In the world of real estate financing, accurately determining the value and condition of a property is crucial for lenders to manage risks effectively. The Desktop Underwriter Property Inspection Report, known as Form 2075, plays a vital role in this process without the need for a full appraisal report. This form is utilized when the Desktop Underwriter's enhanced risk assessment capability judges the sales price of a property to be reasonable and, thus, adequate collateral for the mortgage loan, eliminating the need for a traditional property appraisal. The process requires a state-licensed or state-certified appraiser to conduct an exterior-only inspection from the street, focusing solely on confirming the property's existence and assessing its condition from an external viewpoint. Importantly, Form 2075 does not provide an estimate of the market value of the property. Lenders are instructed to print this document on legal-size paper in portrait format and are advised to select the "shrink to fit" option in their print settings to ensure proper formatting. The instructions for the form also detail that when an exterior inspection suggests possible adverse conditions or discrepancies in the property's conformity to the neighborhood, lenders must then procure a more detailed appraisal using Form 2055, which includes both interior and exterior evaluations. Additionally, the appraiser is required to attach certain exhibits to every inspection report, specifically a street map indicating the property's location and a photograph of the property's front facade. This process underscores the form's role in streamlining the loan underwriting process by providing a swift and simplified property inspection method that aligns with the lender's risk assessment protocols.
| Question | Answer |
|---|---|
| Form Name | Fannie Mae Form 2075 |
| Form Length | 2 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 30 sec |
| Other names | how to 2075, 2075 report, 2075 appraisal form, 2075 inspection report |
Instructions
Desktop Underwriter Property Inspection Report
Desktop Underwriter's enhanced risk assessment capability enables the use of the Desktop Underwriter® Property Inspection Report (Form 2075), which requires an
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Form 2075 is not an appraisal report. When Desktop Underwriter recommends Form 2075, it has judged the reasonableness of the sales price as adequate collateral for the mortgage loan. Therefore, a property appraisal is not required for the specific transaction.
Copies
Original, plus one.
Printing Instructions
This form must be printed on legal size paper, using portrait format. When printing this form, you must use the "shrink to fit" option in the Adobe Acrobat print dialogue box.
Instructions
When Desktop Underwriter recommends Form 2075, we will rely on the property valuation performed by the system's proprietary automated valuation model. Lenders are required to obtain an
The appraiser must attach any required exhibits to support each inspection report. The required exhibits for Form 2075 are a street map that shows the location of the subject property and a photograph that shows the front of the subject property.
Instructions Page