In the mortgage industry, understanding the designation and purpose of various appraisal forms is crucial for both industry professionals and clients. Among the most recognized is the “1004” form, which is used for appraising single-family homes and is a standard within Fannie Mae’s guidelines. This form is pivotal in establishing property value and ensuring lenders have accurate assessments when facilitating mortgage loans. The specificity of these forms helps in creating a uniform approach to property appraisals, ultimately facilitating smoother transactions and enhancing the integrity of the lending process.
In addition to the “1004” form, there are other designated forms tailored for different property types. For instance, the “1004 C” form is specifically designed for manufactured homes, enabling appraisers to account for the unique aspects of these properties. Similarly, the “1073” form is utilized for condominiums, taking into account the distinct factors that affect their marketability and valuation. Notably, Freddie Mac employs the same general framework but assigns different numbers to these forms, ensuring consistency across the industry. This standardization allows for streamlined processes and reinforces the trustworthiness of appraisals across different property types.
– **1004 Form**: Appraisal form for single-family homes under Fannie Mae guidelines.
– **1004 C Form**: Designated for the appraisal of manufactured homes.
– **1073 Form**: Used for the appraisal of condominiums, acknowledging their unique valuation criteria.
– **Freddie Mac’s Variation**: While using similar forms, Freddie Mac assigns different numbers to maintain uniformity in appraisal standards across the lending landscape.
You can read this full article at: https://www.housingwire.com/articles/surfs-up-be-prepared-for-uad-3-6-what-lenders-need-to-know/(subscription required)
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