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Most people in the real estate world know the different appraisal forms and their purposes, but even seasoned veterans of the industry need a reminder course from time to time.
There are major forms (1004, 1073, etc.), add-on forms (1007, etc.), and multi-purpose forms (1004D). With these forms, there are various combinations that can be used for any individual loan. The form names noted are the Fannie Mae report numbers and the most commonly used.
Below you will find the form number, its pronunciation in the appraisal world, and a brief description of what the form is used for in relation to properties and appraisals. Please keep in mind, the decision of which form to order is ultimately up to you and your loan documents. We hope this overview is helpful in your day to day work.
1004 (10-o-4) – This is used for single family residential properties, including townhomes. This is typically your run of the mill, detached home or an attached townhome. If this is for an investment property, you can also add additional investment forms as well. The exterior-only counterpart is the 2055 (20-55).
1073 (10-73) – This is used for attached and detached condominiums, residential single-family homes. This would be for those described as high rise, attached, etc. Both investment forms can be added to this appraisal report as well. The exterior-only counterpart is the 1075 (10-75). A condo questionnaire is needed for these orders when available.
1025 (10-25) – Multi-family properties are completed on this form (2-4 units). The form can be used for tenant occupied units, as well as when one unit is owner occupied. As the form is geared toward investment properties, the Comparable Rent Schedule is part of the form, so you do not add the 1007 when ordering a 1025. There is no exterior-only counterpart for this form.
1004C (10-o-4C) – The form is used for manufactured housing. Some refer to these as “mobile” homes. With some markets having these as common investment properties, the additional investment forms can be added as well. There is no exterior-only counterpart for this form.
2090 (20-90) – Most markets are unfamiliar with co-op properties. This is similar to a condo with different ownership guidelines. If the ownership allows for these to be investment properties, you can add those forms to this product as well. The exterior-only counterpart is the 2095 (20-95). A co-op questionnaire is needed for these orders when available.
Land – This form is used when there are no improvements to be appraised on the property. It could be used for anything from a subdivision lot to multiple acres. Investment forms would not be included with this property, and there is no exterior-only counterpart form.
2075 (20-75) – This is one of the only major forms that does not provide an opinion of value. It is used for several reasons and with various products. Some use it for confirmation that the home is standing, and no external issues/damages are found. This is an exterior-only product.
1007 (10-o-7) – This Comparable Rent Schedule provides estimated rental income.
216 (2-16) – This Operating Income Statement includes the estimated expenses needed to operate the property as an income-producing property.
1004D (10-o-4D) – The 1004D is a multi-purpose form and can be used in various scenarios. Most commonly –
1004D Final Inspection – Box checked to confirm work has or has not been completed as needed.
1004D Recert of Value – Box checked to confirm that the subject property’s estimated value at the time of the original appraisal report has or has not decreased. This is not ordered to do a Reconsideration of Value. That is a different scope of work.
Please keep in mind that “ownership” and “description” are not one and the same. A condominium could be designed in a “townhome” style, but the ownership of the property follows the condominium guidelines. A 1073 would be ordered.
Also, with investment properties, we do not automatically add the additional forms as we do not know the requirements of your loan. There is an additional fee with each form added, so we do not want to increase the cost to your borrowers if the forms are not required based on your loan.
We hope the information provided here will help you to order the appropriate form for your loan needs. Our Customer Service Teams are here to help answer any questions you may have regarding your appraisal requests. Your business is always appreciated.
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