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Form:
URAR, FNMA Form 1004

Purpose:
The FHA Single Family Residential Appraisal is used to estimate the market value of the subject property as defined in the Uniform Standard of Professional Appraisal Practice (USPAP). It provides the benefit of a full interior and exterior inspection.

Description:
The FHA Single Family Residential Appraisal is completed in compliance with Class Valuation National Appraisal Services guidelines, Lender guidelines, and additional guidelines set forth by the Federal Housing Administration.

Each FHA appraisal report must include a unique FHA case number (in the upper right hand corner of each page) that is assigned by the lender and obtained through the FHA Connection website. The product includes the following attachments:

  • A completed URAR form
  • Subject property photos including front, rear, side, street scene and any amenities substantially affecting health and safety, marketability and/or value
  • Comparable sales photographs
  • Flood map if property is located in a flood prone area
  • A floor plan sketch with exterior dimensions and gross living area calculations
  • Location map showing accurate locations of the subject and all sales utilized in the report
  • Appropriate certifications and limiting conditions

The FHA mandates that appraisers pay specific attention to any property conditions that are potentially hazardous to the health and/or safety of the occupants and note these within the body of the report, or in the narrative addendum. If the property is found to have potential health and safety issues, an FHA report may be completed “subject to” correction of the issue (if it’s an obvious hazard), or “as is” with a complete description of the noted issue, leaving it up to the lender’s (DE Underwriter’s) discretion to determine if further action is required.

Form:
URAR Form 1004.

Purpose:
The Single Family Residential Appraisal is used to estimate the market value of the subject property as defined in Uniform Standard of Professional Appraisal Practice (USPAP). It provides the benefit of a full interior and exterior inspection.

Description:
The Single Family Residential Appraisal is completed in compliance with Class Appraisal National Appraisal Services and Lender guidelines. The product includes the following attachments:

  • A completed URAR form
  • Subject property photos including front, rear, street scene and any amenities substantially affecting marketability and/or value
  • Comparable sales photographs
  • Flood map if property is located in a flood prone area
  • A floor plan sketch with exterior dimensions and gross living area calculations
  • Location map showing accurate locations of the subject and all sales utilized in the report and appropriate certifications and limiting conditions

Form:
Individual Condominium Unit Appraisal Report Form 1073.

Purpose:
A Condominium Appraisal is designed to report on a unit in a condominium project or a condominium unit in a PUD (planned unit development). Condominium appraisals completed for FHA loans will also be reported on Form 1073.

Description:
A full interior and exterior inspection is made and a brief analysis of the project and market are provided. The report also includes attachments similar to those included with the Single Family Residential Report.

Form:
The Residential Appraisal Review Report Form 2000

Purpose:
The Residential Appraisal Review Report (Form 2000) is used to review a one-unit property such as a detached or attached single family home, manufactured home, condominium or co-op. A review appraiser uses this form to judge the accuracy of the data in the appraisal report and to develop an opinion of the appropriateness of the appraisal methods and techniques that were used in preparing the appraisal.

Description:
At a minimum, the review appraiser must do the following:

  • Read the entire appraisal report under review
  • Inspect the subject property and comparable sales described in the appraisal report from the street. If the review appraiser inspects the interior of the subject, they must note that in the appraisal review report.
  • Inspect the neighborhood in which the subject is located
  • Research all appropriate data
  • Verify the data in the original appraisal report using all reliable sources
  • Assume the property condition reported in the original appraisal report is accurate, unless there is evidence to the contrary

The complete field review report includes the following:

  • Exterior inspection of the subject property and comparable properties
  • Front and street scene photographs of the subject property
  • Photographs of each comparable property
  • A map locating the subject, the comparables in the appraisal under review and any comparables introduced by the reviewer
  • Appropriate certifications and limiting conditions that are Uniform Standards of Professional Appraisal Practice (USPAP) compliant

Form:
The Residential Appraisal Review Report (Form 2000A)

Purpose:
A review appraiser uses this form to assess the accuracy of the data of an appraisal report and to form an opinion on the suitability of the appraisal methods and techniques that the original appraiser used.

Description:
The Residential Appraisal Review Report (Form 2000A) is a five-page form used to review a 2- to 4-unit property. The property under review may be located in a condominium, PUD, or cooperative development. At a minimum, the review appraiser must do the following:

  • Read the entire appraisal report under review
  • Inspect the subject property and comparable sales described in the appraisal report from the street. If the review appraiser inspects the interior of the subject, they must note that in the appraisal review report.
  • Inspect the neighborhood in which the subject is located
  • Research all appropriate data
  • Verify the data in the original appraisal report using all reliable sources
  • Assume the property condition reported in the original appraisal report is accurate, unless there is evidence to the contrary

The complete field review report includes the following:

  • Exterior inspection of the subject property and comparable properties
  • Front and street scene photographs of the subject property
  • Photographs of each comparable property
  • A map locating the subject, the comparables in the appraisal under review and any comparables introduced by the reviewer
  • Appropriate certifications and limiting conditions that are Uniform Standards of Professional Appraisal Practice (USPAP) compliant

Form:
NARAMU Form 1033

Purpose:
The appraisal under review is analyzed to determine the logic and reasoning displayed in support of the value estimate and the appraisal report’s compliance with USPAP.

Description:
Desk Appraisal Reviews are completed for both pre-funding and post-funding audits. Confirmation of the data utilized in the report is made from a variety of publicly available sources. Any additional data considered by the reviewer is subsequently reported within the body of the completed review.

Desk Reviews include the following attachments:

  • Additional comments and data as deemed necessary
  • Appropriate certification and limiting conditions.
  • Two additional comparables with location map

Form:
Desktop Underwriter Property Inspection Report Form 2075

Purpose:
Used for exterior property inspection reports.

Description:
Property inspections require an exterior-only inspection and the analysis and reporting of current market conditions within the neighborhood. Reporting on the observed condition of the subject site and improvements is also included. No estimate of value is provided. The completed report includes:

  • Front and street scene photographs of the subject property
  • A map detailing the location of the subject property

Form:
Form 2055

Purpose:
Used for appraising a single family property or a single family property with an accessory unit. This form is not to be used with a manufactured home, condominium or cooperative.

Description:
Form 2055 is a Uniform Standards of Professional Appraisal Practice (USPAP) compliant appraisal report that is based on an exterior-only inspection of a single family detached, attached, planned unit development (PUD) property.

The report is to include:

  • A supported opinion of site value
  • Subject property front and street scene photographs
  • Comparable property photographs (front view)
  • Location map showing accurate locations of the subject property and all comparable properties

Form:
Exterior-Only Individual Condominium Unit Appraisal Report Form 1075

Purpose:
Used for appraisals of individual condominium units.

Description:
This six-page form complies with the Uniform Standards of Professional Appraisal Practice (USPAP), Class Appraisal National Appraisal Services and Lender guidelines. It provides for an exterior inspection of the subject property. The form also includes an analysis of the project and the market and a value opinion.

When appraising one unit in a condominium project, the appraiser should use the Sales Comparison Analysis and consider the Income Approach to value. Because of common building components and development improvements, the Cost Approach is not used in the valuation of an individual condominium unit.

The following must be attached to the form:

  • Subject property photographs (front and street scene and any amenities substantially affecting marketability and/or value)
  • Comparable property photographs (front view)
  • Location map showing accurate locations of the subject property and all comparables used
  • Appropriate certifications and limiting conditions that are USPAP compliant

Form:
Form 1004

Purpose:
Used to estimate the market value of a property as defined in Uniform Standard of Professional Appraisal Practice (USPAP). It provides the benefit of a full interior and exterior inspection.

Description:
This report is similar in all respects to the standard Single Family Residential Appraisal with the following additions: A completed Single Family Rent Schedule (form 1007) and an Operating Income Statement (form 216).

Like the standard Single Family Residential Appraisal, this product also includes the following:

  • A completed URAR form
  • Subject property photos including front, rear, street scene and any amenities substantially affecting marketability and/or value
  • Comparable sales photographs
  • Flood map if property is located in a flood prone area
  • A floor plan sketch with exterior dimensions and gross living area calculations
  • Location map showing accurate locations of the subject and all sales utilized in the report and appropriate certifications and limiting conditions
  • Completed 1007 and 216 form

Form:
Form 1004C

Purpose:
Form 1004C is required for the appraisal of manufactured homes, any dwelling unit built on a permanent chassis and attached to permanent foundation.

Description:
Form 1004C will help to ensure that an appraiser inspected, considered, and/or reported (as applicable) the appropriate information including, but not limited to:

  • Manufacturer’s name, trade or model name
  • Year of manufacture
  • Serial number
  • Certification label number(s) from either the HUD date plate or certification label(s)
  • Type of foundation and utility connections
  • Detailed and supported cost approach
  • Opinion of the market value of the site
  • The property’s conformity to the neighborhood
  • A floor plan sketch with exterior dimensions and gross living area calculations
  • Location map showing accurate locations of the subject and all sales utilized in the report and appropriate certifications and limiting conditions
  • Subject property photos including front, rear, street scene
  • Comparable sales photographs

Form:
Small Residential Income Property Appraisal Report Form 1025

Purpose:
Appraisals of two-to-four unit residential properties.

Description:
This report provides analysis of competitive listings, cost approach, an analysis of competitive rents, and a sales comparison analysis. Included in the attachments:

  • A completed operating income statement
  • Subject property photographs including a front, rear and street scene
  • Photographs of the comparable rentals and comparable sales
  • Location map detailing the locations of the subject and all rentals
  • Listings and sales utilized in the report
  • A floor-plan sketch with exterior dimensions and gross living area calculations for each unit
  • Appropriate certifications and limiting conditions

Form:
Single Family Comparable Rent Schedule Form 1007

Purpose:
Used to provide an estimate of the market rent of a property based on similar, comparable rentals in the area.

Description:
The Single Family Comparable Rent Schedule Form 1007 is intended to provide an appraiser with a familiar format to estimate the market rent of a property. Adjustments should be made only for those items of significant difference between the comparables and the subject property.

Forms:
Form 216

Purpose:
Form 216 is used on 1-4 income investment properties and 2-4 family owner-occupied properties.

Description:
Applicant provides income and expense projections to be used in determining income approach to value.

Purpose:
This is a combination form and replaces the Appraisal Update and the Completion Certificate.

Description:

  • If used as an Appraisal Update, the appraiser must:
  • Concur with the original appraisal
  • Perform an exterior inspection of the subject from the street
  • Research, verify and analyze current market data in order to determine if the property has declined in value since the effective date of the original appraisal
  • Provide Front and Street scene photos of the subject

If used as a Certification of Completion:

  • The appraiser must make a statement that improvements have been completed in accordance with the requirements and conditions stated in the original appraisal report. (Or, if not, impact on market value must be stated.)

Required exhibits include:

  • Front and street scene photos
  • Photos of completed improvements. (If the original appraisal was subject to carpet and dishwasher being installed, photos of these items must be furnished.)
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