Industry Letter. March 31, Subject: Revised Appraisal Report Forms. To: All Freddie Mac Sellers and Servicers
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1 Industry Letter March 31, 2005 Subject: Revised Appraisal Report Forms To: All Freddie Mac Sellers and Servicers As part of Freddie Mac s commitment to streamlining and enhancing the loan origination process, we are pleased to announce revised appraisal report forms dated March The March 2005 forms, which are designed to support current mortgage industry and appraisal practices, are mandatory for all Mortgages sold to Freddie Mac with appraisal reports that have effective dates on or after January 1, Until then, Sellers may use either the current appraisal report forms or the March 2005 forms in order to satisfy Freddie Mac s appraisal report requirements. If Sellers originate Mortgages using the March 2005 report forms before January 1, 2006, within a Mortgage file Sellers may not combine use of March 2005 forms with any earlier appraisal forms. The March 2005 forms feature a single use for each form, a standardized format across all the forms and expanded comment areas. We encourage Sellers and appraisers to become familiar with the March 2005 appraisal report forms as soon as possible, and to take appropriate steps to incorporate the forms into their operations in order to meet the January 1, 2006, effective date. The March 2005 forms are available on AllRegs and FreddieMac.com. Mortgages using the March 2005 forms must be originated in accordance with the requirements stated in this Industry Letter and in future Single-Family Seller/Servicer Guide (Guide) Bulletins. Sellers must comply with the requirements of their Purchase Documents including, but not limited to, the requirements for the selection of appraisers, appraisal practices and appraisal reports. In addition, Sellers must continue to make the required representations and warranties. Feedback Certificate The Feedback Certificate returned by Loan Prospector will continue to reflect only the pre-march 2005 appraisal report forms. We will notify Loan Prospector Users and Seller/Servicers of a future implementation date for revisions to the Feedback Certificate to reflect the March 2005 forms.
2 Uses of the March 2005 Appraisal Report Forms Information about each of the revised appraisal report forms appears below. Sellers should refer to the individual revised appraisal report form for additional information about the minimum scope of work for the specific appraisal assignment. Single-Family Residence Form 70, Uniform Residential Appraisal Report (3/05), and Form 2055, Exterior-Only Inspection Residential Appraisal Report (3/05), are designed to report the appraisal of a one-unit property, including a property with an accessory unit as well as a one-unit property in a Planned Unit Development (PUD). These forms may not be used to report an appraisal of a Manufactured Home or a Condominium Unit. The sales comparison approach to value is required for both of these single-family appraisal report forms. Sellers who want to obtain the cost or income approach to value must request that the appraiser provide it. Even if a Seller does not make such a request, the appraiser must develop and report the results of any approach to value if applicable and necessary to provide a credible report. Form 70, Uniform Residential Appraisal Report, is designed for an interior and exterior inspection. It may be used for both Loan Prospector and Manually Underwritten Mortgages. If the final Feedback Certificate for an eligible property type described above returns a Minimum Assessment Feedback (MAF) of Form 70/465 or 2055 Interior, the Seller may use the existing Form 70 or Form 2055 (per the MAF), or the Form 70 (3/05). Form 2055, Exterior-Only Inspection Residential Appraisal Report, is designed for an exterior-only inspection. If the final Feedback Certificate for the eligible property type described above returns a MAF of Form 2055 Exterior, the Seller may use either the existing Form 2055 or the Form 2055 (3/05). Manufactured Home Form 70B, Manufactured Home Appraisal Report (3/05), may be used to report an appraisal of a Manufactured Home, including a Manufactured Home in a PUD or Condominium Project. Now a standalone form, the revised Form 70B is designed for an interior and exterior inspection. It will be required for all Manufactured Home Mortgages. The cost and sales comparison approaches to value are required for Manufactured Homes. Sellers who want to obtain the income approach to value must request that the appraiser provide it. Even if a Seller does not make such a request, the appraiser must develop and report the results of any approach to value if applicable and necessary to provide a credible report. Unit in a Condominium Project Form 465, Individual Condominium Unit Appraisal Report (3/05), and the new Form 466, Exterior-Only Inspection Individual Condominium Unit Appraisal Report (3/05), are designed to report an appraisal of a Condominium Unit only and may not be used to report the appraisal of other property types. The sales comparison approach to value is required for Condominium Units. Sellers who want to obtain the cost or income approach to value must request that the appraiser provide it. Even if a Seller does not make such a request, the appraiser must develop and report the results of any approach to value if applicable and necessary to provide a credible report. Page 2
3 Form 465, Individual Condominium Unit Appraisal Report (3/05), is designed for an interior and exterior inspection. It may be used for both Loan Prospector and Manually Underwritten Mortgages. If the final Feedback Certificate for a Condominium Unit returns a MAF of Form 70/465 or 2055 Interior, the Seller may use the existing Form 465 or the existing Form 2055 (per the MAF), or the Form 465 (3/05). Form 466, Exterior-Only Inspection Individual Condominium Unit Appraisal Report, is a new form designed for an exterior-only inspection. If the final Feedback Certificate for a Condominium Unit returns a MAF of Form 2055 Exterior, the Seller may use the existing Form 2055 or the new Form 466 (3/05). Two- to Four-Unit Property Form 72, Small Residential Income Property Appraisal Report (3/05), may be used to report an appraisal of a two- to four-unit property. It is designed for an interior and exterior inspection and may be used for both Loan Prospector and Manually Underwritten Mortgages. The form requires the income and sales comparison approaches to value. Sellers who want to obtain the cost approach to value must request that the appraiser provide it. Even if a Seller does not make such a request, the appraiser must develop and report the results of the cost approach to value if applicable and necessary to provide a credible report. Appraisal Review Reports Form 1032, One-Unit Residential Appraisal Field Review Report (3/05), and Form 1072, Two- to Four-Unit Residential Appraisal Field Review Report (3/05), may be used to review a prior appraisal report for a one-unit property or a two- to four-unit property, respectively. Appraisal Update or Completion Report Form 442, Appraisal Update and/or Completion Report (3/05), is a dual-purpose form that may be used for all property and inspection types. For an appraisal update to a prior appraisal report, the appraiser must determine whether the property has declined in value since the effective date of the prior appraisal. For a completion report, the appraiser must determine whether the conditions of a prior appraisal report have been completed in a professional manner. Appraisal Report Forms to be Retired As of January 1, 2006, the following forms dated before March 2005 will be retired: Form 70, Uniform Residential Appraisal Report (dated 6/93) Form 70B, Uniform Residential Appraisal Report Manufactured Home Addendum (dated 10/03) Form 72, Small Residential Income Property Appraisal Report (dated 10/94) Form 439, Statement of Limiting Conditions and Appraiser's Certification (dated 6/93) Form 442, Satisfactory Completion Certificate (dated 6/78) Form 465, Individual Condominium Unit Appraisal Report (dated 10/94) Form 1032, One-Unit Residential Appraisal Field Review Report (dated 12/02) Form 1032, Residential Appraisal Field Review Report, 1 4 Family Properties (dated 11/89) Form 2055, Loan Prospector Quantitative Analysis Appraisal Report (dated 11/97) Page 3
4 Attachments, Exhibits and Addenda The attachments, exhibits and addenda required to support an appraisal report continue to be required for the revised appraisal report forms. Conclusion Freddie Mac believes the March 2005 appraisal report forms will streamline and enhance the appraisal process. The March 2005 forms are mandatory for all Mortgages sold to Freddie Mac with appraisal reports that have effective dates on or after January 1, For questions about the changes to Freddie Mac's appraisal report forms, please call (800) FREDDIE. Sincerely, David H. Stevens Senior Vice President Single-Family Sourcing Page 4
5 Summary Chart: Use of Revised Appraisal Report Forms The chart below summarizes the existing or revised appraisal report forms that can be used to meet Freddie Mac s appraisal report requirements based on the current Loan Prospector Minimum Assessment Feedback (MAF). It also indicates which forms may be used for Manually Underwritten Mortgages. Property Type Inspection Type Current MAF March 2005 Form Number March 2005 Form Name Available for Manual Underwriting Single-Family Property PUD Site Condominium Interior & Exterior 70/ Interior Exterior Only 2055 Exterior Uniform Residential Appraisal Report Exterior-Only Inspection Residential Appraisal Report No Manufactured Home Interior & Exterior 70/465 (Form 70B also required per Guide Chapter H33) 70B Manufactured Home Appraisal Report Condominium Interior & Exterior 70/ Interior 465 Exterior Only 2055 Exterior 466 Individual Condominium Unit Appraisal Report Exterior-Only Inspection Individual Condominium Unit Appraisal Report No Two- to Four-Unit Property Interior & Exterior Small Residential Income Property Appraisal Report
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