Wow! I thought I was the only one to notice that… I was having many an argument with reviewers because of this very issue. I’ve stopped doing 2-4s too.

1025 hasn’t made any sense since URAR was first adopted, and it has gotten progressively worse. FNMA cant decide if they want us to use it as an underwriting tool for a specific owner occupants cash flow (when coupled with ‘operating expense statements); or as an indicator of market value of the fee, or leased fee interests.

I used to think it was just a bad form, and plugged gaps, as you indicate in order to make it USPAP compliant. I can remember to this day the confusion that resulted when I had a leased fee interest and discounted rent loss to the fee interest. ZOOM! Way over their heads.

2-4s SHOULD be within a three years experience basic licensees abilities, but lately that is not the case. Heck, I see more and more residential certified appraisers that are lost on it.

Throw in rent control cases; moderate term leases over a year, and high rental areas where owner occupancy is NOT the primary use and it has become too complex for many residential certified appraisers experience and background. It shouldn’t be, but it is.

FNMA needs to stop dumbing down the forms as a first step. If residential certified appraisers cannot handle it, then treat it like the income property it actually is and have general certified appraisers do them.