Final Fannie Mae Forms Released
Fannie Mae today released the final versions of the much anticipated new forms. There are eleven new forms which will replace all the major forms you currently use. These new forms will be required on all appraisals performed on and after November 1, 2005 . Lenders and appraisers may continue to use the existing appraisal report forms or the test forms released in 2004 until October 31, 2005 .
In April, we will release the new forms
to all customers who are up to date on ClickFORMS Software Maintenance
at no additional charge.
You may download a copy of each of the forms in PDF format at http://www.bradfordsoftware.com
The following forms have changed:
- URAR 1004 Uniform Residential Appraisal Report for an appraisal of a one unit property (including an individual unit in a PUD project) based on an interior and exterior inspection.
- 2055 Exterior ONLY Inspection Residential Appraisal Report for an appraisal of a one-unit property (including an individual unit in a PUD project) based on an exterior-only property inspection.
- 1004C Manufactured Home Appraisal Report for an appraisal of a one-unit manufactured home (including a manufactured home in a PUD, condominium or cooperative project) based on an interior and exterior property inspection.
- Condo 1073 Individual Condominium Unit Appraisal Report for an appraisal of a individual condominium unit based on an interior and exterior property inspection.
- 1075 Exterior ONLY Inspection Individual Condominium Unit Appraisal Report for an appraisal of an individual condominium unit based on an exterior only property inspection.
- 2090 Individual Cooperative Interest Appraisal Report for an appraisal of an individual cooperative unit based on an interior and exterior property inspection.
- 2095 Exterior ONLY Inspection Individual Cooperative Interest Appraisal Report for an appraisal of an individual cooperative unit based on an exterior only property inspection.
- 1025 Small Residential Income Property Appraisal Report for an appraisal of a two-unit to four-unit property
(including a two-unit to four-unit property in a PUD, condominium, or cooperative project) based on an interior and exterior property inspection.
- 1004D Appraisal Update and/or Completion Report for appraisal updates and/or completion reports for all one-unit to four-unit appraisal reports.
- 2000 Review One-Unit Residential Appraisal Field Review Report for appraisal field reviews for one-unit appraisal reports
- 2000A 2-4 Review Two to Four Unit Residential Appraisal Field Review Report for appraisal field reviews for two-unit to four-unit appraisal reports.
Overview of Key Modifications to New Forms
The revised format enables the appraiser to report the results of the valuation in a brief but comprehensive manner, which will be more efficient for reviewing and processing than the existing forms. Also, the expanded areas for comments throughout the forms should help to eliminate the need for additional addenda and attachments. Direct questions have been added to the report forms that require the appraiser to report his or her analysis and conclusions on key areas in a clear and succinct yes/no format to address whether:
- the subject property is currently offered for sale or if it was offered for sale in the twelve months prior to the effective date of the appraisal;
- the appraiser analyzed the contract for sale for the subject property for a purchase money transaction;
- the subject property has any adverse physical deficiencies or conditions such as (but not limited to) needed repairs, and whether such conditions affect the livability, soundness, or structural integrity of the property;
- the subject property generally conforms to the neighborhood; and
- the appraiser researched, analyzed and reported on the sale (or transfer) history for the subject property and comparable sales.
Each of the revised appraisal report forms includes the purpose of the appraisal, scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and the appraiser’s certification. The appraiser’s certification on each of the revised appraisal report forms was expanded to more clearly communicate the expectations of the appraisal and appraisal reporting process. In addition, new certifications were developed to:
- affirm that the appraiser has the appropriate knowledge and experience to appraise the particular type of property in the market area;
- clarify the permitted disclosure or distribution of the appraisal report and the parties that may rely on the appraisal report as part of the mortgage finance transaction; and
- acknowledge that any intentional or negligent misrepresentation may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both.
Reminder: Attend the Appraiser Technology Seminars
Just a quick reminder that our next two Appraiser Technology Seminars are coming up soon. As you may recall, these seminars will discuss technologies that will help you to be a more efficient and productive appraiser. Topics include mobile computing (laptops, tablets, PDAs, etc.), GPS systems, wireless technology and more. The sessions will include both hands-on and lecture.
Next two shows:
- Northern CA – April 8 th at 9:00am – 12:00pm; 1:30pm – 4:30pm
- Philadelphia/New Jersey (Appraisal Expo) – April 29 th - 9:00am – 12:00pm; 1:30pm – 4:30pm.
For more information on the Appraisal Expo show, visit http://www.appraisalexpo.com
Call us at 800-622-8727 and let us know which session you’d like to attend.
Reminder – ToolBox and MacAppraiser Users Upgrade Special Ends 3/31/05
If you are currently using our Appraiser’s ToolBox software or MacAppraiser, we are offering a special promotion to upgrade to ClickFORMS. The industry has spoken and ClickFORMS is the resounding leader in hassle free, easy to use software. Even our competitor’s ads say that “ClickFORMS is the easiest to use.”
So now that the forms are changing, its even more important time to move up to ClickFORMS and get all the benefits it has to offer. This is a great deal.
| Special Upgrade Promotion: $199 (reg $399) |
| Offer expires 3/31/05 |
Here is what you get in the upgrade:
ClickFORMS Upgrade Package
- ClickFORMS Report Processor
- 428 Forms (plus the newly released Fannie Mae forms)
- Built-in PDF Creator ($299 value)
- WinSketch Pro 7 ($199 value)
- Apex Plug-in (for those who want to use Apex)
- 1 Yr Software Maintenance (value $199)
- All form updates
- All software updates
- Unlimited Email Support
- Unlimited Location Maps from Microsoft MapPoint
- Unlimited Census Tract lookups
- Unlimited access to Tell Me How documents
- Unlimited access to Show Me How tutorials
- Tool Plug-Ins for
- Apex Sketcher (sold separately)
- GeoLocator Plug-in (sold separately)
- Delorme Address List Exporter
- Street and Trips Address List Exported
- 5 FREE Property Analysis Reports ($100 value)
There are a lot of other products and services to help you increase your productivity – and your income – check them out:
Optional Appraisal Data Services
- Flood Maps by Flood Insights
- Cost Analysis by Marshall & Swift (coming soon)
- Property Analysis Reports by Veros
Optional Support, Training and Custom Services
- Toll-Free Phone Technical Support
- Remote “Hands-On” Technical Support
- Online Interactive Software Training
- ClickFORMS Basics
- ClickFORMS Advanced
- Online ClickFORMS Masters Certification
- For individuals
- For company employees
- Custom Website Development
- Custom Form Development
- Custom In-house Training
Optional Products
- MLS Integration (custom integration with your local MLS)
- AppraisalWorld Appraiser Websites
- AppraisalWorld Connection
- AppraisalPort Integration (AI Ready)
- Lighthouse Integration
- AIRD Data Importing
- Win2Data Data Importing
- Metroscan Data Importing
- Real Quest Data Importing (std and custom)
- NDC Data Importing (coming soon)
Mobile Computing
- Tablet PCs – Call for pricing
- Special Field Inspection Forms for Tablet PC
- ClickNOTES for Pocket PCs
Appraiser’s ToolBox and MacAppraiser Report Conversions
- ClickFORMS Appraiser ToolBox files directly
- ClickFORMS MacAppraiser files directly
- Special ToolBox converter to convert License files, databases, etc.
Happy Easter Everyone
Have a good holiday. Drive safely while you're out inspecting.
Don't forget to tell your friends about ClickFORMS.
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