Lenders Choice, Inc.
Saturday, December 16, 2017

Definitions

URAR (FNMA 1004/FHLMC 70) - 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.

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Market Conitions (1004MC) - The Market Conditions Addendum (Form 1004MC) is designed to enhance the transparency of the market trends and conditions conclusions made by the appraiser. The Market Conditions Addendum will be required with all one- to four-unit property appraisals performed on or after April 1, 2009. This requirement applies to loans delivered to Fannie Mae, whether the loans are underwritten manually or through Desktop Underwriter®.

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2055 Exterior - 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 exterior-only inspection of the subject property from at least the street. This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project.

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Condo Int/Ext (FHLMC465/FNMA 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) 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 cooperative project.

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Condo Ext (FHLMC466/FNMA 1075) - 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) based on an exterior-only inspection of the subject property from at least the street. This report form is not designed to report an appraisal of a manufactured home or a unit in a cooperative project.

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2-4 Unit (FHLMC 72/FNMA 1025) - 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 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.

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Final Inspection FHA & Conventional (FHLMC 442/FHMA 1004D) - This report form is intended to provide the lender/client with an accurate update of a prior appraisal and/or to report a certification of completion. The appraiser must identify the service(s) provided by selecting the appropriate report type.

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Appraisal Update (FHLMC 442/FHMA 1004D) - This report form is intended to provide the lender/client with an accurate update of a prior appraisal and/or to report a certification of completion. The appraiser must identify the service(s) provided by selecting the appropriate report type.

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Single Family Rent Schedule (FHLMMC 1000/FNMA 1007) - The lender uses this form to obtain the market rent for a conventional single-family investment property from the appraiser.

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Operating Income Statement (FNMA 216) - The lender should use this form to determine the amount of operating income that can be used in evaluating the applicant's credit on applications for conventional mortgages that are secured by one-family investment properties and all two- to four-family properties (including those in which the applicant occupies one of the units as a principal residence).

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Construction Draw (FHLMC 442/FHMA 1004D) - This report form is intended to provide the lender/client with an accurate update of a prior appraisal and/or to report a certification of completion. The appraiser must identify the service(s) provided by selecting the appropriate report type.

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