Will43
Senior Member
- Joined
- Aug 13, 2003
- Professional Status
- Licensed Appraiser
- State
- Ohio
Comments on New FannieMae Forms ends Dec 15th. PLEASE SUBMIT YOUR COMMENTS before December 15th.
test_appraisal_forms@fanniemae.com
E and O Insurance for Appraisers
Information brought to you by:
The Appraisal Academy
3802 N. University St. Peoria, IL 61614
309-681-8100 * 800-849-1881
Visit www.appraisalacademy.com
The deadline to submit comments concerning the new FannieMae residential appraisal forms is December 15, 2004!! The new TEST residential appraisal forms are an improvement over the test forms released a few months ago; however there are still many issues which appraisers need to voice their opinions and concerns.
It is the goal of FannieMae to make appraisers more
accountable. Personally, I do not have a problem with accountability to my clients and intended users; however, as you can see from some of the certifications in the new forms shown below, appraisers will have a very wide audience who can rely on their appraisal reports. Certifying that: "The lender/client specified in this appraisal report may distribute the appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; consultants; data collection or reporting services; professional appraisal organizations; government sponsored enterprises or other secondary market participants; or any department, agency, or instrumentality of the United States or any state or the District of Columbia without having to obtain the appraiser’s prior written consent" means that the appraiser will be liable, accountable and subject to lawsuits from many groups, some of which are unknown to the appraiser.
Furthermore, the aforementioned statement cannot be altered or conditioned in the appraisal report as identified in the scope of work section of these new forms.
I have attached the website location to download the new FannieMae forms in this email. Please study all of the new forms, pay attention to the items which appraisers will be bound, liable and accountable, if these new forms are accepted in their present form and send your comments to: test_appraisal_forms@fanniemae.com
There are many items which real estate appraisers should pay special attention to as they are certifying the following selected items. (there are many, many more).
Test Form 1004 requires the appraiser to report whether the property has any physical deficiencies or conditions (such as needed repairs and deferred maintenance) and to determine if such conditions affect the livability or soundness or structural integrity of the property. All of our standard exhibits that are used to support an appraisal based on an interior and exterior property inspection are also required when using this test form. Any lender or appraiser who wants to provide comments to FannieMae may do so either by sending them in an e-mail or by regular mail addressed to Fannie Mae, Test Appraisal Forms, 3900 Wisconsin Avenue, NW, Mail Stop 2H-4S-08, Washington, DC 20016 no later than December 15, 2004. Lenders and appraisers may continue to use the test appraisal report form until June 1, 2005 for purposes of satisfying Fannie Mae's appraisal requirements.
Some of the interesting portions of the new forms include:
Scope: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form including the definitions, statement of assumptions and limiting conditions and appraiser’s certification. The appraiser is required to, at a minimum, (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) collect, confirm, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report.
This appraisal report is subject to the following definitions, statement of assumptions and limiting conditions, and appraiser’s certification. Modifying, adding or deleting the definitions or assumptions and limiting conditions is not permitted. Modifications or deletions to the appraiser's certifications are also not permitted. However, additional certifications that do not conflict with this report form may be included on a separate page or form. Acceptable additional certifications might include those required by law or those related to the appraiser’s continuing education or membership in an appraisal organization.
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification that follows is subject to the following assumptions and conditions:
5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property.
7. The lender/client specified in this appraisal report may distribute the appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; consultants; data collection or reporting services; professional appraisal organizations; government sponsored enterprises or other secondary market participants; or any department, agency, or instrumentality of the United States or any state or the District of Columbia without having to obtain the appraiser’s prior written consent. The appraiser’s written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media
APPRAISER’S CERTIFICATION: The Appraiser certifies and agrees that:
1. I have, at a minimum, developed and reported the appraisal in accordance with the scope of work requirements stated in this appraisal report.
7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing the appraisal. I have considered these adverse conditions in my analysis of the property value, and have commented about the effect of the conditions on the marketability of the subject property.
21. I acknowledge that any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws.
The specific web site locations to download the new forms are as follows:
Uniform Residential Appraisal Report (Test Form 1004)
A detailed description of Fannie Mae's Uniform Residential Appraisal Report (Test Form 1004), available for download. http://www.efanniemae.com/singlefamily/forms_guidelines/ selling_servicing/1004test.html
30.7KB
Manufactured Home Appraisal Report (Test Form 1004C)
Read about Fannie Mae's Manufactured Home Appraisal Report (Test Form 1004C), also available for download here. http://www.efanniemae.com/singlefamily/forms_guidelines/ selling_servicing/1004ctest.jhtml
29.5KB
Appraisal Update and/or Completion Report (Test Form 1004D)
Read about Fannie Mae's Appraisal Update and/or Completion Report (Test Form 1004D), also available for download here. http://www.efanniemae.com/singlefamily/forms_guidelines/ selling_servicing/1004dtest.html
30.4KB
Exterior-Only Inspection Residential Appraisal Report (Test Form 2055)
A detailed description of Fannie Mae's Exterior-Only Inspection Residential Appraisal Report (Test Form 2055), available for download. http://www.efanniemae.com/singlefamily/forms_guidelines/ selling_servicing/2055test.html
31.0KB
Small Residential Income Property Appraisal Report (Test Form 1025)
The lender uses this form to obtain the appraiser's analysis and estimate of value for either a conventional or a VA mortgage that is secured .. http://www.efanniemae.com/singlefamily/forms_guidelines/ selling_servicing/1025test.jhtml
29.7KB
test_appraisal_forms@fanniemae.com
E and O Insurance for Appraisers
Information brought to you by:
The Appraisal Academy
3802 N. University St. Peoria, IL 61614
309-681-8100 * 800-849-1881
Visit www.appraisalacademy.com
The deadline to submit comments concerning the new FannieMae residential appraisal forms is December 15, 2004!! The new TEST residential appraisal forms are an improvement over the test forms released a few months ago; however there are still many issues which appraisers need to voice their opinions and concerns.
It is the goal of FannieMae to make appraisers more
accountable. Personally, I do not have a problem with accountability to my clients and intended users; however, as you can see from some of the certifications in the new forms shown below, appraisers will have a very wide audience who can rely on their appraisal reports. Certifying that: "The lender/client specified in this appraisal report may distribute the appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; consultants; data collection or reporting services; professional appraisal organizations; government sponsored enterprises or other secondary market participants; or any department, agency, or instrumentality of the United States or any state or the District of Columbia without having to obtain the appraiser’s prior written consent" means that the appraiser will be liable, accountable and subject to lawsuits from many groups, some of which are unknown to the appraiser.
Furthermore, the aforementioned statement cannot be altered or conditioned in the appraisal report as identified in the scope of work section of these new forms.
I have attached the website location to download the new FannieMae forms in this email. Please study all of the new forms, pay attention to the items which appraisers will be bound, liable and accountable, if these new forms are accepted in their present form and send your comments to: test_appraisal_forms@fanniemae.com
There are many items which real estate appraisers should pay special attention to as they are certifying the following selected items. (there are many, many more).
Test Form 1004 requires the appraiser to report whether the property has any physical deficiencies or conditions (such as needed repairs and deferred maintenance) and to determine if such conditions affect the livability or soundness or structural integrity of the property. All of our standard exhibits that are used to support an appraisal based on an interior and exterior property inspection are also required when using this test form. Any lender or appraiser who wants to provide comments to FannieMae may do so either by sending them in an e-mail or by regular mail addressed to Fannie Mae, Test Appraisal Forms, 3900 Wisconsin Avenue, NW, Mail Stop 2H-4S-08, Washington, DC 20016 no later than December 15, 2004. Lenders and appraisers may continue to use the test appraisal report form until June 1, 2005 for purposes of satisfying Fannie Mae's appraisal requirements.
Some of the interesting portions of the new forms include:
Scope: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form including the definitions, statement of assumptions and limiting conditions and appraiser’s certification. The appraiser is required to, at a minimum, (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) collect, confirm, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report.
This appraisal report is subject to the following definitions, statement of assumptions and limiting conditions, and appraiser’s certification. Modifying, adding or deleting the definitions or assumptions and limiting conditions is not permitted. Modifications or deletions to the appraiser's certifications are also not permitted. However, additional certifications that do not conflict with this report form may be included on a separate page or form. Acceptable additional certifications might include those required by law or those related to the appraiser’s continuing education or membership in an appraisal organization.
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification that follows is subject to the following assumptions and conditions:
5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property.
7. The lender/client specified in this appraisal report may distribute the appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; consultants; data collection or reporting services; professional appraisal organizations; government sponsored enterprises or other secondary market participants; or any department, agency, or instrumentality of the United States or any state or the District of Columbia without having to obtain the appraiser’s prior written consent. The appraiser’s written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media
APPRAISER’S CERTIFICATION: The Appraiser certifies and agrees that:
1. I have, at a minimum, developed and reported the appraisal in accordance with the scope of work requirements stated in this appraisal report.
7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing the appraisal. I have considered these adverse conditions in my analysis of the property value, and have commented about the effect of the conditions on the marketability of the subject property.
21. I acknowledge that any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws.
The specific web site locations to download the new forms are as follows:
Uniform Residential Appraisal Report (Test Form 1004)
A detailed description of Fannie Mae's Uniform Residential Appraisal Report (Test Form 1004), available for download. http://www.efanniemae.com/singlefamily/forms_guidelines/ selling_servicing/1004test.html
30.7KB
Manufactured Home Appraisal Report (Test Form 1004C)
Read about Fannie Mae's Manufactured Home Appraisal Report (Test Form 1004C), also available for download here. http://www.efanniemae.com/singlefamily/forms_guidelines/ selling_servicing/1004ctest.jhtml
29.5KB
Appraisal Update and/or Completion Report (Test Form 1004D)
Read about Fannie Mae's Appraisal Update and/or Completion Report (Test Form 1004D), also available for download here. http://www.efanniemae.com/singlefamily/forms_guidelines/ selling_servicing/1004dtest.html
30.4KB
Exterior-Only Inspection Residential Appraisal Report (Test Form 2055)
A detailed description of Fannie Mae's Exterior-Only Inspection Residential Appraisal Report (Test Form 2055), available for download. http://www.efanniemae.com/singlefamily/forms_guidelines/ selling_servicing/2055test.html
31.0KB
Small Residential Income Property Appraisal Report (Test Form 1025)
The lender uses this form to obtain the appraiser's analysis and estimate of value for either a conventional or a VA mortgage that is secured .. http://www.efanniemae.com/singlefamily/forms_guidelines/ selling_servicing/1025test.jhtml
29.7KB