Transcription
Appraisal Report and DataDelivery GuideIssued on 07/10/2019Effective on 09/09/2019[Month] [Day], [Year]][Version Number/Pub#/Form] #]
FHA Single Family HousingAppraisal Report and Data Delivery GuideTable of ContentsFHA Single Family Housing Appraisal Report and Data Delivery GuideTABLE OF CONTENTSAPPRAISAL REPORT AND DATA DELIVERY TO FHA . 1UNIFORM RESIDENTIAL APPRAISAL REPORT FOR ONE FAMILYRESIDENTIAL PROPERTIES . 2Subject Section. 2Contract Section . 5Neighborhood Section . 6a. Neighborhood Characteristics .6b. One-Unit Housing Trends .7c. One-Unit Housing .7d. Present Land Use % .7e. Narrative Comments .8Site Analysis Section . 8Leasehold Interest/Ground Rent Section . 11Description of Improvements Section . 12a. General Description .12b. Reporting Requirements for Attic .12c. Foundation .13d. Mechanical Systems.14e. Exterior Materials/Condition .14f. Amenities/Features .15g. Interior Materials/Condition .15h. Car Storage.16i. Appliances.16j. Room Count and Gross Living Area .16k. Narrative Comments .17Sales Comparison Approach Section . 19a. Comparable Data Pool .19b. Sales Adjustment Grid .20c. Value Adjustments .21d. Reporting Prior Sales .30Reconciliation Section . 32a. Conditions of Value Estimate .32Additional Comments Section . 34Cost Approach Section . 35Income Approach Section . 36Planned Unit Development Information Section . 37Appraiser/Client Information . 38MANUFACTURED HOME APPRAISAL REPORT . 40Subject Section. 40Contract Section . 42i
FHA Single Family HousingAppraisal Report and Data Delivery GuideTable of ContentsNeighborhood Section . 44a. Neighborhood Characteristics .44b. Manufactured Housing Trends .44c. Manufactured Housing.44d. Present Land Use % .45e. Narrative Comments .45Site Section . 45HUD Data Plate Section . 47Improvements Section . 48a. General Description .48b. Reporting Requirements for Attic .49c. Foundation .50d. Mechanical Systems.51e. Exterior Materials/Condition .51f. Amenities/Features .52g. Interior Materials/Condition .52h. Car Storage.53i. Appliances.53j. Room Count and Gross Living Area .54k. Narrative Comments .54Cost Approach Section . 56Sales Comparison Approach Section . 59a. Comparable Data Pool .59b. Sales Adjustment Grid .60c. Value Adjustments .61d. Reporting Prior Sales .66Reconciliation Section . 68a. Conditions of Value Estimate .68Additional Comments Section . 70Income Approach Section . 70Planned Unit Development Information Section . 70Appraiser/Client Information . 72INDIVIDUAL CONDOMINIUM UNIT APPRAISAL REPORT . 74Subject Property Section . 74Contract Data Section . 77Neighborhood Section . 78a. Neighborhood Characteristics .78b. Condominium Unit Housing Trends .79c. Condominium Housing .79d. Present Land Use % .79e. Narrative Comments .80Project Site Description Section . 80Leasehold Interest/Ground Rent Section . 83Project Information Description Section . 84a. General Description .84ii
FHA Single Family HousingAppraisal Report and Data Delivery GuideTable of Contentsb. Subject Phase .85c. If Project Completed .85d. If Project Incomplete.86e. Narrative Comments .87Project Analysis Section . 88Unit Description Section . 89a. General Description .89b. Interior Materials/Condition .90c. Amenities .90d. Appliances.91e. Car Storage.91f. Room Count and Gross Living Area .91g. Narrative Comments .92Prior Sale History and Sale Data Section . 94Sales Comparison Approach Section . 95a. Comparable Data Pool .96b. Sales Adjustment Grid .96c. Value Adjustments .97Income Approach Section . 106Reconciliation Section . 106a. Conditions of Value Estimate Section .107Additional Comments Section . 109Appraiser/Client Information . 109SMALL RESIDENTIAL INCOME PROPERTY (TWO TO FOUR UNITS)APPRAISAL REPORT . 111Subject Property Data Section . 111Contract Section . 113Neighborhood Analysis Section . 114a. Neighborhood Characteristics .114b. 2-4 Unit Housing Trends .115c. 2-4 Unit Housing.115d. Present Land Use % .116e. Narrative Comments .116Site Section . 116Leasehold Interest/Ground Rent Section . 118Description of Improvements Section . 118a. General Description .118b. Attic.119c. Foundation .120d. Mechanical Systems.120e. Exterior Materials/Condition .121f. Amenities/Features .122g. Interior Materials/Condition .122h. Car Storage.123i. Appliances.123iii
FHA Single Family HousingAppraisal Report and Data Delivery GuideTable of Contentsj. Unit Room Count and Gross Living Area .123k. Narrative Comments .124Comparable Rental Data Section . 125Subject Rent Schedule Section . 126Prior Sale History Section . 127Sales Comparison Approach Section . 129a. Comparable Data Pool .130b. Sales Adjustment Grid .130c. Value Adjustments .132Income Approach Section . 136Reconciliation Section . 137a. Conditions of Value Estimate .137Additional Comments Section . 139Cost Approach Section . 139Planned Unit Development Information Section . 141Appraiser/Client Information . 142APPRAISAL UPDATE AND/OR COMPLETION REPORT . 144Subject Section. 144Summary Appraisal Update Report Section . 145Certification of Completion Section . 146Signatures Section . 146Required Exhibits. 147iv
FHA Single Family HousingAppraisal Report and Data Delivery GuideA. Appraisal Report and Data Delivery to FHAAPPRAISAL REPORT AND DATA DELIVERY TO FHAThis document provides guidance to Appraisers who are preparing residential appraisal reportsutilizing the industry standard forms and to lenders who are submitting the Appraiser’scompleted reports to FHA.FHA utilizes the Electronic Appraisal Delivery (EAD) system, which provides portal access toall HUD approved lenders. The system requires electronic appraisal files to be uploaded to acentral location, processed, and checked against an FHA defined rule set. The original file, aswell as the results of the scoring process will then be securely transferred to HUD servers. FHAaccepts appraisals in the Mortgage Industry Standards Maintenance Organization (MISMO) 2.6with embedded Portable Document Format (PDF).The EAD shall apply business rules, edits and handle overrides, based on FHA’s requirementsfor rule sets that are applied to appraisals. The portal securely transmits discrepancies, findings,and other feedback messages to users based on FHA’s requirements.HUD/FHA for Appraisers is found inhttps://www.hud.gov/program offices/housing/sfh/handbook 4000-1.1
FHA Single Family HousingAppraisal Report and Data Delivery GuideB. Uniform Residential Appraisal Report for One Family Residential PropertiesUNIFORM RESIDENTIAL APPRAISAL REPORT FOR ONE FAMILYRESIDENTIAL PROPERTIESThis section provides specific instructions for completing the Fannie Mae Form 1004/FreddieMac Form 70, Uniform Residential Appraisal Report (URAR).This report is designed to report an appraisal of a one-unit Property or a one-unit Property withan accessory unit, including a unit in a Planned Unit Development (PUD), based on an interiorand exterior inspection of the subject Property. It is not designed to report an appraisal ofManufactured Housing or a unit in a condominium or cooperative project.Subject SectionThis section provides the data to identify the Property and the parties to the appraisal process.The FHA case number together with the Borrower and/or property information will be suppliedby the Mortgagee/client who engages the Appraiser.The following table provides instruction for completing the “Subject” section of the report.FieldFHA CaseNumber/AppraiserAdditionalFile NumberAppraiser’sFile NumberPropertyAddress City ProtocolInsert the FHA case number at the top of the upper right-hand corner tocorrespond with the XML label/VALUATION .This must be formatted as xxx-xxxxxxx, numeric only. (Example 1234589034)In most software packages, this is formatted as an additional file number.This is the Appraiser’s choice of file number/name.This field occurs on every page of the report and must be consistent.The placement of the header on the report varies from vendor to vendor.Enter the property address, conforming to the latest Mailing Standards ofthe United States Postal Service and subsequent updates.The following address elements must be included in this field:o street numbero street name (including applicable pre-directional indicator, suffix,and/or post-directional indicator)o address unit designator and number (if applicable)This data is referenced more than once on the report and must berepresented consistently.Enter the city. The following address element must be included in this field:City (Postal Address City).This data is referenced more than once on the report and must berepresented consistently.2
FHA Single Family HousingAppraisal Report and Data Delivery GuideB. Uniform Residential Appraisal Report for One Family Residential PropertiesFieldState Zip Code ProtocolEnter the state. The following address element must be included in thisfield: USPS two-letter state or territory representation.This data is referenced more than once on the report and must berepresented consistently.Enter the Zone Improvement Plan (ZIP) Code. The following addresselement must be included in this field: five-digit ZIP Code or ZIP 4 Code(with or without the dash).This data is referenced more than once on the report and must berepresented consistently.Enter the name of the Borrower(s).Enter the name of the owner as listed in public records.Borrower Owner of Public RecordCounty Enter the county. If the subject Property is not located in any county (e.g.,the subject Property is located in an independent city), enter the name of thelocal municipality or district in which the Property is located.Legal Enter the legal description of the Property.Description The four types of legal descriptions are: lot and block system; geodeticsurvey; government survey system; and metes and bounds description. If the space provided is insufficient, enter this information with the heading“Legal Description” in the “Additional Comments” section of the report orattach this information as an addendum.Assessor’s Enter the parcel number assigned by the local tax assessor.Parcel # For those areas that do not have an assessor’s parcel number, enter the taxidentification number. If more than one parcel number is applicable, each must be listed, separatedby a semicolon.Tax Year Enter the current tax year used by the locale, e.g., the fiscal year or theactual year. Date format: yyyy.R.E. Taxes Enter the dollar amount of the annual real estate taxes, including all relevanttaxes (school district tax, fire district tax, etc.). Use whole dollars only.Neighborhood Enter the name of the subdivision, if applicable, or the commonly knownNamelocal neighborhood designation. If the subject Property is in a PUD, provide the name of the development.Map Enter the location map reference, page number and coordinates from theReferencesource used. This reference should relate to the location maps most commonly used inthe locale.3
FHA Single Family HousingAppraisal Report and Data Delivery GuideB. Uniform Residential Appraisal Report for One Family Residential PropertiesFieldCensus TractOccupantSpecialAssessments PUDHOA Intended Useand IntendedUsersAddressProtocol Enter the census tract number. Census tract numbers have four digits and may have a two-digit decimalsuffix. Where the basic census tract number is less than four digits, the CensusBureau includes leading zeroes except when displaying numbers on maps orprinted reports. To uniquely identify a census tract, a two-digit state code and three-digitcounty code precede the four- or six-digit census tract number. The Census Bureau has an internet resource guide for locating censusinformation at www.census.gov. Mark the box signifying the occupancy status at the time of the appraisal. Report the dollar amount of special assessments for the subject Property. Special assessments can include municipal bond debt for off-siteimprovements. Larger than typical special assessments may affect marketability. Use whole dollars only. If there are no special assessments applicable to the subject Property, theAppraiser must enter 0 in this data field. Check the box if the Property is located in a PUD. Enter the dollar amount of the Homeowners’ Association (HOA) fee andmark the box indicating if the fees are paid “per year” or “per month.” Use whole dollars only. If there are no mandatory HOA fees applicable to the subject Property, theAppraiser must enter 0 in this data field. Mark the appropriate box indicating the property rights appraised for thesubject Property as of the date of the appraisal. “Other” includes Land Trust. Mark the appropriate box indicating the assignment type:o Purchase Transactiono Refinance Transactiono Other (describe) Enter the name of the Mortgagee/client that ordered and will receive theappraisal report. Enter the intended use of the appraisal report. Enter FHA as the Intended User of the appraisal report. Enter the Mortgagee/client’s address. This data is referenced more than once on the report and must berepresented consistently to the extent the available space permits. The printed version of this field must appear completely in this location onthe report but may be truncated in the other locations.4
FHA Single Family HousingAppraisal Report and Data Delivery GuideB. Uniform Residential Appraisal Report for One Family Residential PropertiesFieldUAD DaysOn MarketDescriptionCurrentlyoffered forsale or offeredfor sale in last12 monthsReport datasource(s)used, offeringprice(s), anddate(s)Protocol If there are no current or prior offerings in the 12 months prior to theeffective date of the appraisal, then this field must indicate the data sourcesused to establish this fact. Mark the appropriate box indicating whether or not the subject is currentlyoffered for sale or has been offered for sale in the 12-month period prior tothe effective date of the appraisal. Complete this field regardless of whether the Property is currently offeredfor sale or has been for sale in the 12 months preceding the date of theappraisal. Report the data source.If the subject is currently offered for sale or has been offered for sale in thelast 12 months: Enter the Days on Market in Uniform Appraisal Dataset (UAD)format. Report all relevant listing activity, including any prior listings withinthe last 12 months. Enter the listing date, offering price, and terms of current and all priorlistings. Report changes to prices and terms, with the dates of thosechanges. Identify the source(s) used.Contract SectionThis section must be completed when the appraisal assignment involves a purchase transaction,otherwise leave blank.The following table provides instruction for completing the “Contract” section of the report.FieldAnalyzeContract forSale Contract Price ProtocolMark the appropriate box to identify whether the Appraiser did or did notanalyze the contract for sale for the subject purchase transaction.Explain the results of the analysis (terms and conditions) of the contractfor sale or why the analysis was not perfor
Delivery Guide Issued on 07/10/2019 Effective on 09/09/2019 . FHA Single Family Housing Appraisal Report and Data Delivery Guide . The FHA case number together with the Borrower and/or property information will be su
