The Uniform Residential Appraisal Report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD).
The appraisal includes, at a minimum:
complete visual inspection of the interior and exterior areas of the subject property
inspection of the neighborhood
inspection of each of the comparable sales from at least the street
research, verification, and analysis of data from reliable public and/or private sources
appraiser’s analysis, opinions, and conclusions
1004C Manufactured Home
Fannie Mae Form 1004C: is required for the appraisal of manufactured homes, any dwelling unit built on a permanent chassis and attached to permanent foundation. An interior and exterior inspection of the subject is completed. The appraiser provides an opinion of value based upon one of the three valuation methods; Sales Comparison Approach, Cost Approach, or Income Approach.
Report Includes: Complete 1004C appraisal report, floor sketch based upon an exterior measurement, exterior and interior photos of the subject including the street, front view photos of each comparable property, and a location map with the subject and comparables plotted.
1004D: Appraisal Update and/or Final Inspection Report
This report is used to complete an Appraisal Update, a Final Inspection, or both. The Appraisal Update is used to update the effective date of an existing appraisal report. This report is considered a new appraisal assignment and the appraiser will indicate if any changes have occurred to the subject's market value since the time of the original report. The Final Inspection Report is used for appraisals that were completed "Subject To." This report will verify that the conditions of the original report have been meet. The necessary portions of the subject property will be inspected.
Report Includes: The Appraisal Update includes the complete appraisal report, exterior and interior photos of the subject as necessary. The Final Inspection includes the completed appraisal report and new photos of the subject, particularly of the area that specifically needed inspection.
If you need a Certification of Completion, select 1004D Final Inspection as the report type. If you need a Certification of Completion, select 1004D Final Inspection as the report type. If you need an Update certifying that the value has not declined, select 1004D Update Appraisal as the report type.
1025 Multi-Family
Fannie Mae Form 1025: Small Residential Income Appraisal Report This report is used for appraising of 2-4 unit residential income properties and includes an interior and exterior inspection of the subject property. The appraiser provides an opinion of value based upon one of the three valuation methods; Sales Comparison Approach, Cost Approach, or Income Approach.
Report Includes: Complete 1025 appraisal report, floor sketch based upon an exterior measurement, exterior and interior photos of the subject including the street, front view photos of each comparable property, and a location map with the subject and comparables plotted.
1073 Condominium
Fannie Mae Form 1073: Individual Condominium Unit Appraisal Report This report is used for appraising Individual Condominium Units. An interior and exterior inspection of the subject is completed. The appraiser provides the Sales Comparison Approach to determine an opinion of value.
Report Includes: Complete 1073 appraisal report, floor sketch based upon interior and exterior measurements, exterior and interior photos of the subject including the street, front view photos of each comparable property, and a location map with the subject and comparables plotted.
1075 Exterior Condominium
Fannie Mae Form 1075: Exterior-Only Individual Condominium Unit Appraisal Report This report is used for appraising Individual Condominium Units. An exterior-only inspection of the subject is completed. The appraiser provides the Sales Comparison Approach to determine an opinion of value.
Report Includes: Complete 1075 appraisal report, exterior and street scene photos of the subject, and front view photos of each comparable, and a location map with the subject and comparables plotted.
2055 Exterior Single Family
Fannie Mae Form 2055: Exterior-Only Inspection Residential Appraisal Report This is used for appraising single family residences. An exterior-only inspection of the subject is completed. The appraiser provides an opinion of value based upon either the Sales Comparison Approach, or the Cost Approach.
Report Includes: Complete 2055 appraisal report, exterior and street scene photos of the subject, front view photos of each comparable property, and a location map with the subject and comparables plotted.
2075 Exterior
Fannie Mae Form 2075: Desktop Underwriter Property Inspection Report This is a property inspection report that identifies if the subject conforms to the neighborhood, notes any physical inadequacies, reveals any adverse physical conditions, or if the subject property does not conform to the neighborhood. An exterior-only inspection of the subject is completed. No opinion of value is provided.
Report Includes: Complete 2075 appraisal report, exterior and street scene photos of the subject, and a location map with the subject plotted.
1007 Income Statement and 216 Rent Schedule
Fannie Mae Form 1007: Single Family Rent Schedule and Fannie Mae Form 216 Operating Income Statement Fannie Mae Form 1007 is used to provide an estimated market rent for the subject. Fannie Mae Form 216 is used to estimate the operating income associated with income-producing property.
Report Includes: Complete 1007 and 216 reports and front-view photos of each comparable property.
Field Review
A field review is requested by the underwriter/lender to establish a "second opinion" on the value of the property. The lender will order the field review from another VA authorized appraiser, they will provide him/her a copy of the current appraisal and the second appraiser will review the appraisal to "verify the accuracy" of the data and will go out physically to inspect the property to again verify the condition, etc. This is fairly common practice in today's financing climate and would be more so if there are not sufficient comparables within close proximity to the subject property.
Desk Review
A very commonly used collateral-assessment, appraisal-review tool. It is used to critique the appraisal of real property, typically on three different occasions. The first is the pre-funding review, which typically takes place immediately prior to the closing of a loan. This is arguably the most critical of the times at which an appraisal will be reviewed. If the review is properly executed, it can prevent the making of a loan on property where the appraisal is flawed. This, by definition, means that the review must be made quickly. Appraisal of limited scope completed by a licensed appraiser, without a physical inspection of the subject property.
Draw Inspection
Appraiser will use lender supplied forms to estimate the amount of work that has being completed on properties that are currently under construction. The report will include items requested by the lender. No opinion of value is provided.
92051 Compliance Inspection Report
When examination of a Property reveals noncompliance with the Property Acceptability Criteria, the Appraiser must note all repairs necessary to make the Property comply with HUD’s Property Acceptability Criteria. This note comes with the estimated cost to cure. If the Appraiser cannot determine that a Property meets HUD’s MPR or MPS, the Mortgagee may obtain a FHA Compliance Inspection.
Fannie Mae Form 1004D/Freddie Mac Form 442, Appraisal Update and/or Completion Report, Part B, is countersigned by the underwriter, and completed, signed and dated by an approved inspector. Local government inspection with the Underwriter Certification may be accepted.
