I Keep Getting Orders To Do A 2055 Drive By In Uad For Multi Family

[smithlegend]

I keep getting orders to do a 2055 drive by on a Multi family in the UAD format, I'm I wrong for turning down these order's. My understanding is UAD are only for coops, condo's & 1 family. and no UAD has been released for a Multi family of any kind (2055 or Multi family) please advise if I will be putting myself in trouble

 

[Mike Kennedy]

 

[J Grant]

I suppose you could add UAD categories to the 1025 form and explain it was a client request? What would be wrong in doing that ..I can't think of anything but get other opinions about it.

 

[Deleted member 128537]

Agree with Mike. The 2055 is not meant for multi-family. I would decline the assignment because I just don't see how the 2055 can adequately explain the subject. Plus I don't see how one could adequately make adjustments with the way the grids are designed.

 

[3 Putt]

There is no such animal as a drive by multi family from because FNMA will not accept them and no one has ever designed an applicable form.

However, sometimes there is a need for a drive by on a multi family. For example when a borrower is going into foreclosure and the lender doesn't want to tip off the borrower or the tenants.

Call your client, explain there is no form and communicate what form you are willing to use. Some appraisers use the old 2055 form, others use the current drive by, still others use the multi family form and write all over it that it was a drive by. The form you are comfortable with is your choice.

Remember USPAP does not say the form needs to be USPAP compliant, it says the appraiser must be USPAP compliant.

 

[Michigan CG]

The form you are comfortable with is your choice.

Remember USPAP does not say the form needs to be USPAP compliant, it says the appraiser must be USPAP compliant.

That is all fine and dandy until one gets sanctioned by the state and some states WILL sanction appraisers. Less than ethical AMCs order these report knowing the risk to the appraiser. Appraisers accept these assignments because the AMC convinces them that everyone else does it.

If I had a client that wanted me to risk my license for $700 I would replace that client ASAP as they have shown their true colors.

 

[Terrel L. Shields]

That is all fine and dandy until one gets sanctioned by the state and some states WILL sanction appraisers.

Being technically "right" is no consolation when a board decides you have use the "wrong" form. I would offer to do the form as a NARRATIVE. And there are short form NARRATIVE reports - you can create them yourself. Or use some sort of general form. But I agree that the 2055 in NOT the correct form to use and I would not use it period. All they want is a cheap appraisal and they would use an evaluation except they cannot probably due to the size of the loan. Pay to Play...freebies are not my bag.

 

[bart nathan]

They probably don't know its a multi?

I've done a couple before but I put them on 1025 after notifying the client it was a multi which is what they requested. I just added a comment about not being able to modify the scope of work/certifications on the FNMA form and another comment the scope of work performed for a drive by as requested by the client.

Purpose of the appraisal was asset valuation.

 

[VolcanoLvr]

1004, 1073, 1075 and 2055 (for SFR's) are the ONLY forms presently automatically formatted for UAD.

The 1025 is not. Neither is the coop form, or the manufactured home form.

I suppose one could, if paid enough, put entries into the grid and other fields in a UAD format........but the form itself won't provide guidance like the others will via the software coding.

I suspect the only reason UAD was mentioned is because the client/lender is so used to seeing those kinds of entries that it was just a jerk reaction to request such.

 

[3 Putt]

That is all fine and dandy until one gets sanctioned by the state and some states WILL sanction appraisers. Less than ethical AMCs order these report knowing the risk to the appraiser. Appraisers accept these assignments because the AMC convinces them that everyone else does it.

If I had a client that wanted me to risk my license for $700 I would replace that client ASAP as they have shown their true colors.

Where in the original post does it say an AMC was making the request? Could be a bank, could be a mortgage broker, could be a direct lender.