Full Field Review of a 2055 Requested

[Verne Hebert]

This is an interesting one!

Got a request through yesterday for a FNMA 2000 (full field review) of a complex single family with recent additions and improvements. The appraiser comments to the USPAP required cost approach to value being maintained in his working file. However I do not have that cost approach because the appraiser is not required to direct it with the FNMA 2055 to the client. I don't have a complete report for review!

Comments or concerns?

 

[Farm Gal]

Verne:

Is the reviewed report identified as a limited report? Or a summary?

If it is reasonable to perform a cost approach due to the complexity of the subject, then client considerations aside, USPAP indicates that the approach should be either included in the report or summarized in the report, but the report would need to be indicated as appropriate.

Kind of a grey area isn't it.

WRT your review I guess I would make request that the cost approach referred to be submitted for review, if it get to you then fine! If not you mention in your report, that you requested the data, and it was not provided - not your problem!

 

[Mike Garrett RAA]

You can review any report. Just be sure to indicate what you are reviewing and that it is limited; therfore your review is limited.