Uniform Residential Appraisal Report


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Uniform Residential Appraisal Report (URAR)

A standard form for reporting the value of a residence, required by most major lenders and secondary market purchasers in order to simplify the underwriting and review process.

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(1.) Fannie Mae Form 1004, Uniform Residential Appraisal Report, 4.
(Uniform Residential Appraisal Report Form, Fannie Mae Form 1004, March 2005)
The book, Using Residential Appraisal Report Forms: URAR 2005 (Form 1004) and Exterior Inspection (Form 2055), by Mark Ratterman, MAI, SRA, addresses the reasons for the changes to the forms and their ramifications and provides up-to-date, relevant instruction on completing both the Uniform Residential Appraisal Report (Form 1004) and Exterior-Only Inspection Residential Appraisal Report (Form 2055).
"The instant property valuation it provides helps mortgage professionals decide if it is worth moving ahead with a more expensive uniform residential appraisal report."
The Professional's Guide to the Uniform Residential Appraisal Report will be offered nationwide throughout the fall.
However, lenders are not required to use such an inspector for new construction of one- to four-unit single family properties where 1) the local jurisdiction issues a building permit prior to construction, local inspections are completed during the construction period and a certificate of occupancy is issued upon completion of the unit; or 2) the new construction is 100 percent complete, an FHA Roster Inspector has performed the first two construction inspections (footing and framing), an appraiser listed on the FHA Appraiser Roster appraises the property and the completed Uniform Residential Appraisal Report (URAR, Fannie Mae Form 1004) serves as the final inspection.
It provides a viable solution to the gross living area adjustment question on the 1004 Uniform Residential Appraisal Report form.
Freddie Mac announced it will require a new Manufactured Home Addendum--Form 70B--to the Uniform Residential Appraisal Report, as part of revised appraisal requirements for manufactured home mortgages delivered after the first of the year.
Typically, a full Uniform Residential Appraisal Report (URAR) costs an average of $324 nationwide.
As the responses indicate, the Uniform Residential Appraisal Report (URAR) constitutes the majority of the report-type production for both segments of the residential appraiser population.
The Handbook provides step-by-step instructions for completing the Uniform Residential Appraisal Report (URAR), VC form and Homebuyers Summary.
As suggested in the book, Communicating the Appraisal: The Uniform Residential Appraisal Report, "A site analysis is a careful study of data on the subject property in relation to neighborhood characteristics that create, enhance, or detract from the utility or marketability of the site as compared to competing land parcels."(5)

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