It is critical to establish an effective and efficient quality control (QC) process for real estate appraisals in order to receive accurate and error-free appraisal reports. An erroneous appraisal is a threat to the lenderâs interests that could lead to bearing deficiency balances (losses). Kaya Systems provide appraisal QC outsourcing services to help clients reduce their turnaround time and operational costs and increase efficiency and profitability.
There are few important things that must be taken care of in any appraisal. The most recent version of the appraisal forms, applicable for a property, must be used to report an appraisal correctly. There are various appraisal forms that are used to appraise different type of properties. Therefore, it is important to understand which form is valid for what type of properties. People who review appraisals must talk to the appraisers in case of any corrections required to make the appraisal error-free. Our experienced reviewers also follow up for reports, coordinate appointment with the borrowers and seek clarification from the client for the appraisers. This allows reviewers to take a step forward to help delivering an accurate appraisal.
We can assist you in manage quality for following form:
1004 URAR Single Family This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD), based on an interior and exterior inspection of the subject property.
1004 URAR REO Delivers the same information as the 1004 URAR Single Family report and includes an REO Addendum, which provides an itemized cost of repairs as well as an “as is” and “as repaired” value.
1004C URAR/Manufactured Housing This report form is designed to report an appraisal of a one-unit manufactured home; including a manufactured home in a planned unit development (PUD) based on an interior and exterior inspection of the subject property. A Manufactured home located in either a condominium or cooperative project requires the appraiser to inspect the project and complete the project information section of the Individual Condominium Unit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attach it as an addendum to this report.
FHA Single Family This form allows you determine a homeâs market value and acceptability for FHA mortgage insurance purposes. In addition to estimating value, the appraiser examines the property for any visible, obvious and/or apparent deficiencies that may affect safety of the property’s occupants. Appraisals include detailed property, site and neighborhood descriptions; amenities and services; estimated income and expenses; replacement costs and other items included on the FHA Multifamily Summary Appraisal Form.
1073 Condo/REO This report form is designed to report an appraisal of a unit in a condominium project or a condominium unit in a planned unit development (PUD) based on an interior and exterior inspection of the subject property. REO includes an Addendum, which provides an itemized cost of repairs as well as an “as-is” and “as-repaired” value.
2055 Exterior Quantitative Analysis This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD), based on an exterior-only inspection of the subject property from at least the street. This report does not cover an appraisal of a manufactured home or a unit in a condominium or cooperative project.
Land Appraisal Used for valuating a vacant land and land-only appraisals that exclude structure values. The report provides a location map, photographs, three comparable sales and detailed description of the site, history, including, tax information, zoning and surrounding neighborhood.
2000 Residential Appraisal Field Review A lender uses this form for the spot-check appraisal component of its quality control process. This appraisal field review report is intended to provide the lender/client with an opinion on the accuracy of the appraisal report under review.
1007 Rent Schedule The lender uses this form to obtain the market rent for a conventional single-family investment property.
216 Operating Income Statement This form determines the amount of operating income that can be used in evaluating the applicant’s credit on applications for conventional mortgages that are secured by one-family investment properties and all two- to four-family properties (including those in which the applicant occupies one of the units as a principal residence).
2075 Desktop Underwriter Property Inspection Report Desktop Underwriter’s enhanced risk assessment capability enables the use of the Desktop UnderwriterÂ® Property Inspection Report (Form 2075), which requires an exterior-only inspection of the subject property from the street by a state-licensed or state-certified appraiser without an estimate of market value for the property. Fannie Mae designed Form 2075 to be used along with an AVM to verify that the subject exists and obtain information on the neighborhood and the subject’s conformity with its surroundings.