Non Lending Appraisals/1025 Exterior

[NJ Valuator]

I have been getting requests, which I always decline, to complete a non lending appraisal on a Fannie Mae (03/2005) form. The order specifically states that the appraisal is not for lending and/or mortgage financing purposes. I explain to them that these cannot be completed on Fannie Mae forms but it falls on deaf ears.

Also, I have received requests, which I again always decline, to complete an exterior multi family drive by on a 1025 form. The client requests that the form be modified to an exterior!

They tell me other appraisers are doing them on Fannie Mae forms and simply modifying the Intended Use and/or Scope of Work.

I explain that within the pre-printed language of the Fannie Mae forms it states "Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted."

I am dumbfounded that "appraisers" are taking these assignments.

 

[Mountain Man]

Don't know what software you use, but mine has a "2055" type from that is not the Fannie form. It's intended for non-lender clients.

 

[mark hurlock]

They tell me other appraisers are doing them on Fannie Mae forms and simply modifying the Intended Use and/or Scope of Work.

.

so why are they calling you?

 

[TJSum]

What is the Intended Use of these requests?

 

[Rlong]

In general I don't have a problem with non-FNMA work with unique scope of work(s). But i feel my hands r tied using the current 1004 form due to the certifications etc.

If you wanted to do them, maybe you could use the older 1004, prior to the new certifications. (I think I heard that suggestion here previously).

Bob in CO

 

[NJ Valuator]

I explained that there are other forms, but they want Fannie Mae and they will not accept old Fannie forms.

Intended Use is for asset valuation, but it says right alongside not for lending purposes or mortgage finance purposes.