When your lenders order an appraisal for HELOC.

[PhillyNJ]

What type of appraisal do they generally order from you....exterior or interior?

 

[Randolph Kinney]

1004 appraisal or 1073 appraisal.

 

[Joe Flacco]

I havn't seen a request for a 2055 since 2007. I always get request for 1004/1073 for HELOC.

 

[PhillyNJ]

Yeah...I haven't done an exterior in a long, long time.

One lender indicated they use Freddie Macs AVM...awesome...all that UAD data mining for them...great work by appraiser's to feed the governments own cause.

Anyone come across a lot of lenders that use that?

 

[Tony V]

What type of appraisal do they generally order from you....exterior or interior?

They order an exterior which gets turned into a full internal report which is non UAD and no MC required..per their request..

 

[TRESinc]

only work with one lender who still does helocs but they are all portfolio so they still order them on a 2055/1075.

 

[Fritz in NY]

I just got a request for a 704 db for a HELOC. $ 575,000. house, 5 bed, 4 bath, 20 acres, 4,700 sf GLA, you can't see the house from the road. $ 200. WTF. I told them they were nuts, I wouldn't sign my name etc. order a full or nothing, never heard back.

 

[Deleted member 128537]

New 2055 exterior and I have one client that does it on the old 2055. Those go very fast. The only time they want an interior is if I believe there isn't enough good data or the property is very atypical.

 

[hastalavista]

New 2055 exterior and I have one client that does it on the old 2055. Those go very fast. The only time they want an interior is if I believe there isn't enough good data or the property is very atypical.

I'll get requests for drive-by or interior inspection. Similar to the above, in those cases where the data isn't reliable enough for the drive-by, the client will update to an interior.

No UAD requirement; rarely a 1004mc requirement.

 

[sandpiperapp]

What type of appraisal do they generally order from you....exterior or interior?

Only one client still offers Helocs and only for thier high dollar clients. Interior only. No uad, no mc addendum.