GSE Appraisal Products

Fannie Mae, Freddie Mac, and Ginnie Mae are government-sponsored enterprises (GSEs) that play a significant role in the U.S. mortgage market. They establish guidelines and standards for various aspects of mortgage lending, including appraisal requirements. We fulfill different types of appraisal products as specified by these entities to ensure accurate property valuations for mortgage lending purposes. Here are some of the common residential appraisal products outlined by Fannie Mae, Freddie Mac, and Ginnie Mae we routinely provide to our clients:

1. Fannie Mae:

Uniform Residential Appraisal Report (URAR/Fannie Mae Form 1004): This is one of the most common appraisal forms used for single-family properties. It's used for conventional mortgages and provides a comprehensive assessment of the property's value and condition.

Limited Appraisal Report (Fannie Mae Form 2055): This is a shorter version of the URAR, commonly used for lower-risk transactions where a full appraisal is not required. It provides a less detailed property valuation.

Condominium Appraisal (Fannie Mae Form 1073): Designed specifically for condominium units, this form evaluates both the unit and the common areas of the condo complex.

2. Freddie Mac:

Uniform Residential Appraisal Report (URAR/Freddie Mac Form 70): Similar to Fannie Mae's URAR, this form is used to assess the value and condition of single-family properties for conventional mortgages.

Exterior-Only Appraisal (Freddie Mac Form 2055 Exterior-Only): This is a streamlined appraisal conducted without interior inspection. It's used for certain low-LTV refinances and is focused on the exterior property condition.

Individual Condominium Unit Appraisal (Freddie Mac Form 465): Similar to Fannie Mae's condominium appraisal form, this is used for assessing individual condo units.

3. Ginnie Mae:

FHA Appraisal (Uniform Residential Appraisal Report/FHA Case Number Assignment): For mortgages insured by the Federal Housing Administration (FHA), Ginnie Mae requires compliance with FHA's appraisal requirements. The URAR is used with an FHA Case Number assigned.

These appraisal products serve as standardized formats that appraisers like us use to report property valuations and conditions to lenders and secondary market participants. The specific forms and requirements can evolve over time based on changes in the mortgage industry, regulations, and market conditions. Of course, we stay updated on the guidelines provided by these GSEs to ensure compliance with their appraisal standards. We also work with our lender partners to accommodate different interpretations of their counterparties’ guidelines.