Opinion of an Insider on the New Form
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An appraiser shared the following with us which was posted on one of the appraisers’ groups.
There’s been a lot of mis-information about the new FNMA form posted so i thought i might clear the air a little bit. Being a software provider i’m in the loop but i can’t disclose every thing i know due to confidentiality. That being said i’m just the messenger and don’t shoot the messenger.
- the new form is not to put appraisers out of business. if they weren’t providing the new form, then i’d be worried.
- the previous forms were designed for a typewriter. I remember as a little kid my grand dad taking me to his cousins house who was the local appraiser and his typist was typing a report with carbon paper. That is what the forms have always been designed for.
- so the reason for the new form is three fold.
- mismo doesn’t contain any info from your narrative addendum. so when a lender imports the mismo they don’t see your narrative and that’s where the revision request comes from, that is already explained in your narrative. the mismo does contain a copy of your report pdf but that would take extra time for the lender to pull that up and actually read it. i don’t know about you, but my narrative has grown from 1 page to over 4 pages in the past 15 years for a cookie cutter, so it’s hard for the end user to find what i’m telling them.
- the new form will be up to date technology which allows the form to expand based on selections you make in the report. for example, if you select a checkbox for ADU then a comment box will open right below the ADU where you can explain. this goes for many, many sections of the new form. This way your narrative addendum will shrink dramatically and these new comment sections will be transmitted in mismo 3.x where the end user can find your comments. No more will you get a revision, it’s not in the report.
- by having only one form the sections that are common to the other forms, ie. subject/owner section, lender section, neighborhood will remain similar. if the income checkbox is selected then a dynamic section will pop open where you can enter the income info.
all of this will be handled by your software, you will only have to learn the new form and it is much prettier and easier to navigate for the end user, which should reduce your revisions.
lastly, i know many of you are reluctant to give up your clipboards. i get it. but the new form is going to require you to gather many more detailed data points about the subject. so many more, it’s going to be nearly impossible to gather the data points, scribble them down and not forget some. remember i’m just the messenger.
I’m telling this so you will have time to look into going mobile. from what i’ve seen, i don’t see how you can not have a mobile device to cover all the bases for the subject inspection. Not just my opinion, i’ve talked to other software people and we all have the same opinion.
so my goal in all of this, is to tell you not to panic and start looking into going mobile before it’s too late. i don’t know the exact launch date but it’s not too far in the future.
one last thing, the trick to using a mobile inspection tool is to setup your template for the property type you are inspecting. for example, i’m setting up a template for xyz neighborhood where the majority of the houses all have cent a/c, brick veneer, comp shingles, dishwasher, etc. have all these boxes prechecked / selected where all you have to do is change the ones that are different instead of going through every single field. that takes forever.
Again, i’m just the messenger and don’t shoot the messenger.