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Axis and Zaio are now working together to expand delivery of the 1004 URAR and Z-VAL products into five additional states serviced by its network in the first quarter of 2013.
Fannie Mae does not include these areas as gross living area, but lists them separately on the URAR.
Software companies that automate the process of generating and filling URAR forms have made significant gains during the past several years, as the process of completing appraisal forms became easier and more efficient.
On the second page of the URAR, the sales comparison approach section has three line items that may require adjustments in the valuation of the high performance home: Quality of Construction, Heating/ Cooling, and Energy-Efficient Items (Figure 2).
In terms of residential appraisals, there was widespread misunderstanding regarding the potential misuse of the revised URAR for nonmortgage transactions.
The intended use of the URAR form "is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction.
Our role as appraisers--whether it's through a form report like the URAR or a highly individualized 250-page plus narrative report--is to serve as the only unbiased party to a real estate transaction.
The appraiser prepared file first two pages of the URAR and was fairly confident that the value was $200,000.
One such concern was over the "intended user" elements of the URAR.
In this way, the recent changes to USPAP echo the intent of the revisions to the URAR and other appraisal report forms.
With the release of a significantly revised URAR, along with a number of other related forms, by Fannie Mae and Freddie Mac earlier this year, use of such forms for non-mortgage-related assignments becomes more problematic.