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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Uniform Residential Appraisal Report, Freddie Mac Form 70, Fannie Mae Form 1004, http://bit.
Over the last 25 years, the Uniform Residential Appraisal Report has become the gold standard for property valuation.
Market value-based Uniform Residential Appraisal Report forms are inappropriate for REO appraisals.
Appraisers could produce as many as four CVRs in the time it would take them to generate just one traditional uniform residential appraisal report (URAR).
A standardized residential REO appraisal requires a Supplemental Real Estate Owned Appraisal Addendum along with the property-specific form, such as Fannie Mac Form 1004, Uniform Residential Appraisal Report (URAR); Form 1075, Individual Condominium Unit Appraisal Report; Form 1075, Exterior-Only Inspection Individual Condominium Unit Appraisal Report; and Form 1025, Small Residential Income Property Appraisal Report.
If you were appraising 20 years ago, you may recall the arrival of the Uniform Residential Appraisal Report, or URAR, as we've come to call it.
The Uniform Residential Appraisal Report form includes the certification, "I performed a complete visual inspection of the interior and exterior areas of the subject property" Fannie Mae's Selling Guide adds: "We expect that appraisals based on an interior and exterior inspection will include a complete visual inspection of the accessible areas of the property.
As of November 1, the government-sponsored entity is requiring that all loans secured through them are to be reported on the new Uniform Residential Appraisal Report (1004) and related forms.
The 1004, or Uniform Residential Appraisal Report (URAR), is the accepted standard by government agencies, lenders, and policy or loan underwriters.
AppraiserSuite also allows appraisers using ACI2010 [TM] to import their property and comparable research data directly into industry-standard appraisal report forms such as a Uniform Residential Appraisal Report (Form 1004) without manually rekeying the information.
The Uniform Residential Appraisal Report (URAR) is an example of a fairly detailed, widely used, and well-tested protocol.

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