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URARUniform Residential Appraisal Report (FMNA 1004)
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The URAR used for appraisals for government-sponsored enterprises (GSEs) includes certification 11, which states, "I have knowledge and experience in appraising this type of property in this market area" GSEs do not allow a change to a URAR certification if it contradicts their policies or standard certifications.
Zaio s technology assists appraisers in efficiently preparing the 1004 URAR which represents the bulk of our business.
Broker price opinions (BP0s) were pure local market inputs, but at least they included exterior photos and cost about one-third of the price of a URAR, so Wall Street loved them.
0, appraisers are now able to produce a complete line of valuation services ranging from AVMs, to desk top appraisals, to exterior drive-by's, professional price opinions, and full URAR interior appraisals to diversify their appraisal business and help grow revenues.
See the Claim Alert "New Fannie Mae/Freddie Mac URAR Form-Ambiguities and Liabilities.
If a lender wanted to sell its mortgage loans to Fannie Mae or Freddie Mac, it must use the URAR form.
Distressed sales in a URAR format are prone to reflect inappropriately low values as Fannie Mae guidelines state, "positive adjustments for sales or financing concessions are not acceptable" (20) Thus, credits for REO buyer concessions in a non-distressed appraisal, to compensate as-is, where-is sale terms, must be disguised or omitted.
In March, Appraisal Institute staff met with Sam Rashkin, National Director for Energy Star Homes, to discuss an informational program on how appraisers can understand the Energy Star program and how energy-efficient features should be reflected on the latest URAR form, which has a line for additional features such as energy-efficient items.
The ability to get an accurate value on a property instantly from my computer with the customer sitting in front of me and then later turn it into a completed URAR interior appraisal within a day is extraordinary.
A licensed/certified appraiser can provide a CVR for less than the typical URAR fee with a turn-around at less than half that of a traditional URAR.
Figure 1 shows an example of a description of green improvements on page one of a URAR form.
While the primary focus of the seminar is directed at dealing with reporting of assignment results on the new Uniform Residential Appraisal Report, there is general information that will assist any appraiser in dealing with issues of liability found in other appraisal assignments that do not require the use of the URAR form.