New Fannie Mae Form: One-Fam Res. Appraisal Review Report

[Thomas N. Morgan]

Has anybody seen this form? It is in the trial stages now. a la mode's Athena now has this form. Fannie Mae's name for the form is Fannie Mae Test Form 2000. a la mode has it as "Family Residential Appraisal Field Review Report". The form is 4 pages long. The basic form is still just 2 pages. There is one page of Guidance for completing the form and one page of Limiting Conditions and Certifications.

At first glance, it seems to be a great improvement, and long over-due.

Thomas N. Morgan
Ocala, FL

 

[Verne Hebert]

Thanks for letting the community be aware. I have not seen it yet, but I'll take a look today.

A worthy change would be a limitation on not including any fixed or range of value--only the review of the appraisal.

It is my contention that alot of 2000's ordered are not for the review process per se, but an economical way to obtain a second appraisal (often required by subprime lenders, particularly in dissimilar areas) or a rubber stamp of a initially poor appraisal.

In this area, rarely can a review be done for less than full fee due to the complexity of this area. Often not enough data is included in the 1004 for review due to the summary nature (example: land sales supporting site adjustments).

And in terms of the 2055's, there is even less data provided supporting market adjustments. If the use of 2055's continue to grow what will happen to the review process of all of these 2055 based mortgage loans?

 

[Tim Hicks (Texas)]

Just another reason to own Alamode and its update package for all you Alamode detractors out there. This is the very reason Alamode is woth the money. They also sent a notice saying we were getting the form to help test it for FNMA.

 

[Rick Neighbors]

Thomas,

What heading is the new form listed under? I can't seem to locate it and I am fairly sure I have the latest updates.

Rick

 

[Mike Garrett RAA]

One of minor complaints....too damn many forms. I have trouble finding them too! Guess I better fire up Guru and make sure I have the latest updates.

 

[Tim Hicks (Texas)]

Review forms and addenda, you need update 65 to have it.

 

[Mike Garrett RAA]

I have 65 so I must have it!