Mfg Home Appraisal On New 2055?

[Scott Whaley]

I have been getting a lot of requests to complete pre-forclosure appraisals on mfg homes and the lender wants them done on the new 2055 which I refuse to do. I have taken the Appraisal Institute's class on the new forms and have purchased their book on the 1004 and 2055 forms. I think I remember being told or I have read it somewhere that the new 2055 cannot be used for mfg home appraisals. Is this true and where can I find that in writing?

 

[Mike Garrett RAA]

my first reaction is ...."NO". Fannie Mae says you must use the new Manufactured Home report form for any manufactured home appraisal IF IT IS GOING TO THEM. Now if it is not going to fannie mae, I guess you could use what ever form your client requests. Pre-foreclosure work is a big pain right now even for fannie mae. They want us to do the drive-by inspection and report on the 2055 and then when we can get inside...convert the appraisal to a 1004. A lot of work for a fairly small fee.

 

[Scott Whaley]

Can the new 2055 form be used for a mfg home? I have taken the Appraisal Institite class and have their book and I remember either being told or read that we cannot use the new 2055 on mfg homes. Let me know if you know were to find this in writing.

 

[Marcia Langley]

Scott,

If it has to be done on the new forms, it has to be the 1004c form, a form especially designed for manufactured houses.

You cannot use the new 1004 or new 2055 for manufactured houses.

I don't know how pre-foreclosure may be different, maybe it doesn't need to be done on a new form. Ask them if they can accept the old ones. Does it need to conform to Fannie Mae?

 

[Scott Whaley]

I agree with all of you. I don't think that the new 2055 form can be used for manufactured homes. It says single family residential not manufactured home. I don't want to use the new form anyway. I have tried to get my lenders to accept the old 2055 but the will not. I guess that I will just continue to decline the orders. Bummer! What a waiste of business. Some other dumb appraiser will do it on the new forms.

 

[Scott Whaley]

Another point that should be noted is if the appraisal is for pre-foreclosure purposes, then they cannot use the new form due to the intended use as stated in the appraisal report. Any comments?

 

[Timothy Wixted]

The new forms are required only for loans going to Fannie. There is no requirement that all manufactured homes have to be on the new form (or any form for that matter).

If it's for pre-foreclosure purposes, the old 2055 form should be fine.


Tim