Rent Schedule 1007

[AlwaysLearning]

I agree with those of you who are indicating that the 1007 is an appraisal and "not just an addendum" as I have heard others express. I was starting to think that I was being a pain by sticking to my guns on this issue. Now I have additional support from you, so thank you! I will add my addendum to meet the requirements for Standards 1 & 2 and I believe I will not accept this type of work in the future! It's either the complete report or nothing at all!

Fannie Mae Form 1007 with (or separate from) the rest of the appraisal report does not comply with USPAP

 

[Kelley Leigh]

With or without

Fannie Mae Form 1007 with (or separate from) the rest of the appraisal report does not comply with USPAP

With (or separate from)...can you please explain?

 

[AlwaysLearning]

Help please! I want to make sure I stay in compliance. My client has ordered a conventional appraisal for the purchase of a single family home that also requires rental comps. The client has ordered the report with two different order numbers and insists that I upload the rent schedule separate from the rest of the appraisal report and vice versa. Is this appropriate or a violation of USPAP? Any insight would be appreciated!

Thanks!

I agree with those of you who are indicating that the 1007 is an appraisal and "not just an addendum" as I have heard others express. I was starting to think that I was being a pain by sticking to my guns on this issue. Now I have additional support from you, so thank you! I will add my addendum to meet the requirements for Standards 1 & 2 and I believe I will not accept this type of work in the future! It's either the complete report or nothing at all!

Fannie Mae Form 1007 with (or separate from) the rest of the appraisal report does not comply with USPAP

With (or separate from)...can you please explain?

Fannie Mae Form 1007 (20+ years old) was not designed to comply with USPAP.

Fannie Mae Form 1007 with the rest of the appraisal report also needs an addendum to comply with USPAP

How about “state the type and definition of value and cite the source of the definition” and maybe the following is needed “clearly and conspicuously:
-state all extraordinary assumptions and hypothetical conditions; and….”

Somewhat of a problem when "the rest of the appraisal report" is Fannie Mae Form 1004

 

[RSW]

Fannie Mae Form 1007 with (or separate from) the rest of the appraisal report does not comply with USPAP

It is up to the appraiser to make the appraisal report comply with USPAP. Forms don't do that.

 

[AlwaysLearning]

It is up to the appraiser to make the appraisal report comply with USPAP. Forms don't do that.

Thank you for bringing the above to my attention