Residential Mortgage Appraisal Report Forms

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The following appraisal report forms are promulgated by two quasi-governmental agencies; Fannie Mae and Freddie Mac. A team of appraisal users and providers including Fannie and Freddie, HUD, the VA, the Mortgage Bankers Association, the Appraisal Foundation and the Appraisal Institute designed the forms. They were updated in March 2005. The completed forms are generally not considered adequate by themselves. Appraisers typically include addendum pages to supplement the forms. Photo pages including pictures of the subject and the comparable sales are common. A map showing the location of the subject and the comparable sales and a sketch of the exterior of the subject property is also included. Additional comments that do not fit on the form are attached as an addendum.

The scope of work required for these appraisal reports is consistent with the needs of a mortgage lender. The intended use of these reports is “for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction.” The intended user “is the lender/client”.

Fannie Mae 1004, Uniform Residential Appraisal Report
Also known as the Freddie Mac form 70 or the “URAR”. This report form is designed to report an appraisal of a one-unit property, or a one-unit property with an accessory unit. This form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. Since the vast majority of residential properties fall into this category, this is one of the most popular appraisal report forms. This reporting format requires the appraiser see both the inside and outside of the subject property.
Fannie Mae 1004C, Manufactured Home Appraisal Report
Also known as the Freddie Mac form 70B. This report form is designed to report an appraisal of a one-unit manufactured home; including a manufactured home in a planned unit development (PUD). A Manufactured home located in either a condominium or a cooperative project requires the appraiser to inspect the project and complete the project information section of the Individual Condominium Unit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attach it as an addendum to this report. This reporting format requires the appraiser see both the inside and outside of the subject property.
Fannie Mae 1004D, Appraisal Update and/or Completion Report
Also known as the Freddie Mac form 442. This report form is designed to provide the lender/client with an accurate update of an appraisal and/or to report a certification of completion. The primary purpose of the “update” portion of this report is to determine if the property has declined in value since the date of the original appraisal for a mortgage finance transaction. This reporting format requires the appraiser see both the inside and outside of the subject property.
Fannie Mae 1025, Small Residential Income Property Appraisal Report
Also known as the Freddie Mac form 72. This report form is designed to report an appraisal of a two- to four-unit property, including a two- to four-unit property in a planned unit development (PUD). A two- to four-unit property located in either a condominium or a cooperative project requires the appraiser to inspect the project and complete the project information section of the Individual Condominium Unit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attach it as an addendum to this report.

This is a very detailed reporting format including income analysis, rental comparables as well as sales comparables. This reporting format requires the appraiser see both the inside and outside of the subject property.

Fannie Mae 1073, Individual Condominium Unit Appraisal Report
Also known as the Freddie Mac form 465. This report form is designed to report an appraisal of a unit in a condominium project, or a condominium unit in a planned unit development (PUD). This form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This reporting format requires the appraiser see both the inside and outside of the subject property.
Fannie Mae 2090, Individual Cooperative Interest Appraisal Report
This report form is designed to report an appraisal of the cooperative interest (the cooperative shares or other evidence of an ownership interest in the cooperative corporation and the accompanying occupancy rights) in a cooperative, or a cooperative interest in a planned unit development (PUD). This form is not designed to report an appraisal of a manufactured home or a unit in a condominium project. This reporting format requires the appraiser see both the inside and outside of the subject property.
Fannie Mae 2055, Exterior-Only Inspection Residential Appraisal Report
Also known as the Freddie Mac form 2055. Among experienced appraisal users, this report type is commonly known as the “drive-by” report. As implied by the name, this report format does not require the appraiser view the interior of the subject property.

The appraiser views the property from the public right of way. Information regarding the size, quality and condition of the subject property is extracted from as many public and private data sources as possible. Due to the reduced level of observation by the appraiser, this report type can be less accurate than other report types, which require a full inspection by the appraiser.

This report format is often used by lenders who are less concerned about the quality of the collateral for a loan. This generally applies to borrowers with exceptional credit. Other times, it is used when access to the property is problematic, as in the event of pre-foreclosure appraisal or a post-closing, quality control audit. Only very knowledgeable appraisal users should utilize this report format. Even then, they should understand the increased risk associated with a reduced appraisal format. Similar to the Fannie Mae 1004, this report form is designed to report an appraisal of a one-unit property, or a one-unit property with an accessory unit. This form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project.

Fannie Mae 1075, Exterior-Only Inspection Individual Condominium Unit Appraisal Report
Also known as the Freddie Mac form 466. Among experienced appraisal users, this report type is commonly known as the “drive-by condo” report. As implied by the name, this report format does not require the appraiser view the interior of the subject property.

The appraiser views the property from the public right of way. Information regarding the size, quality and condition of the subject property is extracted from as many public and private data sources as possible. Due to the reduced level of observation by the appraiser, this report type can be less accurate than other report types, which require a full inspection by the appraiser.

This report format is often used by lenders who are less concerned about the quality of the collateral for a loan. This generally applies to borrowers with exceptional credit. Other times, it is used when access to the property is problematic, as in the event of pre-foreclosure appraisal or a post-closing, quality control audit. Only very knowledgeable appraisal users should utilize this report format. Even then, they should understand the increased risk associated with a reduced appraisal format.

Similar to the Fannie Mae 1073, this report form is designed to report an appraisal of a unit in a condominium project, or a condominium unit in a planned unit development (PUD). This form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project.

Fannie Mae 2095, Exterior-Only Inspection Individual Cooperative Interest Appraisal Report
Among experienced appraisal users, this report type is commonly known as the “drive-by coop” report. As implied by the name, this report format does not require the appraiser view the interior of the subject property.

The appraiser views the property from the public right of way. Information regarding the size, quality and condition of the subject property is extracted from as many public and private data sources as possible. Due to the reduced level of observation by the appraiser, this report type can be less accurate than other report types, which require a full inspection by the appraiser.

This report format is often used by lenders who are less concerned about the quality of the collateral for a loan. This generally applies to borrowers with exceptional credit. Other times, it is used when access to the property is problematic, as in the event of pre-foreclosure appraisal or a post-closing, quality control audit. Only very knowledgeable appraisal users should utilize this report format. Even then, they should understand the increased risk associated with a reduced appraisal format.

Similar to the Fannie Mae 2090, this report form is designed to report an appraisal of the cooperative interest (the cooperative shares or other evidence of an ownership interest in the cooperative corporation and the accompanying occupancy rights) in a cooperative, or a cooperative interest in a planned unit development (PUD). This form is not designed to report an appraisal of a manufactured home or a unit in a condominium project.

Fannie Mae 2075, Desktop Underwriter Property Inspection Report
This report is technically not an appraisal, as there is no value conclusion. The appraiser views the subject property from the public right of way. He or she then reports on whether the subject property appears to be well maintained and is typical of the neighborhood. The appraiser does not research comparable sales and a conclusion of market value is not a function of this report type. This report format is often used by lenders who are less concerned about the quality of the collateral for a loan. This generally applies to borrowers with exceptional credit.
Fannie Mae 2000, One-Unit Residential Appraisal Field Review Report
Also known as the Freddie Mac form 1032. The purpose of this report format is to provide the lender/client with an opinion on the accuracy of the appraisal report under review. The review appraiser views the subject property and the comparable sales from the public right of way. Information regarding the size, quality and condition of the subject property is taken from the appraisal being reviewed and confirmed with as many public and private data sources as possible. The reviewer then provides an opinion on the credibility of the original appraisal report.
Fannie Mae 2000A, Two-to-Four-Unit Residential Appraisal Field Review Report
Also known as the Freddie Mac form 1072. This report provides the same function as the report above for multi unit dwellings. The purpose of this report format is to provide the lender/client with an opinion on the accuracy of the appraisal report under review.

The review appraiser views the subject property and the comparable sales from the public right of way. Information regarding the size, quality and condition of the subject property is taken from the appraisal being reviewed and confirmed with as many public and private data sources as possible. The reviewer then provides an opinion on the credibility of the original appraisal report.

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Fannie Mae 1004
Fannie Mae 2055

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Fannie Mae 1073
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Fannie Mae 1004C

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Fannie Mae 2090
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Fannie Mae 1025

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Fannie Mae 1004D

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Fannie Mae 2075

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