Retrospective 2055

[Em Tee]

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?

 

[Pamela Crowley (Florida)]

Point blank:
My offer is to use another form to stay legal and compliant. This would also keep you from having a non-compliant appraisal report in your own files. The 2005 Fannie/Freddie 2055 report form is NOT appropriate for a retrospective appraisal. The pre-printed statement about the effective date being the same as the inspection date would cause me to state something that is NOT true, which would be a violation of USPAP and my State Laws. I cannot use that form, but can use a different form that would be compliant and legal.


If they still insist, decline this assignment, in writing, stating that you will not be a party to a misleading appraisal report being delivered.

 

[Terrel L. Shields]

The 2005 Fannie/Freddie 2055 report form is NOT appropriate for a retrospective appraisal.

imho, you cannot report a retrospective value on a new 2055 form and do so in compliance with both fannie mae instructions and USPAP. turn down the assignment...actually i think you have yourself already suck to this tar baby and you ain't gonna get loose soon.

 

[Em Tee]

ROFL!!! Client says to add a comment that that statement does not apply to this appraisal. :Eyecrazy:

Edit: I just spoke with our State compliance office and they confirmed that if I add the comment the client wants, it's a misleading report and I'd be in trouble. Client isn't very happy! Too bad, soo sad.

 

[joebuck]

Good job Em Tee, good for you.

 

[Pamela Crowley (Florida)]

Good for you ET!!!!!

Is the form correct or is the conflicting addendum (possibly now missing) comment correct?????

This is wonderful! A State Board member and/or staff person that gave the correct answer!!!

Edit, Am I correct that the CA State compliance office is handled by a well educated appraiser? I can't remember, but too often appraisers are not provided the correct answers at their state staff level...

 

[WOOKIEG]

ROFLMAO Talk about missleading. On retrospective appraisals we only do complete appraisals. Due to the empty house syndrom here in Phoenix I have done appraisals on houses that were almost a movie set front. My carreer is more important than a 2055 fee.

 

[Carnivore]

EM TEE

Good for you.

Take it a step further. Ask them to explain why they are being so hard headed about a retrospective appraisal!!

How retro is this assignment? I have a dollar that says that if the retro date is within the past year then they are attempting to Hoo-Doo Bear Stearns or some other Secondary market fool, AGAIN!!

 

[Em Tee]

How retro is this assignment? I have a dollar that says that if the retro date is within the past year then they are attempting to Hoo-Doo Bear Stearns or some other Secondary market fool, AGAIN!!

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.

 

[Carnivore]

EM Tee,

Cool. So go ask them for an explanation of why they are so insistent on using an inappropriate form.

Whats the big deal, right? The old forms get the job done for them, it allows you to do the job a little easier. It also allows you to produce a credible report with out danger of misleading a reader.

Insist they tell you. Professionalism extends in both directions.

Dont turn the assignment down, just keep chipping away at there ignorance.