Used the wrong form now what?

[Dublin ohio]

The top of page one of the URAR states the purpose is to provide the lender client ( with a summary appraisal)

The form identifies the client as a lender client , but for an estate/divorce that would not be the client.

Actually it says lender/client. Either or

My edit: At least that is what my software displays. It also no longer has summary report

 

[Dublin ohio]

These sections as an example are completely inappropriate for a private appraisal
View attachment 94230

I am not sure how other software works;. But the 3 page cert for the 1004 is a seperate add on in my software.

 

[alebrewer]

These sections as an example are completely inappropriate for a private appraisal
View attachment 94230

I never said it was the correct way to report a non-GSE assignment. I just said it's probably not a big deal. Folks have been doing that since the forms came out in 2005. Probably reported non-GSE assignments on the ones the current forms retired as well.

 

[CGinMN]

My old man used to use the old URAR for all non-lending assignments. I’m not even sure there were certifications and limiting conditions. Another office I worked at took pages 1-3 of the current URAR and used a different set of certifications. Sometimes we would fill out the URAR grid then plug it into a narrative report. I also remember one time my supervisor put the URAR into a PDF, then went through and put XXXXXX over the certifications that didn’t apply.

I’m sure there many other different ways appraisers have been hacking the form to fit their needs, some better than others. When I went off on my own I decided I wasn’t doing any secondary mortgage work and I didn’t want to pay for form filling software, so I just built my own “form” in word and excel, and this is definitely the way to go.

 

[Mark K]

I can understand a client being upset if an appraiser used the UAD format for a non-lending assignment. UAD form is a POS to begin with and using it for a client unfamiliar with it is problematic.

Using an older URAR/1004 wouldn't be offensive and probably has been used millions of times over the years for non-lending scenarios, but a GP form is recommended for such appraisals.

If the OP used the UAD he should re-write it on an appropriate form. Using the "editable" Limiting Conditions and Certifications is also recommended.

 

[Dublin ohio]

They are not. FNMA has explicit language in the form inappropriate for non-lender work.

And the IRS recognizes "Fair Market Value" not "Market Value". So, while it is possible to use MV, FMV is the IRS standard and this certainly applies to the gifting issues more so than the cost bump up issues...which are for the internal use of the heirs..

What exactly is on the first three pages of the URAR 1004 that would be a USPAP violation when doing private SFR work?

 

[Terrel L. Shields]

What exactly is on the first three pages of the URAR 1004 that would be a USPAP violation when doing private SFR work?

jgrant noted above - it says the form is for lenders.

 

[Dublin ohio]

jgrant noted above - it says the form is for lenders.

It says lender/client not lender client. There is a difference

 

[Tim Hicks (Texas)]

What exactly is on the first three pages of the URAR 1004 that would be a USPAP violation when doing private SFR work?

So, you are only going to give them the first three pages?

 

[Dublin ohio]

So, you are only going to give them the first three pages?

I don't have to use the Fannie certs. I can add a general cert or my own editable cert that I use for non lending assignments. Personally i do not use the URAR 1004 for private reports. But I don't see anything that would preclude using the first three pages