I compared the new Freddie Mac 1033 Desk Review form with the Freddie Mac 1032 Field Review (FNMA 2000) form and found the following differences:
- Replaced "Field" with "Desk" in many places.
- Removed the inspection references in a couple places.
- Added a comment "If the appraiser determines that credible results cannot be developed within the scope of work defined herein, the appraiser must determine and perform the scope of work necessary to produce credible results as required by the Scope of Work Rule".
The 1033 form requests a desk review, but makes the Appraiser responsible for credible results and liable for the results.
I think I'll tell clients the Freddie Mac 1032 and 1033 fees are the same (since the same tasks need to be performed to ensure credible results and cover the Appraiser's liability) and they can choose whichever form they want the report to be submitted on.
It looks like there is a disagreement between Freddie and Fannie on the 1033 since Fannie's name is not on the form.
Also, I noticed the other Appraisal SW companies are generating yet another form for the Freddie Mac 1033. Since the 1032 and 1033 forms are identical except for the isolated text differences, this is another prime candidate to have a single form for the 1032 & 1033 with a switch to toggle between the text differences. This reduces the number of forms to build/maintain and the associated cost.
buene suerte.
- Replaced "Field" with "Desk" in many places.
- Removed the inspection references in a couple places.
- Added a comment "If the appraiser determines that credible results cannot be developed within the scope of work defined herein, the appraiser must determine and perform the scope of work necessary to produce credible results as required by the Scope of Work Rule".
The 1033 form requests a desk review, but makes the Appraiser responsible for credible results and liable for the results.
I think I'll tell clients the Freddie Mac 1032 and 1033 fees are the same (since the same tasks need to be performed to ensure credible results and cover the Appraiser's liability) and they can choose whichever form they want the report to be submitted on.
It looks like there is a disagreement between Freddie and Fannie on the 1033 since Fannie's name is not on the form.
Also, I noticed the other Appraisal SW companies are generating yet another form for the Freddie Mac 1033. Since the 1032 and 1033 forms are identical except for the isolated text differences, this is another prime candidate to have a single form for the 1032 & 1033 with a switch to toggle between the text differences. This reduces the number of forms to build/maintain and the associated cost.
buene suerte.
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