5601.5: Appraisal reports and inspection types (09/19/18)
- Marsha Freeman
Owned by Marsha Freeman
Nov 20, 2018
2 min read
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© Freddie Mac Single-Family Seller Servicer Guide
For each Mortgage transaction that requires an appraisal, the Mortgage file must contain an appraisal report that meets Freddie Mac's requirements to evidence that the Mortgaged Premises is acceptable collateral.
(a)Â Appraisal report forms by property type and inspection type
The following table lists Freddie Mac's appraisal report forms and the applicable inspection types. For each Mortgage transaction that requires an appraisal, the appraisal report must be based on an interior and exterior property inspection. An appraisal report based on an exterior-only property inspection is acceptable for an appraisal update and a subsequent opinion of market value.
| Appraisal Report Forms by Property Type and Inspection Type | ||
| Property Type | Form Number and Title | Type of Inspection |
| 1-unit property, including a unit in a Planned Unit Development (PUD) or a Detached Condominium Unit | Form 70, Uniform Residential Appraisal Report | Interior and exterior inspection |
| Form 2055, Exterior-Only Inspection Residential Appraisal Report | Exterior-only inspection | |
| Condominium Unit | Form 465, Individual Condominium Unit Appraisal Report | Interior and exterior inspection |
| Form 466, Exterior-Only Inspection Individual Condominium Unit Appraisal Report | Exterior-only inspection | |
| Manufactured Home | Form 70B, Manufactured Home Appraisal Report | Interior and exterior inspection |
| 2- to 4-unit property | Form 72, Small Residential Income Property Appraisal Report | Interior and exterior inspection |
| Any, as required by the original appraisal | Form 442, Appraisal Update and/or Completion Report | Interior and exterior inspection or exterior-only inspection Refer to Section 5601.11 |
(b)Â Appraisal report review forms by property type and inspection type
The following table lists the Freddie Mac appraisal review report forms and the applicable inspection types.
| Appraisal Report Review Forms by Property Type and Inspection Type | ||
| Property Type | Form Number and Title | Type of Inspection |
| 1-unit property, including a unit in a PUD or a unit in a Condominium Project | Form 1032, One-Unit Residential Appraisal Field Review Report | Exterior-only inspection |
| 1-unit property, including a unit in a PUD or a unit in a Condominium Project | Form 1033, One-Unit Residential Appraisal Desk Review Report | No inspection |
| 2- to 4-unit property | Form 1072, Two- to Four-Unit Residential Appraisal Field Review Report | Exterior-only inspection |