The Snake sent me a stip for an REO appraisal, need help with it?

[Ray Miller]

Had a request for an REO from the mighty snake.

They requested it on a 1004 with an REO. Now I get a stip to please remove any verbage about: "Please remove Mortgage Finiance Transaction from all Statements in the Report".

How can I do this on a preprinted from???

 

[Gregory Beck]

Your gonna have to redo the form and keep it as a template for all REO appraisals or make a new template.

 

[mollyadame]

snake

I've been asked to alter the "mortgage finance transaction" phrase in the intended user statement with words such as "loss mitigation purposes"

 

[Mr Rex]

REO is a mortgage related transaction, The borrower didn't pay the mortgage, so the lender got it back. These 2 things are related to the mortgage.

 

[Thomas Fiehler]

For REO appraisals I usually put verbage that it is for Asset Valuation Purposes.

 

[Gregory Beck]

REO is a mortgage related transaction, The borrower didn't pay the mortgage, so the lender got it back. These 2 things are related to the mortgage.

I disagree as the SOW states it is not for a financial transaction.:new_multi:

 

[Ray Miller]

Your gonna have to redo the form and keep it as a template for all REO appraisals or make a new template.

Yep, but then it's not the Fannie Mae 1004 Form any longer its the Miller 1004 July 2008 Form. SOW and order calls says its to be the Fannie Mae 1004 March 2005.

 

[CURT VAN HOOSER]

I disagree as the SOW states it is not for a financial transaction.:new_multi:

Are you working with Ray on this? To which SOW are you referring?

 

[Mr Rex]

I disagree as the SOW states it is not for a financial transaction.:new_multi:

I'll have to go back and search the threads, but this has been a recurring question since the 03/05 forms were introduced. If I am not mistaken, the powers that be at Fannie ( the "owners" of the form) have said that REO appraisals are Mortgage Related. The form does not say new mortgage, or refi etc. it says Mortgage related. If a REO isn't mortgage related, how did it get to be REO? Answer, there was a mortgage related financial transaction involved. The REO assignment is related to this. The borrower is on the hook for the deficiency of the sale of the REO versus the mortgage owed, so its all related to the/that mortgage.

 

[Couch Potato]

Simple

Had a request for an REO from the mighty snake.

They requested it on a 1004 with an REO. Now I get a stip to please remove any verbage about: "Please remove Mortgage Finiance Transaction from all Statements in the Report".

How can I do this on a preprinted from???

Very easily. Just click on the free form text tool and put spaces or "X" over the statements.