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FNMA Form 1004
(Uniform Residential Appraisal Report)

Most universally known and recognized as an appraisal report format for single family residential appraisals. This is a Complete Appraisal Analysis, presented in a Summary Appraisal reporting format. This format is most easily adapted for a variety of appraisal requirements ranging from loan evaluation to specific uses relating to valuation of marital assets for dissolution, probate, litigation or to assist a party in arriving at an estimate of the value of arriving at an offer to sell or purchase.


FNMA Form 1004C

Manufactured Home Appraisal Report. This appraisal report format is required for appraisals prepared for loans purchased by Fannie Mae or Freddie Mac on properties improved with manufactured dwellings constructed in accordance with the HUD code. In addition to the basic and essential information relating to the subject, subject site, analysis of comparable sales,etc. found in the Uniform Residential Appraisal Report (Form 1004), this format provides specific information identifying the manufactured dwelling unit(s), marketability and develops a more detailed cost approach as well as requiring the development of a site value support by market sales.


ERC – Relocation Appraisal
(Employee Relocation Council)

This appraisal format is primarily used for relocation appraisal, prepared for transfer companies. This format provides a comprehensive study of the market including an analysis of current listings as well as closed sales. This is however generally considered a :Limited Appraisal in that it does not employ a Cost Approach or an Income Approach. This report format would also be useful for individuals wanting a comprehensive analysis of the marketability of their property to serve as a basis for setting an offering price.


FNMA 2055, Exterior-Only Residential Appraisal Report

This is a Summary Appraisal report developed by Fannie Mae for use with its Desktop Underwriter loan evaluation program. This reporting format is very similar to the Uniform Residential Appraisal Report (Form 1004) with the exception that it is designed specifically for appraisals prepared based solely upon an exterior inspection and other reliable data sources. . This appraisal report is sometimes referred to as a "Drive-By" appraisal.


FHLMC (Freddie Mac) Form 704

Like the FNMA 2055, this is a short form appraisal report originally developed by Freddie Mac (Federal Home Loan Mortgage Corporation) for use with second mortgage loans. It is now used primarily when only a limited documentation appraisal is required to satisfy underwriting requirements for a loan or to meet the specific limited needs of the client.


FNMA Form 1073 Condominium Appraisal Report

This report format, like the FNMA 1004, is the most widely utilized appraisal format for reporting the appraisal of condominiums. In addition to the information typically developed in residential form reports, this appraisal format also describes in limited detail the features, amenities and other common elements found in the project as well as delineates the number of completed units, units for sale, and for rent both in the subject phase of the project and in the overall development. The condominium budget is analyzed as project reserves, assessments and other fees to arrive at an opinion of their adequacy and affect on marketability. A minimum of three sales of units with similar features, amenities, and location influences are arrayed and analyzed. All relevant approaches to value are considered and reconciled to arrive at an opinion of the most probable market value.


FNMA Form 1025 Small Residential Income Property Appraisal Report

This appraisal reporting format is designed to allow for a Complete Appraisal Analysis reported in the Summary Report format. This form is used generally by lenders and investor clients in the valuation of 2-4 family residential income properties. Included in the analysis are a rent survey, competing listings, as well as an analysis of closed sales. All three relevant approaches to value (Cost, Income, and Market) are provided for in this report and reconciled into an opinion of most probable market value. Supplemental forms such as an Operating Income and Expense Analysis can be provided in support of cash flow estimates.


Vacant Land Appraisal Report

This appraisal report format provides for the simplified reporting of a Complete Appraisal Analysis in a Summary Appraisal reporting format. Subject, neighborhood, and site features are summarized, supplemented where necessary by descriptive addenda. A minimum of three sales are arrayed and analyzed to arrive at an opinion of the most probable market value.


FNMA Form 2000 – Field Appraisal Review

This appraisal review format provides a framework for the third party review and analysis of an appraisal report. This report is used primarily by lenders for quality control purposes, either in random sampling or as a result of underwriting concerns or is used by investors as a check of the quality control employed by loan originators. In a field review, the reviewer addresses the completeness, accuracy and appropriate nature of the data as well as verifies by field inspection (exterior views) the features, condition and value influencing factors relating to the subject and the comparable sales recited. The reviewer, based upon a review of the information in the appraisal and that developed independently, will arrive at an opinion as to the reliability of the value conclusion in the appraisal. In this event the reviewer’s opinion of value differs from that of the original appraiser, the reviewer will prepare a supplemental sales analysis supporting their subsequent value opinion.


FNMA Forms 2002, 2006 – Desk Review

Like the field review described above, the desk review is designed as a quality control instrument and addresses the completeness, accuracy, and appropriate nature of the data contained in the appraisal report. However, unlike the field review which involves a physical inspection of the subject and sales, the desk review is essentially a technical review analyzing, based solely upon the data contained or not contained in the appraisal or as can be reasonably be verified from independent sources.




REO (Real Estate Owned) – Foreclosure Appraisal Report

This appraisal report is used primarily by a lender/investor to arrive at an opinion of the value of their collateral either in anticipation or shortly after acquisition as a result of foreclosure. This appraisal format utilizes the FNMA 1004 Uniform Residential Appraisal Report as the basis for the analysis, supplemented by a special REO addendum that analyzes current supplemented by a special REO addendum that analyzes current listings as well as details the nature and estimated cost of any deferred maintenance. An "as is" and "as repaired" value is estimated based upon the marketing parameters specified by the client.

HUD/FHA Appraisal Report

Like the REO – Foreclosure Appraisal, the HUD/FHA appraisal uses the basic FNMA 1004 Uniform Residential Appraisal Report form as the basis for the appraisal, but is supplemented by special addendum required by the Department of Housing and Urban Affairs, Federal Housing Administration (DU/FHA). This consists of a Valuation Condition Addendum (HUD Addendum) that addresses specific compliance items, repairrequirements and other conditions required by the HUD Handbook 4150.2.

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