old 2055 Interior

[Scott Brooks]

I just got an interior request on the old 2055. They just stated... "This assignment is for a client that DOES NOT sell their loans to FNMA or FHLMC. Please use the Fannie Mae Form 2055 9-96 - also known as Fannie Mae Desktop Underwriter Quantitative Analysis Appraisal Report".

Interior, but no sketch, no interior photos, no 1004MC, MLS comp photos are OK. How should I deal with SOW and USPAP?

 

[residentialguy]

They want an interior? I'd still take photos and sketch for your file. SOW is just like a 1004, except on an old 2055. You're doing about the same work. MLS photos ok, doesn't mean don't inspect them from the street (unless they instructed that no comp inspection is ok and you are confident that the MLS/Co data is reliable enough for credible results). Take comp photos and use them if you're going to inspect them.

 

[Bob Ipock]

I just got an interior request on the old 2055. They just stated... "This assignment is for a client that DOES NOT sell their loans to FNMA or FHLMC. Please use the Fannie Mae Form 2055 9-96 - also known as Fannie Mae Desktop Underwriter Quantitative Analysis Appraisal Report".

Interior, but no sketch, no interior photos, no 1004MC, MLS comp photos are OK. How should I deal with SOW and USPAP?

USPAP does not require any of those items you listed.

 

[Lee Lansford]

I just got an interior request on the old 2055. They just stated... "This assignment is for a client that DOES NOT sell their loans to FNMA or FHLMC. Please use the Fannie Mae Form 2055 9-96 - also known as Fannie Mae Desktop Underwriter Quantitative Analysis Appraisal Report".

Interior, but no sketch, no interior photos, no 1004MC, MLS comp photos are OK. How should I deal with SOW and USPAP?

"MLS comp photos are OK"...means what, exactly? If the certification remains that you have viewed the 'comps' from the public street, you have to consider what is being required of you.

"Appraiser's Certifications" #s 8 and 9 do not apply; alert your client that you will be eliminating these from the certifications.

What do you mean by "How do I deal with SOW and USPAP?" You can communicate an appraisal on a napkin if such were necessary.

More specifically, what is your question regarding the scope of work? What's necessary to develop and communicate a credible appraisal? Think about it.

I frequently use the the older version of the 2055 for situations that appear to be similar to the situation before you.

 

[Scott Brooks]

I am basically looking at my normal 1004 routine, but using the limited form they asked for. Thanks for the responses.

 

[Terrel L. Shields]

Doesn't that form actually ask if this is a "limited" appraisal? ...does not exist so I guess it doesn't violate anything. Personally, I determine the form for non-fannie work so that the report doesn't end up biting me in the butt...I think there would be several formatting traps in outdated forms that could do just that. Not the least of which is using a form designed for exterioir only to apply to interior work.

 

[JTip]

"MLS comp photos are OK"...means what, exactly?

MLS photos means he doesn't have to drive with one hand, photo with the other, hope it gets a good focus, don't rear end the car in front of you, don't get rear ended, don't let the neighbors see you, don't get shot, don't let a cop see you and think you are texting for a $50 fine......

I miss the old 2055 form.

 

[Lee Lansford]

I am basically looking at my normal 1004 routine, but using the limited form they asked for. Thanks for the responses.

What is to be understood by the words "limited form"?

 

[AnonApprsr]

I would do it. Include a cover letter that is made part of the appraisal (use a blank form addendum, place it as a first page.) This cover letter would be the Scope of Work declaration, including client requests/requirements, exact process of inspection/reporting to follow, and disclaim any possible preprint SOW that disagrees with the SOW addendum you are writing.

 

[Terrel L. Shields]

I would do it. Include a cover letter that is made part of the appraisal (use a blank form addendum, place it as a first page.) This cover letter would be the Scope of Work declaration, including client requests/requirements, exact process of inspection/reporting to follow, and disclaim any possible preprint SOW that disagrees with the SOW addendum you are writing.

I could do my narrative report quicker than I could wordsmith the necessary caveats to morph an inappropriate form into some sort of usable assemblege.