Appraisal Review Checklist Page 8
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8Appraisal Review Checklist
Conventional Conforming Transactions
1
EXHIBITS
2, 6
2, 6
3,6
4
5
2070 – FHLMC Only
1004 & 1073
1025
1075 & 2055
2075
(Interior & Exterior)
(Interior & Exterior)
(Exterior Only)
(Exterior Only)
(Exterior Only)
Photos of Subject
Front, Rear & Street
Front, Rear & Street
Front
Front
Front
Photos of Comps
Front
Front
Front
2
Interior Photos
Yes
Yes
Building Sketch
Yes
Yes
Est. GLA Calculation
Yes
Yes
Map - Subject
Yes
Yes
Yes
Yes
Yes
Map - Sales Comps
Yes
Yes
Yes
Map - Listing Comps
Yes
Yes
Map - Rental Comps
Yes
6
1004MC
Yes
Yes
Yes
Market Conditions Add.
1007
Investment – 1 unit
Comparable Rent Schedule
216
Investment Property
Yes
Operating Income Stmt.
1
Follow the more restrictive of the requirements listed in this matrix or those included in the investor’s guidelines.
2
The interior photographs listed below are required on all interior & exterior appraisal reports (i.e., FNMA Form #: 1004, 1073 & 1025):
Kitchens
All Bathrooms
Main living area
Any physical deterioration, if applicable
Recent updates, if applicable (For example: restoration, remodel or renovation)
NOTE: If the subject is a 2-4 unit property, photos of the kitchen, bathroom, living area, etc. in every unit must be provided by the appraiser.
3
Exterior – Appraisal Report.
When DU recommends an appraisal with an exterior-only inspection, ensure that appraiser:
Provides descriptions of the physical characteristics of the property based on reliable data sources for the property and location
Uses the same type of data sources used for comparable sales.
Obtain a full appraisal with an interior and exterior inspection if:
The property does not conform to the neighborhood,
Adverse physical deficiencies or environmental conditions are observed, or
Data sources do not provide sufficient information about the property to perform the appraisal
4
LP Condition & Marketability Report (FHLMC Form 2070).
Obtain a full appraisal with an interior and exterior inspection if:
Appraiser is unable to adequately view the subject property from the street,
Appraiser observes any factor that may have an adverse effect on the marketability of the subject property,
Quality or condition of the property appears unacceptable to the typical purchaser in the area in which the subject property is
located, or
Condition and Marketability Factors section of Form 2070 indicates this upgrade is required
5
DU Property Inspection Report (FNMA Form 2075).
Obtain a full appraisal with an interior and exterior inspection if:
The appraiser observes apparent adverse:
Physical deficiencies or conditions, or
Environmental conditions are observed,
The subject property does not conform to the neighborhood, or
Factors that would adversely affect marketability are observed
6
Appraiser must use 1004MC form dated March 2009
Important Note: If MI is required, a full appraisal must be obtained regardless of the appraisal requirements listed on the LP/DU Findings!
PREPARER INFORMATION
________________________________
_______________________________
Preparer’s Name
Date Completed
_____________________________________
_____________________________________
Preparer’s Title
Preparer’s Phone Number
Appraisal Review Checklist
Page 8
August 17, 2011
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