DESCRIPTION OF APPRAISAL PRODUCTS & SERVICES
Desk Review (DR*; FNMA-2000 / FHLMC-1032):
USPAP (Uniform Standards of Professional Appraisal Practice)
compliant enhanced desk review of appraisal report completed
by other appraisal service provider. Appraisal report
reviewed for compliance with governmental, secondary
mortgage market and client-specific guidelines. Subject,
neighborhood, comparable sales, listing and rental data
confirmed and the final value verified for accuracy.
Additional comparable sales (sold, pending sales, active
listings) data reported and/or reviewer’s opinion
of value rendered in some instances. Desk reviews are
applicable to all residential (1-4 unit) appraisal reports.
Complex residential appraisal reports will be upgraded
to field reviews.
Field Review (FR*; FNMA-2000 / FHLMC-1032):
USPAP compliant enhanced field review of appraisal report
completed by other appraisal service provider. Appraisal
report reviewed for compliance with governmental, secondary
mortgage market and client-specific guidelines. Subject,
neighborhood, comparable sales, listing and rental data
confirmed and inspected (exterior only), and the final
value verified for accuracy. Additional comparable sales
(sold, pending sales, active listings) data reported
and/or reviewer’s opinion of value rendered in
some instances. Field reviews (exterior-only inspection)
are applicable to all residential (1-4 unit) appraisal
reports. Field reviews do not include an interior inspection
of the subject property or photographs of the comparable
sales, unless requested (See Fee Schedule – Add-On
Fees).
Property Inspection Report (PI*; FNMA-2075 (Property
Inspection) or FHLMC-2070 (Condition & Marketability)):
Client-specific limited-scope inspection report. The
2075 or 2070 Property Inspection Report (exterior-only
inspection) reports general condition and marketability
and is applicable to existing single family (attached,
detached, PUD) and individual condominium unit properties
only. Property inspection reports do not include an interior
inspection of the subject property, unless requested
(See Fee Schedule – Add-On Fees).
Drive-By Appraisal (DB*; FNMA-2055 (Quantitative Analysis)):
USPAP compliant limited-scope summary appraisal report.
The 2055 Drive-By Appraisal (exterior-only inspection)
employs only the Sales Comparison Approach to value and
is applicable to single family (attached, detached, PUD,
manufactured housing) and individual condominium unit
properties only. Drive-By appraisals do not include an
interior inspection of the subject property, unless requested
(See Fee Schedule – Add-On Fees).
Restricted Drive-By Appraisal (RDB; FW79 or Proprietary):
USPAP compliant limited-scope restricted appraisal report.
The Restricted Drive-By (exterior-only inspection) employs
only the Sales Comparison Approach to value and is applicable
to single family (attached, detached, PUD, manufactured
housing) and individual condominium unit properties only.
Restricted drive-by appraisals are applicable to typical
(conforming, non-complex) properties only and do not
include an interior inspection of the subject property,
unless requested (See Fee Schedule – Add-On Fees).
Atypical (non-conforming, complex) properties will be
upgraded to a limited-scope summary drive-by appraisal
report
Single Family (SF*; URAR: FNMA-1004 / FHLMC-70 (Full
Appraisal; Comprehensive Analysis)):
USPAP compliant summary appraisal report completed on
single family properties. The Uniform Residential Appraisal
Report (URAR) employs all approaches to value and is
applicable to single family (attached, detached, PUD,
manufactured housing) properties only. Single family
appraisals include an interior inspection of the subject
property and photographs of the comparable sales.
Condominium (CO*; ICUAR: FNMA-1073 / FHLMC-465 (Full
Appraisal; Comprehensive Analysis)):
USPAP compliant summary appraisal report completed on
condominium properties. The Individual Condominium Unit
Appraisal Report (ICUAR) employs all approaches to value
and is applicable to individual condominium units only.
Condominium appraisals include an interior inspection
of the subject property and photographs of the comparable
sales.
Multi-Family (M**; SRIPAR: FNMA-1025 / FHLMC-72 (Full
Appraisal; Comprehensive Analysis)):
USPAP compliant summary appraisal report completed on
multiple unit properties. The Small Residential Income
Property Appraisal Report (SRIPAR) employs all approaches
to value and is applicable to multi-family (duplex, triplex,
fourplex) properties only. Multi-family appraisals include
an interior inspection of the subject property and photographs
of the active listings, comparable rentals and comparable
sales.
Vacant Land (VL*; LAP: Land Appraisal Report (Quantitative
Analysis)):
USPAP compliant limited-scope summary appraisal report
completed on undeveloped (vacant) properties. The Land
Appraisal Report (LAP) employs only the Sales Comparison
Approach to value and is applicable to undeveloped residential
(1-4 unit) use properties only. Vacant land appraisals
include a site inspection and do not include photographs
of the comparable sales, unless requested (See Fee Schedule – Add-On
Fees).
Single Family Comparable Rent Schedule (CRS; FNMA-1007
/ FHLMC-1000):
Comparable rental analysis completed on investment (rental)
properties. The Single Family Comparable Rent Schedule
(CRS) employs only the Sales (rental) Comparison Approach
to value and is applicable to single family (attached,
detached, PUD) and condominium properties only. Single
family comparable rent schedules include an interior
inspection of the subject property and do not include
photographs of the comparable rentals, unless requested
(See Fee Schedule – Add-On Fees).
Operating Income Statement (OIS; FNMA-216 / FHLMC-998):
Operating income and expense analysis completed on investment
(rental) properties. The Operating Income Statement (OIS)
is based on actual or market-derived rental income and
actual or projected operating expenses for the subject
property. Operating income statements are applicable
to all residential (1-4 unit) properties.
Satisfactory Completion Certificate (SCC; Final Inspection:
FHLMC-442):
Re-inspection for satisfaction of specific prior appraisal
conditions, concerns or requirements. The Satisfactory
Completion Certificate (SCC) is used to address “subject
to” appraisal conditions, client concerns and construction
progress and is applicable to all residential (1-4 unit)
properties. Satisfactory completion certificates include
a re-inspection of the subject property.
Comparable Value Report (CVR):
In-house analysis of county records and/or Multiple
Listing Service to determine a probable value range for
the subject property. The Comparable Value Report (CVR)
employs only the Sales Comparison Approach to value and
is applicable to single family (attached, detached, PUD,
manufactured housing) and individual condominium units
only. Comparable value reports assume: 1. The physical
and functional characteristics stated by the county records
are true and correct; and 2. The subject property is
in average marketable condition (no adverse physical,
functional or external characteristics).
Construction Progress Report (CP*; CIR or Client-Specific):
Inspection of new construction to determine work remaining
to be completed and percentage of completion of
construction in progress. Construction progress reports are
applicable to all residential (1-4 unit) properties.
Additional Appraisal Products & Services:
For additional real estate appraisal products
and services, please contact Client
Services.
Go to Fee Schedule
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