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Below is a list and a short description of the different appraisal formats we offer.
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FNMA 1004 (Owner Occupied)
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URAR - FNMA 1004 Uniform Residential Appraisal Report (Owner Occupied Properties)
The FNMA 1004 appraisal report consists of 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. Photographs
include front, rear and street scene photographs of the subject property and front photographs of all comparable sales.
Also included: an interior floor plan sketch, interior photographs of the subject property, Market Condition Addendum,
Zip Code Statistics, aerial view of subject property, aerial assessor map, assessor map, a location map (indicating location
of the subject and comparables) and plat/survey if available.
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FNMA 1004 (Investment Property)
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URAR - FNMA 1004 Uniform Residential Appraisal Report (Rental/Investment Properties)
The FNMA 1004 appraisal report, in conjunction with a Single Family Comparable Rent Schedule (FNMA 1007) and
an Operating Income Statement (FNMA 216), consists of 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. Photographs
include front, rear and street scene photographs of the subject property and front photographs of all comparable sales.
Also included: an interior floor plan sketch, interior photographs of the subject property, Market Condition Addendum,
Zip Code Statistics, aerial view of subject property, aerial assessor map, assessor map, a location map (indicating location
of the subject and comparables) and plat/survey if available.
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FNMA 1073 (Owner Occupied)
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FNMA 1073 Individual Condominium Unit Appraisal Report (Owner Occupied Properties)
The FNMA 1073 appraisal report consists of 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. Photographs include interior, front, rear and street
scene photographs of the subject property and front photographs of all comparable sales. Also included: an interior floor plan sketch, Market Condition Addendum,
Zip Code Statistics, aerial view of subject property, aerial assessor map, assessor map, and a location map (indicating location
of the subject and comparables).
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FNMA 1073 (Investment Property)
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FNMA 1073 Individual Condominium Unit Appraisal Report (Rental/Investment Properties)
The FNMA 1073 appraisal report, in conjunction with a Single Family Comparable Rent Schedule (FNMA 1007) and
an Operating Income Statement (FNMA 216), consists of 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. Photographs include interior, front, rear and street
scene photographs of the subject property and front photographs of all comparable sales. Also included: an interior floor plan sketch, Market Condition Addendum,
Zip Code Statistics, aerial view of subject property, aerial assessor map, assessor map, and a location map (indicating location
of the subject and comparables).
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FNMA 1025 Small Residential Income Property Appraisal Report
The FNMA 1025 appraisal report consists of a visual interior and exterior observation of the subject property as
well as all units in the subject property. A visual exterior obersation from street of all comparable sales used
to support the value conclusion is also included. 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, an exterior building sketch, a location map (indicating location of the subject and comparables),
and plat/survey if available. The Operating Income Statement (Form 216), when requested,
will be provided for an additional fee.
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FHLMC 704 (Exterior Inspection)
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FHLMC 704 Property Value Analysis Appraisal Report (Drive-by Exterior)
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.
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FHLMC 704 (Interior Inspection)
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FHLMC 704 Property Value Analysis Appraisal Report (Drive-by Interior)
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.
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FHLMC 2055 (Exterior Inspection)
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FHLMC 2055 Quantitative Analysis Appraisal Report (Drive-by Exterior)
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).
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FHLMC 2055 (Interior Inspection)
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FHLMC 2055 Quantitative Analysis Appraisal Report (Drive-by Interior)
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.
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FHLMC 2070 (Exterior Inspection)
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FHLMC 2070 Loan Prospector® Condition and Marketability Report (Drive-by Exterior)
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.
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FHLMC 2070 (Interior Inspection)
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FHLMC 2070 Loan Prospector® Condition and Marketability Report (Drive-by Interior)
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.
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FNMA 2055 rev. 9/96(Exterior Inspection)
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FNMA 2055 rev. 9/96 Exterior-Only Inspection Residential Appraisal Report
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.
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FNMA 2075 Desk Top Underwriter Property Inspection Report
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.
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FNMA Form 1007 Single Family Comparable Rent Schedule
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.
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FNMA Form 216 Operating Income Statement
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.
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Desk Review
The Desk 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.
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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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