Definitions/Glossary

Product Glossary

Product Definitions

1004 Single Family URAR

Fannie Mae Form 1004: Uniform Residential Appraisal Report

This report is used for appraising single family residences. An interior and exterior inspection of the subject is completed. The appraiser provides the Cost Approach and Sales Comparison Analysis to determine an opinion of value.

Report Includes:

Complete 1004 appraisal report, floor sketch based upon an exterior measurement, front, rear, and street scene photos of the subject, front view photos of each comparable, and a location map with the subject and comparables plotted.

1004 Single Family FHA

Fannie Mae Form 1004: Uniform Residential Appraisal for a FHA Loan

This report is used for appraising single family residences when FHA financing is involved. It includes a detailed interior and exterior FHA Appraisal inspection. The appraiser provides the Cost Approach and Sales Comparison Analysis to determine an opinion of value.

Report Includes:

Complete 1004 appraisal report including a list of required FHA repairs, floor sketch based upon exterior measurements, front, rear, and street scene photos of the subject, front view photos of each comparable, and a location map with the subject and comparables plotted.

1004C Manufactured Home

Fannie Mae Form 1004C: Manufactured Home Appraisal Report

This report is used for appraising manufactured homes. An interior and exterior inspection of the subject is completed. The appraiser provides the Cost Approach and Sales Comparison Analysis to determine an opinion of value.

Report Includes:

Complete 1004C appraisal report, floor sketch based upon an exterior measurement, front, rear, and street scene photos of the subject, front view photos of each comparable, and a location map with the subject and comparables plotted.

1004D: Appraisal Update and/or Final Inspection Report

Fannie Mae Form 1004D: Appraisal Update and/or Completion Report

This report is used to complete an Appraisal Update, a Completion Report, or both. The Appraisal Update is used to update the effective date of an appraisal report. This report is considered a new appraisal assignment and the appraiser will indicate if any changes have occurred to the subject's market value since the time of the original report. The Completion Report is used for appraisals that were completed "Subject To." This report will verify that the conditions of the original report have been meet. The necessary portions of the subject property will be inspected.

Report Includes:

The Appraisal Update includes the complete appraisal report, front view photo of the subject. The Completion Report includes the completed appraisal report and photos of the subject.

1025 Multi-Family

Fannie Mae Form 1025: Small Residential Income Appraisal Report

This report is used for appraising of 2-4 unit residential income properties. It includes an interior and exterior inspection of the subject property. The appraiser provides the Cost Approach, Income Approach, and Sales Comparison Analysis to determine an opinion of value.

Report Includes:

Complete 1025 appraisal report, floor sketch based upon an exterior measurement, front, rear, and street scene photos of the subject, front view photos of each comparable, location map with the subject and comparables plotted.

1073 Condominium

Fannie Mae Form 1073: Individual Condominium Unit Appraisal Report

This report is used for appraising Individual Condominium Units. An interior and exterior inspection of the subject is completed. The appraiser provides a Sales Comparison Analysis to determine an opinion of value.

Report Includes:

Complete 1073 appraisal report, floor sketch based upon interior and exterior measurements, front, rear, and street scene photos of the subject, front view photos of each comparable, and a location map with the subject and comparables plotted.

1075 Exterior Condominium

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

This report is used for appraising Individual Condominium Units. An exterior-only inspection of the subject is completed. The appraiser provides Sales Comparison Analysis to determine an opinion of value.

Report Includes:

Complete 1075 appraisal report, front and street scene photos of the subject, front view photos of each comparable, and a location map with the subject and comparables plotted.

2055 Exterior Single Family

Fannie Mae Form 2055: Exterior-Only Inspection Residential Appraisal Report

This is used for appraising single family residences. An exterior-only inspection of the subject is completed. The appraiser provides the Cost Approach and Sales Comparison Analysis to determine an opinion of value

Report Includes:

Complete 2055 appraisal report, front and street scene photos of the subject, front view photos of each comparable, and a location map with the subject and comparables plotted.

2075 Exterior

Fannie Mae Form 2075: Desktop Underwriter Property Inspection Report

This is a property inspection report that identifies if the subject conforms to the neighborhood, notes any physical inadequacies, reveals any adverse physical conditions, or if the subject property does not conform to the neighborhood. An exterior-only inspection of the subject is completed. No opinion of value is provided.

Report Includes:

Complete 2075 appraisal report, front and street scene photos of the subject, and a location map with the subject plotted.

2090 Cooperative Interest

Fannie Mae Form 2090: Individual Cooperative Interest Appraisal Report

This report is used for appraising Cooperative Interest properties. An interior and exterior inspection of the subject is completed. The appraiser provides the Sales Comparison Analysis to determine an opinion of value.

Report Includes:

Complete 2090 appraisal report, floor sketch based upon interior and exterior measurements, front, rear, and street scene photos of the subject, front view photos of each comparable, and a location map with the subject and comparables plotted.

2095 Exterior Cooperative Interest

Fannie Mae Form 2095: Exterior-Only Individual Cooperative Interest Appraisal Report

This report is used for appraising Cooperative Interest properties. An exterior-only inspection of the subject is completed. The appraiser provides a Sales Comparison Analysis to determine an opinion of value.

Report Includes:

Complete 2095 appraisal report, front and street scene photos of the subject, front view photos of each comparable, and a location map with the subject and comparables plotted.

Income Statement and Rent Schedule

Fannie Mae Form 1007: Single Family Rent Schedule and Fannie Mae Form 216 Operating Income Statement

Fannie Mae Form 1007 is used to provide an estimated market rent for the subject. Fannie Mae Form 216 is used to estimate the operating income associated with income producing property.

Report Includes:

Complete 1007 and 216 reports.

2000 Single Family Field Review (Standard)

Fannie Mae Form 2000: One-Unit Residential Appraisal Field Review Report

This report is designed to report on an appraisal report completed by a different appraisal firm on a single unit property. The appraiser reviews all information and conclusions of the original report and completes an exterior-only inspection of the subject and comparables. A statement indicating if the value on the original report is supported will be provided.

Report Includes:

Complete 2000 Field Review report, front and street scene photos of the subject, and a location map with the subject and comparables plotted.

2000 Single Family Field Review (Enhanced)

Fannie Mae Form 2000: One-Unit Residential Appraisal Field Review Report

This report is designed to report on an appraisal report completed by a different appraisal firm on a single unit property. The appraiser reviews all information and conclusions of the original report, completes an exterior-only inspection of the subject and comparables, and provides two additional comparables. A statement indicating if the value on the original report is supported will be provided.

Report Includes:

Complete 2000 Field Review report, Sale Comparison Grid, front and street scene photos of the subject, and a location map with the subject and comparables plotted.

2000A Multi-Family Field Review (Standard)

Fannie Mae Form 2000A: Two-to Four-Unit Residential Appraisal Field Review Report

This report is designed to report on an appraisal report completed by a different appraisal firm on a Two-to Four-Unit property. The appraiser reviews all information and conclusions of the original report and completes an exterior-only inspection of the subject and comparables. A statement indicating if the value on the original report is supported will be provided.

Report Includes:

Complete 2000A Field Review report, front and street scene photos of the subject, and a location map with the subject and comparables plotted.

2000A Multi-Family Field Review (Enhanced)

Fannie Mae Form 2000A: Two-to Four-Unit Residential Appraisal Field Review Report

This report is designed to report on an appraisal report completed by a different appraisal firm on a Two-to Four-Unit property. The appraiser reviews all information and conclusions of the original report, completes an exterior-only inspection of the subject and comparables, and provides two additional comparables. A statement indicating if the value on the original report is supported will be provided.

Report Includes:

Complete 2000A Field Review report, Sale Comparison Grid, front and street scene photos of the subject, and a location map with the subject and comparables plotted.

Desk Review (Standard)

Residential Appraisal Review Short Form

This report is designed to report on an appraisal report completed by a different appraisal firm. The appraiser reviews all information and conclusions of the original report. No inspection of the subject or comparables is completed. A statement indicating if the value on the original report is supported will be provided.

Report Includes:

Complete Desk Review appraisal report.

Desk Review (Enhanced)

Residential Appraisal Review Short Form

This report is designed to report on an appraisal report completed by a different appraisal firm. The appraiser reviews all information and conclusions of the original report and provides two additional comparable sales. No inspection of the subject or comparables is completed. A statement indicating if the value on the original report is supported will be provided.

Report Includes:

Complete Desk Review appraisal report, Sale Comparison Grid, and a location map with the subject and comparables plotted.

DRAW INSPECTION

Appraiser will use lender supplied forms to estimate the amount of work that has being completed on properties that are currently under construction. The report will include items requested by the lender. No opinion of value is provided.

Employee Relocation (ERC)

This form is used for relocation appraisals and was created by the Employee Relocation Council. This form is used to report the appraiser's estimate of the anticipated selling price of a property. If you are being transferred by an employer and they have a relocation program then this is the type of report they would order.

Real Estate Owned (REO)

This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD), based on an interior and exterior inspection of the subject property. This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project.

Report Includes:

Complete 1004 appraisal report, floor sketch based upon an exterior measurement, front, rear, and street scene photos of the subject, front view photos of each comparable, and a location map with the subject and comparables plotted. The REO addendum is also included which provides an itemized cost of repairs as well as an "as-is" and "as-repaired" value.

Vacant Land

This report form is designed to report an appraisal of a vacant land or property only. Market value is attributed to the land against corresponding comparables.

Report Includes:

Complete Vacant Land Appraisal Report, front and street scene photos of the subject, front view photos of each comparable, location map with the subject and comparables plotted, and a Statement of Limiting Conditions.

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