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The FNMA 2075

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Joined
Nov 2, 2006
Professional Status
Certified Residential Appraiser
State
Pennsylvania
I have been asked several times by clients if I did "desktop appraisals". The latest one specified whether I would be interested in doing a 2075 "desktop appraisal". As far as I can tell, a 2075 is not an appraisal as it has no opinion of value associated with it. I also do not think there is anything "desktop" about it at all as the whole point it to personally make a curbside inspection.
As much as this AMC doesn't exhibit much knowledge about their supposed business, I guess I can't end up with any unforeseen liabilities in taking such work on. Or could I?
 

miktay

Senior Member
Joined
Jul 3, 2007
Professional Status
Certified Residential Appraiser
State
Texas
The 2075 form is an inspection report which asks for some general data about the subject and the neighborhood market. There are no comps and no appraised value. It's not a "desktop" because you are required to inspect the subject property from the street and (typically) include front photos to show that the houses is still standing. I'm sure others will have opposite things to say.
 
Last edited:

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
  1. Is Fannie Mae Form 2075 a ticking time bomb for ...
    www.frea.com/blog/fannie-mae-form-2075-ticking-time-bomb-app...
    Apr 5, 2013 ... Fannie Mae Form 2075 (aka the “Desktop Underwriter Property Inspection Report”) seems innocuous enough when you pick it up and look at it.

  2. [PDF]
    Form 2075 - AllRegs
    www.allregs.com/tpl/Viewform.aspx?formid=00001356&am...
    File format:Adobe PDF
    I FannjeMae. Desktop ... APPRAISER'S CERTIFICATION: The appraiser certifies and agrees that: 1. ... 10 CH. PAGE 1 OF 1 Fannie Mae Form 2075 7-97.

  3. Appraisal: Fannie Mae Introduces Inspection Report...
    realtormag.realtor.org/sales-and-marketing/briefs/article/19...
    WASHINGTON, D.C.--Fannie Mae has introduced Form 2075, an inspection report form to be used for Desktop Underwriter processed loans with the least ...
[PDF]
  1. Form 2075 - Fannie Mae
    www.fanniemae.com/content/guide_form/2075.pdf
    File format:Adobe PDF
    Form 2075 is not an appraisal report. When Desktop Underwriter recommends Form 2075, it has judged the reasonableness of the sales price as adequate.
OPINION: READ the FREA article - THREE TIMES SLOWLY B4 putting your license on the line.
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
I agree with you on a couple of points: The 2075 is not an appraisal, and this inspection was originally designed to include a drive-by.

Providing this service would fall under Appraisal Practice; USPAP applies, but not the Standard Rules.
I don't see how one could complete the 2075 from the desk without significantly modifying the SOW and certification. That doesn't mean one could not perform it using digital imagery tools, it just means that the certification (which identifies the SOW; i.e., "I personally inspected from the street the subject property and neighborhood.") would have to be modified and the appropriate disclosure of what data was relied upon to form the opinions included in the report.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
And then they come back a couple weeks later and ask you to change it to a 2055...Then what do you do?
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
The 2075 is labeled as "Desktop Undewriter..." AMC monkeys stop reading comprehension after the first few syllables. Stay, go, no ,stop, desktop. etc
 

Vermonter

Senior Member
Joined
Mar 21, 2007
Professional Status
Certified Residential Appraiser
State
Vermont
OPINION: READ the FREA article - THREE TIMES SLOWLY B4 putting your license on the line.

There is liability in every assignment. The 2075 has got to be the lowest risk FNMA form out there.

Local credit union orders 1 or 2 per year and pay $275. Wish I got more.
 

glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
Every time there is an earthquake ,fire or other issue I get these *** Easy Money drive by the property to see if it's still there ** In my opinion very little liability and all you are doing is verifying after the fact the house is still standing ( nothing more or less )
 

Michigander

Senior Member
Joined
Oct 23, 2003
Professional Status
Certified Residential Appraiser
State
Michigan
  1. Is Fannie Mae Form 2075 a ticking time bomb for ...
    www.frea.com/blog/fannie-mae-form-2075-ticking-time-bomb-app...
    Apr 5, 2013 ... Fannie Mae Form 2075 (aka the “Desktop Underwriter Property Inspection Report”) seems innocuous enough when you pick it up and look at it.

  2. [PDF]
    Form 2075 - AllRegs
    www.allregs.com/tpl/Viewform.aspx?formid=00001356&am...
    File format:Adobe PDF
    I FannjeMae. Desktop ... APPRAISER'S CERTIFICATION: The appraiser certifies and agrees that: 1. ... 10 CH. PAGE 1 OF 1 Fannie Mae Form 2075 7-97.

  3. Appraisal: Fannie Mae Introduces Inspection Report...
    realtormag.realtor.org/sales-and-marketing/briefs/article/19...
    WASHINGTON, D.C.--Fannie Mae has introduced Form 2075, an inspection report form to be used for Desktop Underwriter processed loans with the least ...
[PDF]
  1. Form 2075 - Fannie Mae
    www.fanniemae.com/content/guide_form/2075.pdf
    File format:Adobe PDF
    Form 2075 is not an appraisal report. When Desktop Underwriter recommends Form 2075, it has judged the reasonableness of the sales price as adequate.
OPINION: READ the FREA article - THREE TIMES SLOWLY B4 putting your license on the line.

http://www.frea.com/blog/fannie-mae-form-2075-ticking-time-bomb-appraisers

The previous link didn't work for me so re-posting.
 
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