I. FHA’s adoption of FNMA’s property-specific appraisal forms:
A. Fannie Mae Form 1004 – URAR
1)
To be used for single unit or single unit with an accessory unit
2)
Definition of an accessory unit
B. Fannie Mae Form 1004C – Manufactured Home Appraisal Report
C. Fannie Mae Form 1025 – Small Residential Income Property Appraisal Report
D. Fannie Mae Form 1073 – Individual Condominium Unit Appraisal Report
II. Key Modifications of Newly Revised Appraisal Forms
A. 1004 – expanded PUD information
B. Appraiser certifications, statement of assumptions and limiting conditions
C. Addition of direct questions in “yes” and “no” format
III. Update on Policies and Procedures
A. Changes in appraisal reporting
1) VC sheets retired
2) Cost Approach
3) Remaining economic life
4) Opinion of site value
5) More narrative and photo
IV. Property Condition Requirements
A. Repairs
1) What’s changed
2) What hasn’t changed
B. Inspection requirements
1) What’s changed
2) What hasn’t changed
C. Responsibilities
1) Appraiser’s
2) Lender’s
V.
Comparable Selection and Adjustments
VI. Sales/financing Concessions