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URARUniform Residential Appraisal Report (FMNA 1004)
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The most skilled appraisers solve this dilemma by explaining their analysis and methodology in narrative addenda to the URAR. This is where you find the experience and integrity of the appraiser--not to mention the integrity of the appraisal itself.
Henry Harrison, an appraiser in New Haven, Conn., wrote Harrison's Illustrated Guide for using the URAR. Among his suggestions:
It wasn't until the 1980s that standardized reporting was implemented with the creation of the Uniform Residential Appraisal Report (URAR).
Most residential appraisals are reported on the URAR "family" of forms from Fannie Mae and Freddie Mac.
It will consist of appraisal information derived primarily from the front page of the Uniform Residential Appraisal Report (URAR) form developed by Fannie Mae.
Many in the mortgage industry, and particularly those on the securitization side of things, were breathless at the possibility of eliminating the expensive and time-consuming Uniform Residential Appraisal Report (URAR), the longstanding Form 1004.
Residential appraisers using the Uniform Residential Appraisal Report (URAR) (Fannie Mae Form 1004/Freddie Mac Form 70) may choose to use the value estimate from the PV Value tool as the contributory value of the system and place this information under the contributory value of site improvements line in the URAR.
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.
League of Savings Institutions and was the forerunner to the Uniform Residential Appraisal Report (URAR), which itself was the result of a cross-industry collaboration spearheaded by the Society of Real Estate Appraisers in 1984.
Alternatively, Fannie Mae Form 1004, the Uniform Residential Appraisal Report (URAR), is commonly used for single-unit residential appraisals but is flexible enough to adequately describe a property with an ADU.
See the Claim Alert "New Fannie Mae/Freddie Mac URAR Form-Ambiguities and Liabilities."