Old 2055 and USPAP compliancy

[Woodworker]

I have a request from a good client to do an exterior inspection and use the old 2055 form. This is for a home equity loan. I don't want to overlook any extra addenda that should be included to make this USPAP compliant. What notes do you add to comply?

 

[DWiley]

I don't want to overlook any extra addenda that should be included to make this USPAP compliant. What notes do you add to comply?

Use the chart in AO-11 as a reference to make sure you do not miss anything. I have not used that form in a while, but I don't think it includes identification of the intended use or intended user, for example.

 

[Lobo Fan]

Be sure to include everything you did before the new forms. Limiting conditions, multi-purpose addendum, etc. Other than that, it should be a good assignment. I get these once is a while, as interiors. I include all the old forms plus I have a modified scope of work that goes with it.

USPAP requires professionalism and credibility. That does not change with the form.

 

[Webbed Feet]

I have a request from a good client to do an exterior inspection and use the old 2055 form. This is for a home equity loan. I don't want to overlook any extra addenda that should be included to make this USPAP compliant. What notes do you add to comply?

Woodworker,

Check with your board on one matter. If you send out a report that says one thing in one location of the report, and then says something else 180% opposite of that somewhere else in the report, my board would nail the appraiser for that for sending out a misleading appraisal report. So in otherwords, you can't sign a certification saying the Departure Rule was involved and then drop back in an addendum somewhere and say the Rule no longer exists so please ignore the certification I signed.

So you need to completely redact out what is incorrect or use your software in a manner that you do NOT include the incorrect verbiage whatsoever and replace those pages with word processing documents that only use the correct verbiage. Do not say two different things in different report areas. This is what trips up many appraisers using old forms without reading what they just signed.

Webbed.

 

[Woodworker]

Thanks a lot for the input! I want to be sure I don't miss anything and your help is appreciated!

 

[Lee Lansford]

Woodworker,

Check with your board on one matter. If you send out a report that says one thing in one location of the report, and then says something else 180% opposite of that somewhere else in the report, my board would nail the appraiser for that for sending out a misleading appraisal report. So in otherwords, you can't sign a certification saying the Departure Rule was involved and then drop back in an addendum somewhere and say the Rule no longer exists so please ignore the certification I signed.

So you need to completely redact out what is incorrect or use your software in a manner that you do NOT include the incorrect verbiage whatsoever and replace those pages with word processing documents that only use the correct verbiage. Do not say two different things in different report areas. This is what trips up many appraisers using old forms without reading what they just signed.

Webbed.

Good advice!

 

[Terrel L. Shields]

you can't sign a certification saying the Departure Rule was involved and then drop back in an addendum somewhere and say the Rule no longer exists so please ignore the certification I signed.

Good advice!

too bad 90% of the old 2055s going out are not purged of such statements. Frankly, when fannie issues a new form, the vendors ought to purge the old reports. There are dozens of perfectly worthless forms in my program, forms no one uses, many no one should ever use, and if they were purged, it is much easier to say to the client. Please pick an alternative form, we don't even have that form anymore....
I personally am leery of the reasoning behind the client even wanting obsolete forms and might be given to given to pointing my finger beside my head and whirling it in a small circle whilst talking to someone on the phone who would ask for it.