Appraisal Report Formats

A guide to the most commonly used & widely accepted residential appraisal reports, their purpose & content.

Uniform Residential Appraisal Report – URAR (Fannie Mae 1004 – Freddie Mac 70)

This is the most commonly used appraisal form and it is designed for single-family homes for mortgage financing. A visual interior and exterior observation of the subject property and a visual observation from street of all comparable sales used to support the value conclusion is performed by the appraiser. The report consists:

  1. Letter of transmittal
  2. Neighborhood analysis
  3. Description of site
  4. Description of the improvement
  5. Cost Approach where applicable
  6. Direct Sales Comparison Approach utilizing comparable sales
  7. Reconciliation
  8. Definition of market value
  9. Certification
  10. Contingent & limiting conditions
  11. Market Condition Addendum 1004MC
  12. Interior and exterior photographs of the subject property
  13. Exterior photographs of the comparable sales used
  14. Interior floor plan sketch
  15. Aerial view of subject property if available
  16. Assessor map
  17. Location map (indicating location of the subject and comparables)
  18. Plat/survey if available
  19. Operating Income Statement (for investment properties)
  20. Single Family Comparable Rent Schedule (for investment properties)
Individual Condominium Unit Appraisal Report (Fannie Mae 1073 – Freddie Mac 465)

This form is designed for condominium individual units. It is extensively used by lenders and other investors for purchases and refinancing purposes. A visual interior and exterior observation of the subject property and a visual observation from street of all comparable sales used to support the value conclusion is performed by the appraiser. The report consists:

  1. Letter of transmittal
  2. Neighborhood analysis
  3. Description of site
  4. Description of the improvement
  5. Direct Sales Comparison Approach utilizing comparable sales
  6. Reconciliation
  7. Definition of market value
  8. Certification
  9. Contingent & limiting conditions
  10. Market Condition Addendum 1004MC
  11. Interior and exterior photographs of the subject property
  12. Exterior photographs of the comparable sales used
  13. Interior floor plan sketch
  14. Aerial view of subject property if available
  15. Assessor map
  16. Location map (indicating location of the subject and comparables)
  17. Operating Income Statement (for investment properties)
  18. Single Family Comparable Rent Schedule (for investment properties)

Small Residential Income Property Appraisal Report - (Fannie Mae 1025 - Freddie Mac 72)

This form is designed for two to four family income properties. It is widely used by lenders and other investors for purchases and refinancing purposes.
A visual interior and exterior observation of the subject property and a visual observation from street of all comparable sales used to support the value conclusion is performed by the appraiser. The report consists:

  1. Letter of transmittal
  2. Neighborhood analysis
  3. Description of site
  4. Description of the improvement
  5. Rental Income Analysis
  6. Cost Approach (if applicable)
  7. Income Approach
  8. Direct Sales Comparison Approach utilizing comparable sales
  9. Operating Income Statement
  10. Reconciliation
  11. Definition of market value
  12. Certification
  13. Contingent & limiting conditions
  14. Market Condition Addendum 1004MC
  15. Interior and exterior photographs of the subject property
  16. Exterior photographs of the comparable sales used
  17. Interior floor plan sketch
  18. Aerial view of subject property if available
  19. Assessor map
  20. Location map (indicating location of the subject and comparables)
  21. Plat/survey if available

Property Value Analysis Appraisal Report (Drive-by Exterior) - (Freddie Mac 704)

This appraisal report is most commonly known as a “Drive-by Appraisal”. This report is limited in its scope, in that it does not include a visual interior observation of the subject property, nor does it include the cost or income approaches to value. This report uses only the Sales Comparison Approach to estimate market value. Due to the limited scope of this appraisal report, it is rarely used for first mortgages. The FHLMC 704 consists of a visual exterior observation of the subject property and a visual exterior observation from street of all comparable sales used to support the value conclusion. Photographs include front, rear, and street scene photographs of the subject property and front photographs of all comparable sales. Also included is a location map (indicating location of the subject and comparables) and plat/survey if available.
Property Value Analysis Appraisal Report (Drive-by Interior) - (Freddie Mac 704)

This appraisal report is most commonly known as a “Drive-by Appraisal”. This report is limited in its scope, in that it does not include the cost or income approaches to value. This report uses only the Sales Comparison Approach to estimate market value. Due to the limited scope of this appraisal report, it is rarely used for first mortgages. The FHLMC 704 consists of a visual interior and exterior observation of the subject property and a visual exterior observation from street of all comparable sales used to support the value conclusion. Photographs include front, rear, and street scene photographs of the subject property and front photographs of all comparable sales. Also included are an interior floor plan sketch, a location map (indicating location of the subject and comparables) and plat/survey if available.

Quantitative Analysis Appraisal Report (Drive-by Exterior) - (Freddie Mac 2055)

This appraisal report is most commonly known as a “Drive-by Appraisal”. This report is limited in its scope, in that it does not include the cost or income approaches to value. This report uses only the Sales Comparison Approach to estimate market value. Due to the limited scope of this appraisal report, it is rarely used for first mortgages. The FHLMC 2055 consists of a visual exterior observation of the subject property and a visual exterior observation of all comparable sales used to support the value conclusion. Photographs include front, rear, and street scene photographs of the subject property and front photographs of all comparable sales. Also included are a location map (indicating location of the subject and comparables).
Quantitative Analysis Appraisal Report (Drive-by Exterior) - (Freddie Mac 2055)

This appraisal report is most commonly known as a “Drive-by Appraisal”. This report is limited in its scope, in that it does not include the cost or income approaches to value. This report uses only the Sales Comparison Approach to estimate market value. Due to the limited scope of this appraisal report, it is rarely used for first mortgages. The FHLMC 2055 consists of a visual exterior observation of the subject property and a visual exterior observation of all comparable sales used to support the value conclusion. Photographs include front, rear, and street scene photographs of the subject property and front photographs of all comparable sales. Also included are a location map (indicating location of the subject and comparables).
Quantitative Analysis Appraisal Report (Drive-by Interior) - (Freddie Mac 2055)

This appraisal report is most commonly known as a “Drive-by Appraisal”. This report is limited in its scope, in that it does not include the cost or income approaches to value. This report uses only the Sales Comparison Approach to estimate market value. Due to the limited scope of this appraisal report, it is rarely used for first mortgages. The FHLMC 2055 consists of a visual interior and exterior observation of the subject property and a visual exterior observation from street of all comparable sales used to support the value conclusion. Photographs include front, rear, and street scene photographs of the subject property and front photographs of all comparable sales. Also included are an interior floor plan sketch, a location map (indicating location of the subject and comparables) and plat/survey if available.
Loan Prospector Condition & Marketability Report (Drive-by Exterior) - (FHLMC 2070)

This report consists of a visual exterior observation of the subject property from the street without an estimate of market value. It is not an appraisal. The FHLMC 2070 consists of a visual exterior observation of the subject property. The appraiser notes the subject property’s highest and best use, it’s comformity to the neighborhood and any physical deficiencies observable from a drive-by inspection. If the property does not conform to the neighborhood or there are physical deficiencies, a determination will be made as to the necessity for an upgrade to an interior/exterior inspection and appraisal. The upgrade will be reported on a FNMA 1004. Photographs include front, rear, and street scene photographs of the subject property.
Loan Prospector Condition & Marketability Report (Drive-by Interior) - (FHLMC 2070)

This report consists of a visual interior and exterior observation of the subject property without an estimate of market value. It is not an appraisal. The FHLMC 2070 consists of a visual interior and exterior observation of the subject property. The appraiser notes the subject property’s highest and best use, it’s comformity to the neighborhood and any physical deficiencies observable from the inspection. If the property does not conform to the neighborhood or there are physical deficiencies, a determination will be made as to the necessity for an upgrade to a FNMA 1004. Photographs include front, rear, and street scene photographs of the subject property. Also included is an interior floor plan sketch.
Exterior-Only Inspection Residential Appraisal Report - (FNMA 2055 rev. 9/96)

We do not provide FNMA 2055 rev. 03/05 as it is not USPAP compliant


The FNMA 2055 appraisal report consists of an exterior visual observation of the subject property and a exterior visual observation from street of all comparable sales used to support the value conclusion. Photographs include front and street scene photographs of the subject property. Also included is a location map (indicating location of the subject and comparables). Front photographs of all comparable sales are also available for an additional fee.
Desk Top Underwriter Property Inspection Report - (FNMA 2075)

The FNMA 2075 Desk Top Underwriter Property Inspection Report is used in conjunction with Fannie Mae’s Desk Top Underwriting Automated Valuation Model (AVM). When the AVM is used to estimate a value for the subject property and the results fall within an acceptable tolerance, Fannie Mae instructs the lender to provide this FNMA 2075 form as part of the application. The report includes a neighborhood overview and affirms the subjects actual existence as well as its exterior condition. No value estimate is included with this report.
Single Family Comparable Rent Schedule - (FNMA 1007)

The Comparable Rent Schedule is completed when the appraiser finds the highest and best use of the property as a rental unit rather than owner occupied – even though the property may be currently occupied or intended to be occupied by the owner. It is also completed if the property is actually rented or intended to be rented in the near future.
Operating Income Statement - (FNMA 216)

The Operating Income Statement is utilized for one to four family investment. This form provides the cost of operating an income producing property, such as management, utilities and other similar day to day expenses, as well as taxes, insurance and a reserve for replacement of items which wear out periodically.
Desk Review

The Desk review is completed by an appraiser in the subject’s market. The scope of the work completed by the review appraiser is to determine the accuracy, adequacy and relevance of the subject’s data and comparable data and the propriety of any adjustments to the data. Subject data and comparable data verification is included to the extent of its public availability. Subjective interior condition estimates are assumed to be reliable unless first hand knowledge to the contrary is held by the reviewer. The appraiser also verifies the appropriateness of the appraisal methods and techniques used or developed in the report. The review appraiser also confirms the conformity of the appraisal as set forth by the Appraisal Standards Board and the reliability of the analyses, opinions and conclusions in the report under review. This product does not include the development and reporting of an alternative opinion of value if the original opinion expressed in the appraisal under review is deemed to be unreliable or inaccurate. No physical inspection or photographs of either the subject or comparables is completed. The scope of this product may be expanded to include additional requirements under individual state jurisdictional requirements. All appropriate attachments, certifications and limiting conditions are included.
Field Review

The Field Review Report is completed by an appraiser in the subject’s market and consists of an exterior visual observation of the subject property and comparables sales. Photographs include front photographs of the subject property and all comparable sales. The scope of the work completed by the review appraiser is to determine the accuracy, adequacy and relevance of the subject’s data and comparable data and the appropriateness of any adjustments to the data. Subject data and comparable data verification is included. Subjective interior condition estimates are assumed to be reliable unless first hand knowledge to the contrary is held by the reviewer. The appraiser also verifies the appropriateness of the appraisal methods and techniques used or developed in the report. The review appraiser also confirms the conformity of the appraisal as set forth by the Appraisal Standards Board and the reliability of the analyses, opinions and conclusions in the report under review. This product includes the development and reporting of an alternative opinion of value if the original opinion expressed in the appraisal under review is deemed to be unreliable or inaccurate. Should the value be deemed unreliable or inaccurate, the reviewer will provide data to support a change in opinion of value. All appropriate attachments, certifications and limiting conditions are included.
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