Complete FNMA Appraisal: 1004 - URAR
This product includes the 2-page Uniform Residential Appraisal Report or URAR, a location
map showing the comparables to the subject, a floor sketch of the property, front, rear
and street scene photographs of the subject, front photographs of the comparables, and the
Statement of Limiting Conditions.
This form is designed for appraising single-family residences, and is also used for FHA
appraisals and PUD (planned unit developments). Typically, a full internal and external
inspection of the subject property is done. At least three comparable sales used. A value
conclusion is made.
Limited Walk-In 2055 (Interior Inspection)
(Also known as Desktop Underwriter Quantitative Analysis Appraisal Report)
This report is used for single family, condominium and PUD appraisals. The report includes
location map, floor sketch, front, rear and street scene photographs of the subject, front
photographs of the comparables, and the Statement of Limiting Conditions.
This is a summary appraisal report. Considerably shorter than the 1004, the 2055 is used
for both drive-by and walk through appraisals. At least 3 comparable sales are used. A
value conclusion is made.
Drive-by 2055 (Exterior Inspection)
The same form is used as the Limited Walk-In 2055; at the bottom of page 1, the choice to
mark interior inspection or exterior inspection is given. This report includes a front
photo of the subject, a street photo, location map of the subject and comparable
properties, and front comparable photos.
FNMA 2065
This is essentially the same as a 2055 form except that no dollar adjustments to the
comparable sales are made. It is commonly used for drive-by appraisals. Although it is
technically more abbreviated, the cost is typically the same as the 2055. A value
conclusion is made.
2070 and 2075 Forms
These forms are used to check on the marketability of the subject and condition of the
property. No value is necessary; they are only checklists, not appraisals.
Form 2070 is a condition and marketability report based on an exterior inspection and
property characteristics from county records. No comparable sales are provided and no
value conclusion is made.
Form 2075 is similar to the 2070, but even more abbreviated. It is based on an exterior
inspection of the property. No comparable sales are provided and no value conclusion is
made.
2070 With Interior Inspection
See 2070 Form. No value is given on the report. A floor sketch, location map of subject
property and photos of the front, rear and street scene of the subject property are
required.
Drive-by 2070
(Freddie Mac Loan Prospector Report)
See 2070 Form. No value is given on this report. A front photo of the subject and a
location map of the subject property are the only addenda required.
Drive-by 2075
(Also known as Desktop Underwriter Property Inspection Report)
See 2075 Form. No value is given on this report. A front photo of the subject and a
location map of the subject property are the only addenda required.
FNMA 2000
A field review appraisal form is used for quality control; e.g., an appraiser is requested
to review another appraiser?s appraisal. A drive-by of the subject and comparables is
required. If the appraiser does not agree with the original value he must provide two
additional comps and a new value.
·Enhanced Field Review is the same as FNMA 2000 but the appraiser must
provide two additional comparables regardless of whether or not the appraiser agrees with
the original value.
FNMA 2006
This is a desk review appraisal form used for quality control. No drive-by is required. If
the appraiser does not agree with the original value he must provide two additional comps
and a new value.
·Enhanced Desk Review is the same as FNMA 2006 but the appraiser must
provide two additional comparables regardless of whether or not the appraiser agrees with
the original value.
Final Inspection
Inspection done on a property previously appraised to verify all work has been completed
and funds do not need to be held in escrow. Final Inspections are done on an incomplete
property that is appraised with a value as though all the work were completed.
Rent Schedule 1007
This form is completed by the appraiser on a rental property. Usually three comparable
rental properties showing the income generated.
Operating Income Statement 216
This form is completed by appraiser on an income generating property. |