Single Family Interior/Exterior Appraisal Report (FNMA 1004/FHLMC 70)
  • The standard Fannie Mae summary appraisal report
  • Considers market value trends, supply and demand and marketing times
  • Provides indicated value by cost approach, where appropriate
  • Provides a sales comparison analysis grid with indicated value by sales comparison approach
  • Quantitative adjustments to comparable sales
  • Estimates a specific market value

Exterior Only Appraisal Report (FNMA 2055/FHLMC 2055)
  • Summary appraisal report documentation but includes extensive property information
  • Provides quantitative adjustments to comparable sales
  • Estimates a specific value
  • Increases efficiency and reduces costs

Condo/PUD Interior/Exterior Appraisal Report (FNMA 1073/FHLMC 465)
  • Considers market value trends, supply and demand, and marketing times
  • Room count and actual square footage by GLA
  • Notes condition of improvements, depreciation, repairs needed, and quality of construction
  • Project and phase information includes number of units, number of units for sale, and number of units currently rented, which allows assessment for any location risk within the complex

Multi-Family Appraisal Report (FNMA 1025/FHLMC 72)
  • Small residential income property appraisal report for two- to four-family residences
  • Provides neighborhood, site, and improvement descriptions
  • Provides general description of subject’s physical structure
  • Notes condition of improvements, depreciation, repairs needed and quality of construction
  • Includes an analysis of market rents, with rental comparables
  • Sales comparison, income approach, and cost approaches are all considered in estimating market value

Single Family Comparable Rent Schedule (FNMA 1007)
  • Includes rental comparables in familiar grid format
  • Reports estimated market rent

Operating Income Statement (FNMA 216)
  • Reports income and expense projections for the next 12 months
  • Helps estimate necessary cash reserve

Standard Desk Review
  • A review of an appraisal provided by a lender, to determine if the opinion of value in the appraisal is reasonable.
  • The subject property and comparables are not inspected.
  • The reviewer verifies lot size, GLA, sales price, and date of sale for the subject property and the comparables.

Standard Field Review
  • A review of an appraisal provided by a lender, to determine if the opinion of value in the appraisal is reasonable.
  • The subject property and comparables receive an exterior inspection from the street.
  • Photographs of the subject’s front and street, as well as the sales comparable’s front are included.
  • The reviewer verifies lot size, GLA, sales price, and date of sale for the subject property and the comparables.

Appraisal Update and/or Completion Report (FNMA 1004D)
  • Update to a previous appraisal that was prepared subject to completion of repairs or incomplete items.
  • Notes items completed or still need to be completed since time of original appraisal.
  • Same appraiser performs reinspection who completed original appraisal report.
  • Allows lender to ascertain the current construction status of subject property without incurring the cost of another appraisal.

Supplemental REO Appraisal Addendum
  • Supplemental REO appraisal addendum included with standard URAR 1004 Form.
  • Provides general description of subject’s exterior, foundation, basement and insulation.
  • Notes condition of improvements, depreciation(physical function and external), repairs needed and quality of construction.
  • Identifies competing listings and market trends.
  • Provides “as is” and “subject to” values for normal and client marketing times.