Retrospective 2055

[Dale Hill]

The appraisal was already completed on the correct form according to the original post, I don't understand why any of you would be discussing turning down an already correctly completed assignment. Collect your check Em Tee, your assignment is complete.

 

[hastalavista]

My client asked for a retrospective appraisal on the 2055 form. Because the new 2055 says "the date of inspection and effective date", I used the old 2055. Now the client is requesting the appraisal on the new 2055.

Suggestions?

Only one:

In the future, as part of your engagement agreement process, if you are going to use a Fannie Mae "form report" for a non-mortgage finance assignment, discuss it with your client first to make sure there are no conflicts.

I've had similar requests by lenders for purposes other than mortgage finance transactions- I always explain why the current form is a no-no and if they want a Freddie/Fannie form report, they will have to accept the older versions. Once they understand why, there has never been an issue.

:new_smile-l:

 

[Terrel L. Shields]

The assignment is a valuation date 4 yrs ago which coincides with the last time the property was refinanced. It was foreclosed on a few months ago.

so..they failed to have an appraisal in file from that time, is that it? Or are they trying to impeach the original appraisal and foist the problem off on someone else's insurance?

 

[CANative]

LOL... The old 2055 WAS the form used 4 years ago. What are they complaining about?