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According to Mills, "Thousands of appraisers use the URAR form for appraising houses.
The entire appraisal infrastructure, including all residential appraisers, became focused on delivering appraisals based on the URAR. All this automation eventually led to a commoditization of the residential appraisal and indirectly to an URAR myopia.
Think about the appeal of an "electronic" variation on an appraisal that could be had in moments for a few dollars, versus a $350 (or more) URAR that took weeks to obtain?
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.
Interestingly, many of the choices made for the content of the original URAR were driven by Fannie Mae's experience with foreclosures at that time (which of course is much different than its experience today).
In fact, many compare residential appraisals to merely "form-filling." Ever since the introduction of fixed-format appraisal report standards by Fannie Mae more than 25 years ago (the so-called Green Hornet form), appraisers have migrated to a single appraisal report format--the Uniform Residential Appraisal Report (URAR) for most assignments.
The above-grade area is reported on one line of the Uniform Residential Appraisal Report (URAR) and the below-grade area (basement) is reported on the line below.
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.
Uniform Residential Appraisal Report (URAR) certifications prohibit "modification, addition, or deletion of either the value definition or stated assumptions." (19) In a distressed property appraisal that is reported in the market value format, an analyst is obliged to either ignore known marketing issues and provide a hypothetical valuation, or amend the definition in defiance of certifications.
The Origination Workgroup has already done most of the work in mapping V3 to the HUD-1 form, and the Property and Valuation Services (PaVS) Workgroup has similarly been developing an Implementation Guide on the application of V3 for the Uniform Residential Appraisal Report (URAR) form.
Fannie's URAR form was revised and released in November 2005.