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Appraisal.com Nationwide Appraisal Network: Appraisal
Requirements
One-Unit Residential Appraisal Field Review Report (FNMA 2000 / FHLMC 1032)
As a condition of
payment and continued participation, the
following
requirements must be met by all appraisers on
each report produced for the Appraisal.com
Nationwide Appraisal Network. If you have any
questions about these requirements, please
contact the Appraisal.com Appraisal Quality and
Review Department at 716.332.5950 x525 or email
at
support@appraisal.com.
General
(1)
The report must be USPAP compliant, and meet
minimum requirements set forth by Appraisal.com.
(2) The
report must be produced in a manner that is consistent with
all applicable federal, state and local laws.
(3)
The report must be submitted on a typed or
computer-generated (not handwritten) document that is a
reasonable facsimile of the
Field Review Form 2000 / Freddie Mac Form
1032
and all pertinent fields must be
completed. If the appraiser chooses to
omit any fields, an explanation must be
included.
(4) The
report must be delivered to Appraisal.com as an Adobe Acrobat®
PDF document or, if the appraiser is unable to deliver the
document as an Adobe Acrobat PDF document, the report may be
delivered by overnight courier to the Appraisal.com Nationwide
Appraisal Network (620 Main Street, Buffalo, NY 14202).
Delivery by courier shall be at the appraiser's sole expense
and will cause the appraiser to incur a fee
(see the Appraisal.com
Terms of Use)
for
Appraisal.com to scan and upload the document as an Adobe
Acrobat PDF document.
(5)
The review appraiser must indicate whether
the original opinion of market value was reasonable as of the
effective date of the original appraisal report. The
review appraiser must provide reasons for disagreement with
the original opinion of value. These reasons must be
supported by facts.
(6) Unless
instructed otherwise within the order details, the report must
name the company who ordered it as the Client for the report.
If requested to do so by Appraisal.com within 30 days of
report delivery, the appraiser must change the client name to
reflect the correct name. However, if the name change request
is due to a change of investor, the appraiser may charge a fee
of up to $100 to Appraisal.com.
(7) The
report must contain the effective date of the original
appraisal and the date of the field review.
(8) The
report must comply with any reasonable requests made within
the special instructions section of the appraisal review
order.
Review
Appraiser(s)
(1) The
report must be produced by the review appraiser (or appraisal
firm) the review appraisal assignment was sent to. The review
appraiser who produces the report (or the supervisory
appraiser, if state law allows) must hold a current and valid
state-issued real estate appraiser license and/or
certification.
(2) The
report must contain the review appraiser's signature.
(3) The
report must contain the review appraiser's State Certification
(or License) number as well as the expiration date of the
State Certification (or License).
(4) If an
apprentice or assistant produces the appraisal review, the
supervisory appraiser must also sign the report, and must hold
a current and valid state-issued real estate appraiser license
and/or certification. The supervisory appraiser's State
Certification (or License) number as well as the expiration
date of the State Certification (or License) must be stated on
the report.
Photographs
(1) The report must
contain current, clear and well-framed color photographs of
the following:
·
Front of
subject property
·
Rear of
subject property
·
Street
Scene
·
Any
relevant or pertinent items (such as views, orchards, custom
construction features, outbuildings, damage, detrimental
conditions, substandard neighboring properties, obsolete
items, pending construction, etc.) that are described within
the report as affecting the value and/or marketability of the
subject property.
·
Front views
of all comparable sales used within the report
(2)
All photographs of the subject property must have been taken
at time of inspection. Photographs of comparables may be "file
photos" (a "file photo" is any photograph taken from the
appraiser's databases or the databases of a third party, such
as a multiple listing service or appraisers' cooperative), as
long as the appraiser has (a) viewed the comparable property
within the previous 90 days and (b) has disclosed within the
report that the photographs are "file photos".
(3)
All photographs must be in focus and taken with sufficient
lighting so that major and minor details of the property can
be clearly viewed.
(4)
All photographs must be framed in such a way that the subject
of the photograph fits completely into the photograph.
(5)
Photographs may not contain people or any element that may
cause a reader of the appraisal to make assumptions regarding
the racial composition of the neighborhood.
Comparables
(1) Comparable sales
must have actually closed and must be from a verifiable data
source. The source(s) of data for all comparables used within
the report must be disclosed.
(2) Any adjustment(s)
that are in any way subjective (such as views, appeal,
condition, location ratings, etc.) must be clearly explained
in the report.
(3) All adjustments
must be shown within the comparable grid and totaled.
·
Any
individual adjustment that exceeds ±10% of the sale price for
that comparable must be commented to include (a) an
explanation of the adjustment made and (b) necessity for the
use of that comparable.
·
Any total
net adjustment of any comparable that exceeds ±15% of the sale
price for that comparable must be commented to include the
necessity for the use of that comparable.
·
Any gross
adjustment of any comparable that exceeds 25% of the sale
price for that comparable must be commented to include the
necessity for the use of that comparable.
·
Any special
adjustments (such as "upgrades") made by the appraiser that do
not fall within the scope of the predefined adjustments on the
1004 form must be clearly explained within the report.
(4)
The report must indicate the reason(s) why any comparable
located more than one mile from the subject property was
chosen.
(5)
The report must indicate the reason(s) why any comparable sale
that closed more than 6 months prior to/after the effective
date was chosen.
(6)
The report must indicate the reason(s) why any comparable with
a gross living area variance of ±20% was chosen.
(7)
The report must indicate the reason(s) why any comparables
that would seem (to a reviewer of the report) to not be the
most appropriate comparables were chosen.
(8)
Comparables with sales and/or financing concessions should be
avoided whenever possible. However, if the appraiser chooses
to include comparables with sales and/or financing
concessions, a clear explanation of both (a) the concessions
granted and (b) why the comparable was chosen (including the
necessity of its use) must be included.
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