Appraisal Report and Data Delivery Guide - HUD

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Appraisal Report and Data Delivery Guide

Issued on 07/10/2019 Effecti[vMe oonnt0h9]/[0D9a/y2]0,1[9Year]]

[Version Number/Pub #/Form] #]

FHA Single Family Housing Appraisal Report and Data Delivery Guide Table of Contents

FHA Single Family Housing Appraisal Report and Data Delivery Guide

TABLE OF CONTENTS

APPRAISAL REPORT AND DATA DELIVERY TO FHA.............................................. 1

UNIFORM RESIDENTIAL APPRAISAL REPORT FOR ONE FAMILY RESIDENTIAL PROPERTIES ............................................................................................ 2

Subject Section.......................................................................................................................... 2 Contract Section........................................................................................................................ 5 Neighborhood Section .............................................................................................................. 6 a. Neighborhood Characteristics..............................................................................................6 b. One-Unit Housing Trends....................................................................................................7 c. One-Unit Housing ................................................................................................................7 d. Present Land Use % .............................................................................................................7 e. Narrative Comments ............................................................................................................8 Site Analysis Section ................................................................................................................ 8 Leasehold Interest/Ground Rent Section ................................................................................ 11 Description of Improvements Section .................................................................................... 12 a. General Description ...........................................................................................................12 b. Reporting Requirements for Attic......................................................................................12 c. Foundation .........................................................................................................................13 d. Mechanical Systems...........................................................................................................14 e. Exterior Materials/Condition .............................................................................................14 f. Amenities/Features ............................................................................................................15 g. Interior Materials/Condition ..............................................................................................15 h. Car Storage.........................................................................................................................16 i. Appliances..........................................................................................................................16 j. Room Count and Gross Living Area .................................................................................16 k. Narrative Comments ..........................................................................................................17 Sales Comparison Approach Section...................................................................................... 19 a. Comparable Data Pool .......................................................................................................19 b. Sales Adjustment Grid .......................................................................................................20 c. Value Adjustments.............................................................................................................21 d. Reporting Prior Sales .........................................................................................................30 Reconciliation Section ............................................................................................................ 32 a. Conditions of Value Estimate ............................................................................................32 Additional Comments Section ................................................................................................ 34 Cost Approach Section ........................................................................................................... 35 Income Approach Section....................................................................................................... 36 Planned Unit Development Information Section .................................................................... 37 Appraiser/Client Information.................................................................................................. 38

MANUFACTURED HOME APPRAISAL REPORT....................................................... 40

Subject Section........................................................................................................................ 40 Contract Section...................................................................................................................... 42

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FHA Single Family Housing Appraisal Report and Data Delivery Guide Table of Contents

Neighborhood Section ............................................................................................................ 44 a. Neighborhood Characteristics............................................................................................44 b. Manufactured Housing Trends ..........................................................................................44 c. Manufactured Housing.......................................................................................................44 d. Present Land Use % ...........................................................................................................45 e. Narrative Comments ..........................................................................................................45 Site Section ............................................................................................................................. 45 HUD Data Plate Section ......................................................................................................... 47 Improvements Section ............................................................................................................ 48 a. General Description ...........................................................................................................48 b. Reporting Requirements for Attic......................................................................................49 c. Foundation .........................................................................................................................50 d. Mechanical Systems...........................................................................................................51 e. Exterior Materials/Condition .............................................................................................51 f. Amenities/Features ............................................................................................................52 g. Interior Materials/Condition ..............................................................................................52 h. Car Storage.........................................................................................................................53 i. Appliances..........................................................................................................................53 j. Room Count and Gross Living Area .................................................................................54 k. Narrative Comments ..........................................................................................................54 Cost Approach Section ........................................................................................................... 56 Sales Comparison Approach Section...................................................................................... 59 a. Comparable Data Pool .......................................................................................................59 b. Sales Adjustment Grid .......................................................................................................60 c. Value Adjustments.............................................................................................................61 d. Reporting Prior Sales .........................................................................................................66 Reconciliation Section ............................................................................................................ 68 a. Conditions of Value Estimate ............................................................................................68 Additional Comments Section ................................................................................................ 70 Income Approach Section....................................................................................................... 70 Planned Unit Development Information Section .................................................................... 70 Appraiser/Client Information.................................................................................................. 72

INDIVIDUAL CONDOMINIUM UNIT APPRAISAL REPORT ................................... 74

Subject Property Section......................................................................................................... 74 Contract Data Section ............................................................................................................. 77 Neighborhood Section ............................................................................................................ 78 a. Neighborhood Characteristics............................................................................................78 b. Condominium Unit Housing Trends..................................................................................79 c. Condominium Housing ......................................................................................................79 d. Present Land Use % ...........................................................................................................79 e. Narrative Comments ..........................................................................................................80 Project Site Description Section ............................................................................................. 80 Leasehold Interest/Ground Rent Section ................................................................................ 83 Project Information Description Section ................................................................................ 84 a. General Description ...........................................................................................................84

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FHA Single Family Housing Appraisal Report and Data Delivery Guide Table of Contents

b. Subject Phase .....................................................................................................................85 c. If Project Completed ..........................................................................................................85 d. If Project Incomplete..........................................................................................................86 e. Narrative Comments ..........................................................................................................87 Project Analysis Section ......................................................................................................... 88 Unit Description Section......................................................................................................... 89 a. General Description ...........................................................................................................89 b. Interior Materials/Condition ..............................................................................................90 c. Amenities ...........................................................................................................................90 d. Appliances..........................................................................................................................91 e. Car Storage.........................................................................................................................91 f. Room Count and Gross Living Area .................................................................................91 g. Narrative Comments ..........................................................................................................92 Prior Sale History and Sale Data Section ............................................................................... 94 Sales Comparison Approach Section...................................................................................... 95 a. Comparable Data Pool .......................................................................................................96 b. Sales Adjustment Grid .......................................................................................................96 c. Value Adjustments.............................................................................................................97 Income Approach Section..................................................................................................... 106 Reconciliation Section .......................................................................................................... 106 a. Conditions of Value Estimate Section .............................................................................107 Additional Comments Section .............................................................................................. 109 Appraiser/Client Information................................................................................................ 109

SMALL RESIDENTIAL INCOME PROPERTY (TWO TO FOUR UNITS) APPRAISAL REPORT ...................................................................................................... 111

Subject Property Data Section .............................................................................................. 111 Contract Section.................................................................................................................... 113 Neighborhood Analysis Section ........................................................................................... 114 a. Neighborhood Characteristics..........................................................................................114 b. 2-4 Unit Housing Trends .................................................................................................115 c. 2-4 Unit Housing..............................................................................................................115 d. Present Land Use % .........................................................................................................116 e. Narrative Comments ........................................................................................................116 Site Section ........................................................................................................................... 116 Leasehold Interest/Ground Rent Section .............................................................................. 118 Description of Improvements Section .................................................................................. 118 a. General Description .........................................................................................................118 b. Attic..................................................................................................................................119 c. Foundation .......................................................................................................................120 d. Mechanical Systems.........................................................................................................120 e. Exterior Materials/Condition ...........................................................................................121 f. Amenities/Features ..........................................................................................................122 g. Interior Materials/Condition ............................................................................................122 h. Car Storage.......................................................................................................................123 i. Appliances........................................................................................................................123

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FHA Single Family Housing Appraisal Report and Data Delivery Guide Table of Contents

j. Unit Room Count and Gross Living Area .......................................................................123 k. Narrative Comments ........................................................................................................124 Comparable Rental Data Section .......................................................................................... 125 Subject Rent Schedule Section ............................................................................................. 126 Prior Sale History Section..................................................................................................... 127 Sales Comparison Approach Section.................................................................................... 129 a. Comparable Data Pool .....................................................................................................130 b. Sales Adjustment Grid .....................................................................................................130 c. Value Adjustments...........................................................................................................132 Income Approach Section..................................................................................................... 136 Reconciliation Section .......................................................................................................... 137 a. Conditions of Value Estimate ..........................................................................................137 Additional Comments Section .............................................................................................. 139 Cost Approach Section ......................................................................................................... 139 Planned Unit Development Information Section .................................................................. 141 Appraiser/Client Information................................................................................................ 142 APPRAISAL UPDATE AND/OR COMPLETION REPORT ....................................... 144 Subject Section...................................................................................................................... 144 Summary Appraisal Update Report Section ......................................................................... 145 Certification of Completion Section ..................................................................................... 146 Signatures Section................................................................................................................. 146 Required Exhibits.................................................................................................................. 147

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FHA Single Family Housing Appraisal Report and Data Delivery Guide A. Appraisal Report and Data Delivery to FHA

APPRAISAL REPORT AND DATA DELIVERY TO FHA This document provides guidance to Appraisers who are preparing residential appraisal reports utilizing the industry standard forms and to lenders who are submitting the Appraiser's completed reports to FHA. FHA utilizes the Electronic Appraisal Delivery (EAD) system, which provides portal access to all HUD approved lenders. The system requires electronic appraisal files to be uploaded to a central location, processed, and checked against an FHA defined rule set. The original file, as well as the results of the scoring process will then be securely transferred to HUD servers. FHA accepts appraisals in the Mortgage Industry Standards Maintenance Organization (MISMO) 2.6 with embedded Portable Document Format (PDF). The EAD shall apply business rules, edits and handle overrides, based on FHA's requirements for 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 in .

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FHA Single Family Housing Appraisal Report and Data Delivery Guide B. Uniform Residential Appraisal Report for One Family Residential Properties

UNIFORM RESIDENTIAL APPRAISAL REPORT FOR ONE FAMILY RESIDENTIAL PROPERTIES

This section provides specific instructions for completing the Fannie Mae Form 1004/Freddie Mac 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 with an accessory unit, including a unit in a Planned Unit Development (PUD), based on an interior and exterior inspection of the subject Property. It is not designed to report an appraisal of Manufactured Housing or a unit in a condominium or cooperative project.

Subject Section

This 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 supplied by the Mortgagee/client who engages the Appraiser.

The following table provides instruction for completing the "Subject" section of the report.

Field FHA Case Number/ Appraiser Additional File Number Appraiser's File Number Property Address

City

Protocol

? Insert the FHA case number at the top of the upper right-hand corner to correspond with the XML label /VALUATION_RESPONSE/REPORT/@AppraiserAdditionalFileIdentifier. 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 of

the United States Postal Service and subsequent updates. ? The following address elements must be included in this field:

o street number o 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 be represented 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 be represented consistently.

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FHA Single Family Housing Appraisal Report and Data Delivery Guide B. Uniform Residential Appraisal Report for One Family Residential Properties

Field State

Zip Code

Borrower Owner of Public Record County

Legal Description

Assessor's Parcel #

Tax Year

R.E. Taxes $

Neighborhood Name Map Reference

Protocol

? Enter the state. The following address element must be included in this field: USPS two-letter state or territory representation.

? This data is referenced more than once on the report and must be represented consistently.

? Enter the Zone Improvement Plan (ZIP) Code. The following address element 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 be represented consistently.

? Enter the name of the Borrower(s). ? Enter the name of the owner as listed in public records.

? 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 the local municipality or district in which the Property is located.

? Enter the legal description of the Property. ? The four types of legal descriptions are: lot and block system; geodetic

survey; 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 or attach this information as an addendum. ? Enter the parcel number assigned by the local tax assessor. ? For those areas that do not have an assessor's parcel number, enter the tax identification number. ? If more than one parcel number is applicable, each must be listed, separated by a semicolon. ? Enter the current tax year used by the locale, e.g., the fiscal year or the actual year. ? Date format: yyyy. ? Enter the dollar amount of the annual real estate taxes, including all relevant taxes (school district tax, fire district tax, etc.). ? Use whole dollars only. ? Enter the name of the subdivision, if applicable, or the commonly known local neighborhood designation. ? If the subject Property is in a PUD, provide the name of the development. ? Enter the location map reference, page number and coordinates from the source used. ? This reference should relate to the location maps most commonly used in the locale.

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