15 Appraisal Management Services We Proudly Offer

Finding reliable appraisal management services is imperative for every mortgage loan originator, borrower, processor, underwriter and closer. Quick turnaround times are important. But you also need to be sure that the appraisal management company you 15 Appraisal Management Services We Proudly Offerwork with adheres to all Federal Housing Association (FHA) and Uniform Standards of Professional Appraisal Practice (USPAP) requirements.

Class Appraisal specializes in appraisal management services of all types. We prioritize accurate reports, mitigated risk and best-in-class turn times (our nationwide average is 4.5 days). That’s why we work with 16 out of the top 25 wholesale lenders in the country and continue to grow. Check out the appraisal management services we offer below.

Our Comprehensive List of Appraisal Management Services

1. Appraisal Update and/or Completion Report (Form 1004D)

This replaces the Appraisal Update and the Completion Certificate. If used as an appraisal update, the appraiser must concur with the original appraisal; perform an exterior inspection of the subject from the street; research, verify and analyze current market data in order to determine if the property has declined in value since the original appraisal; and provide front and street scene photos of the subject. If it’s used as a certification of completion, the appraiser must make a statement that improvements have been completed in accordance with the requirements and conditions stated in the original appraisal report (or, if not, state the impact on market value). Front and street scene photos, as well as photos of completed improvements, are required. If the original appraisal was subject to carpet and dishwasher installation, photos of those items must also be included.

2. Condominium Appraisal (Form 1073)

Appraisals on a unit in a condominium project or a condominium unit in a planned unit development (PUD) use this report. A full interior and exterior inspection is made, as well as a brief analysis of the project and market value. This includes similar aspects to a Single Family Residential Report: a completed Uniform Residential Appraisal Report (URAR) form; property photos taken from the front, rear and street scene (along with any amenities affecting the value); photos of comparable properties; flood map (if located in a flood-prone area); floor plan sketch with exterior dimensions and gross living area calculations; a map showing the location of the property and all comparable properties; and appropriate certifications and limiting conditions. Condominium appraisals completed for FHA loans will also be reported on Form 1073.

3. Desk Reviews (Form 1033)

Completed for both pre-funding and post-funding audits, the appraisal under review is analyzed to determine compliance with USPAP and the logic used to determine the value estimate. Data utilized in the report is confirmed using a variety of public sources. Additional data considered by the reviewer is also reported. The full report includes additional comments and data deemed necessary; appropriate certification and limiting conditions; and two comparable properties with a location map.

4. Desktop Underwriter Property Inspection Report (Form 2075)

Property inspections require an exterior-only inspection, as well as the analysis and reporting of current market conditions within the neighborhood. Here, the appraiser reports on the observed condition of the site and improvements. But no estimate of value is provided. A completed report for this service includes front and street scene photographs of the property and a map detailing its location.

5. Exterior Appraisal Report (Form 2055)

This is an appraisal of a single-family property or single-family property with an accessory unit (but not a manufactured home, condominium or cooperative). It involves an exterior-only inspection of a single-family detached, attached, or PUD property. A final report includes a supported opinion of the site value; front and street photographs of the property; front photographs of comparable properties; and a map detailing the location of the property and comparable properties.

6. Exterior-Only Individual Condominium Unit Appraisal Report (Form 1075)

A six-page form is used for appraisals of individual condominium units, and complies with USPAP, Class Appraisal National Appraisal Services, and Lender guidelines. This service provides an exterior inspection of the property. The form, itself, includes an analysis of the project and market, as well as a value opinion. But the form must also come with property photos of the front, street scene and any amenities affecting the value. Comparable property photos; a location map with the property and comparable locations and appropriate certifications and limiting conditions are also required.

7. FHA Single Family Residential Appraisal (Form 1004)

Here, you receive the benefit of a full interior and exterior inspection. Completed in compliance with Class Appraisal National Appraisal Services guidelines, Lender guidelines, and additional guidelines set forth by the FHA, it’s used to estimate the market value of a property as defined in the USPAP. Each report must include a unique FHA case number assigned by the lender and obtained through the FHA Connection website. The form must include the following: a complete URAR form; property photos from the front, rear side, street scene and any amenities affecting the health, safety or marketability; comparable property photographs; flood map (if in a flood-prone area); floor plan sketch with exterior dimensions and gross living area calculations; map showing accurate locations of the property and comparable properties; and appropriate certifications and limiting conditions.

8. Manufactured Homes (Form 1004C)

Manufactured homes (dwelling units built on a permanent chassis and attached to a permanent foundation) require this appraisal. The appraiser reports on the manufacturer’s name; year of manufacture; serial number; type of foundation; and utility connections, as well as the certification label numbers(s) from either the HUD date plate or the certification label(s). The report also includes a detailed and supported cost approach, opinion of the market value, conformity to the neighborhood, and a floor sketch with exterior dimensions and gross living area calculations. A location map with appropriate certifications and limiting conditions, comparable property photos, and subject property photos from the rear, front and street scene are also included.

9. One-Unit Residential Appraisal Field Review Report (Form 2000)

A review appraiser uses this form to judge the accuracy of an appraisal report’s data and develop an opinion of the appraisal methods and techniques used in preparing the appraisal. The form can be used to review one-unit properties, including a single-family home, manufactured home, condominium or cooperative. The minimum requirements mandate that an appraiser read the entire report under review; inspect the property and comparable properties described in the appraisal from the street (the reviewer must note if they inspect the interior); inspect the neighborhood; research all appropriate data; verify data in the original report; and assume property condition reported in the original appraisal is accurate, unless there is evidence to the contrary. A complete field review, on the other hand, requires an exterior inspection of the subject property and comparable properties; front and street scene photographs of the property and comparable properties; a map with the property and comparable properties in the appraisal under review (and any comparable properties introduced by the reviewer); and any appropriate certifications or limiting conditions.

10. Operating Income Statement (Form 216)

For 1-4 income investment properties and 2-4 family owner-occupied properties, applicants provide income and expense projections to be used in determining income approach to value.

11. Rental Survey (Form 1007)

A Single Family Comparable Rent Schedule Form 1007 is used to provide an estimate of the market rent of a property based on similar, comparable rentals in the area. Adjustments should be made only for those items of significant difference between the comparable properties and the subject property.

12. Single Family Residential Appraisal (Form 1004)

The Single Family Residential Appraisal estimates the market value of a property as defined in USPAP. It provides the benefit of a full interior and exterior inspection and complies with Class Appraisal National Appraisal Services and Lender guidelines. The report includes a completed URAR form; property photos taken from the front, rear and street scene (along with any amenities affecting the value); photos of comparable properties; flood map (if located in a flood-prone area); floor plan sketch with exterior dimensions and gross living area calculations; a map showing the location of the property and all comparable properties; and appropriate certifications and limiting conditions.

13. Single-Family Residential Appraisal, Non-Owner Occupied (Forms 1004, W216 & 1007)

Similar to the standard Single Family Residential Appraisal, this report includes a completed URAR form; property photos taken from the front, rear and street scene (along with any amenities affecting the value); photos of comparable properties; flood map (if located in a flood-prone area); floor plan sketch with exterior dimensions and gross living area calculations; and a map showing the location of the property, all comparable properties; and appropriate certifications and limiting conditions. What makes this different is that it must also include a completed Single Family Rent Schedule and an Operating Income Statement.

14. Two-to-Four Unit Residential Appraisal (Form 1025)

Appraisals of two-to-four unit residential properties require this form. The report provides analysis of competitive listings and competitive rents, cost approach, and a sales comparison analysis. It also includes a completed operating income statement; property photographs including a front, rear and street scene; photographs of comparable properties and comparable rental properties; listings and sales utilized in the report; a floor plan with exterior dimensions and gross living area calculations for each unit; and appropriate certifications and limiting conditions.

15. Two-to-Four Unit Residential Appraisal Field Review Report (Form 2000A)

A review appraiser uses this form to judge the accuracy of an appraisal report’s data and develop an opinion of the appraisal methods and techniques used in preparing the appraisal. The five-page form can be used to review a 2- to 4-unit property, including a condominium, PUD, or cooperative development. The minimum requirements call for an appraiser to read the entire report under review, inspect the property and comparable properties described in the appraisal from the street (the reviewer must note if the interior is inspected), inspect the neighborhood, research all appropriate data, verify data in the original report, and assume property condition reported in the original appraisal is accurate, unless there is evidence to the contrary. A complete field review, on the other hand, requires an exterior inspection of the subject property and comparable properties; front and street scene photographs of the property and comparable properties; a map with the property and comparable properties in the appraisal under review (and any comparable properties introduced by the reviewer); and any appropriate certifications or limiting conditions.

For all appraisal management services, the FHA mandates that appraisers pay specific attention to any property conditions that are potentially hazardous to the health and/or safety of the occupants and note these within the body of the report, or in the narrative addendum. If the property is found to have potential health and safety issues, an FHA report may be completed “subject to” correction of the issue, or “as is” with a complete description of the noted issue, leaving it up to the lender’s discretion to determine if further action is required.

At Class Appraisal, we pride ourselves on being one of the few nationwide AMCs, working with only the best appraisers and providing outstanding quality service. Want to learn more about the appraisal management services we offer? We’re happy to help. Give us a call at (866) 333-8311 or send an email to info@classappraisal.com.

– Brianna Valleskey