are built into most of the forms. If you are concerned about using the 2055 for this property (a reasonable concern), write your report on a GP form.