Appraisals

The challenge of complying with evolving appraisal regulations and guidelines has introduced a new level of lender risk. These new demands require a reputable, financially stable appraisal management company (AMC) that you can depend on to help ensure valuation accuracy and mitigate compliance risk.

Quality

Statutes, regulations and guidelines (collectively “applicable law”) speak to the importance of appraiser independence and valuation quality. At CoreLogic, we are committed to compliance and regularly review our policies and procedures to help ensure conformance with applicable law, including the Uniform Standards of Professional Appraisal Practice and Interagency Statement on Independent Appraisal and Evaluation Functions guidelines. In addition, every appraisal report undergoes a quality review to help ensure adherence to secondary market guidelines and any custom specifications you define.

Technology

ValuEdge, our proprietary online system, lets you place, track and deliver orders around the clock from anywhere you have Internet access. ValuEdge also manages the valuation process and tracks appraiser performance for quality, workload and turnaround time.

Nationwide Presence

Our nationwide appraiser network reaches communities large and small in all 50 states, Puerto Rico and St. Thomas. The coverage we provide helps ensure we can always serve your appraisal needs and can easily expand with you as you grow.

Appraiser Panel

Our approved appraiser panel of more than 15,000 appraisers includes a combination of staff and independent fee appraisers. To help ensure quality performance, we carefully vet new appraisers and monitor appraiser performance. We routinely validate that all our appraisers are licensed, in good standing and certified.

Products

Our complete offering of appraisal products includes:

1004 URAR Single Family – The most often used appraisal report for a single-family residential property, this report covers an appraisal of a one-unit property or a one-unit property with an accessory unit, including a unit in a planned unit development (PUD). The report is based on an interior and exterior inspection of the subject property and includes:

• Neighborhood and current market data
• Text addenda, as needed
• Statement of Limiting Conditions/Appraiser’s Certification
• Photos of the subject and comparable properties
• Location map
• Building sketch
• Miscellaneous addenda, exhibits and proprietary forms, per your requirements

1004 URAR REO – Delivers the same information as the 1004 URAR Single Family report and includes an REO Addendum, which provides an itemized cost of repairs as well as an "as-is" and "as-repaired" value.

1004C URAR/Manufactured Housing– This form, based on an interior and exterior inspection of the subject property, covers an appraisal of a one-unit manufactured home, including a manufactured home in a planned unit development (PUD). For a manufactured home located in condominium or cooperative projects, the appraiser inspects the project and completes the project information section of the Individual Condominium Unit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attaches it as an addendum.

1004D Update Appraisal/Final Inspection – This report provides an accurate update of a prior appraisal. It can also be used to report a certificate of completion. Appraisers identify the services they provided by selecting the appropriate report type. At a minimum, an appraisal update includes an exterior inspection from the street along with research, verification and analysis of the current market data to determine if the property has declined in value since the effective date of the original appraisal. Required exhibits for new or proposed construction include clear, descriptive photographs of the completed improvements. The report also provides any other attachments necessary to provide an adequately supported opinion of the market value.

1007 Rent Schedule – This form reports the appraiser-provided market rent for a conventional single-family investment property.

1025 Multifamily – This form reports an appraisal of a two- to four-unit property, including a two- to four-unit property in a planned unit development (PUD). It provides the same information included in a 1004 URAR Single Family report and specific income factors that may include subject unit, market rental and comparable income-producing properties similar to the subject. This report provides subject and market data to support the income approach to value. If the property is located in a condominium or cooperative project, the appraiser inspects the project and completes the project information section of the Individual Condominium Unit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attaches it as an addendum.

1025 Multifamily REO – Delivers the same information as the 1025 Multifamily report and includes an REO Addendum, which provides an itemized cost of repairs as well as an "as-is" and "as-repaired" value.

1065 Desktop – We combined the advantages of best-of-breed AVMs with a USPAP-complete desktop analysis to provide high-quality desktop appraisals. When regulatory compliance requires more than an AVM, but speed and cost are critical, our desktop appraisals offer a solution.

1073 Condo – This form provides an appraisal report based on an interior and exterior inspection of a unit in a condominium project or a condominium unit in a planned unit development (PUD). This report form does not cover an appraisal of a manufactured home or a unit in a cooperative project.

1073 Condo REO – Delivers the same information as the 1073 Condo report and includes an REO Addendum, which provides an itemized cost of repairs as well as an "as-is" and "as-repaired" value.

2000 Residential Appraisal Field Review – This extensive appraisal review includes data verification of the subject and comparable properties. Detailed in scope, the field review supports an appraiser's methodology and conclusions by reviewing the data and sources. Review appraiser inspects the property exterior and evaluates comparable sales. The review appraiser confirms the appraisal data (i.e. prior sales history, current sales data) and provides comparables in a grid format to support any value discrepancy. This technical review is used with any appraisal type and can include an interior inspection for an additional fee.

2055 Exterior Quantitative Analysis – This limited single-family residential appraisal and summary report eliminates the cost and income approaches to value by using the sales-comparison analysis method to prepare the Value Appraisal Summary Report. It provides an appraisal based on an exterior-only inspection of a one-unit property or a one-unit property with an accessory unit, including a unit in a planned unit development (PUD) of the property from at least the street. This report does not cover an appraisal of a manufactured home or a unit in a condominium or cooperative project.

2075 Property Inspection Report – Form 2075 requires an exterior-only inspection of the subject property from the street by a state-licensed or state-certified appraiser. Form 2075 is not an appraisal report and does not provide a market value estimate. Fannie Mae designed Form 2075 to be used along with an AVM to verify that the subject exists and obtain information on the neighborhood and the subject's conformity with its surroundings.

216 Operating Income Statement – This form allows you to determine the amount of operating income you can use in evaluating the applicant's credit on conventional mortgage applications that are secured by single-family investment properties and all two- to four-family properties, including those in which the applicant occupies one of the units as a principal residence.

FHA-Compliant Appraisal Solutions – We maintain an FHA-compliant appraisal process, consistently delivering accurate, independent appraisals in compliance with current FHA requirements. Our panel of more than 12,000 FHA-certified appraisers in all 50 states is ready to help you reduce your compliance risk. Learn More >>

FHA Single Family – This form allows you determine a home’s market value and acceptability for FHA mortgage insurance purposes. In addition to estimating value, the appraiser examines the property for any visible, obvious and/or apparent deficiencies that may affect livability in terms of basic needs, health and safety of the property's occupants.

FHA Multifamily – We provide appraisals for multifamily properties that comply with current FHA requirements. Appraisals include detailed property, site and neighborhood descriptions; amenities and services; estimated income and expenses; replacement costs and other items included on the FHA Multifamily Summary Appraisal Form.

Land Appraisal – Used for valuing vacant land and land-only appraisals that exclude structure values. The report provides a location map, photographs, three comparable sales and detailed description of the site, including history, tax information, zoning, utilities and surrounding neighborhood. Also includes Statement of Limiting Conditions, Appraiser’s Certification and addenda, as needed.

Benefits and Supporting Features

Reduced compliance risk

• Regulatory-compliant appraisal process
• Appraiser selection criteria and ordering processes that help promote appraiser independence and deter improper influence on appraisal transactions
• Perpetual appraiser panel management that requires appraisers to be licensed in good standing and certified

Flexible scalability to manage volume fluctuations

• Qualified network of more than 15,000+ licensed appraisers provides national coverage and local market knowledge, including staff and elite appraisers, trained REO/Default appraisal panel and more than 12,000 FHA-certified appraisers
• Large capacity and scalability to handle business expansion and shifts

Exceptional quality control

• We require our appraisers to meet strict approval criteria and maintain required performance levels to be included in our panel
• Our appraisals meet industry-acceptable turn time and performance standards

Improved turn times and customer experience

• Electronic order entry and delivery with appraisal assignment in minutes
• Direct interfaces to many third-party portals
• State-of-the-art customer service technology, highly-trained personnel and prepayment processing
• Six Sigma^® strategy and methods employed to maintain performance standards

Automation for streamlined workflow

• Robust, proprietary technology that supports compliance, including panel management, ordering, assignment, fulfillment and customized reporting requirements
• Seamless and secure delivery options via our website, direct interface to lenders' systems, third-party portals or value-added networks (VANs)
• Preapproved by various investors and incorporate investor guidelines into account setups
• Available AVMs and automated tools to prequalify collateral value

We offer a full range of traditional valuation products and services you can depend on to meet your needs and timelines. Our traditional product staff includes veteran valuation industry customer service, quality control and management professionals who take pride in completing your transactions with speed and accuracy.

Our traditional appraisal products include:

1004 URAR Single Family – The most often used appraisal report for a single-family residential property, this report covers an appraisal of a one-unit property or a one-unit property with an accessory unit, including a unit in a planned unit development (PUD). The report is based on an interior and exterior inspection of the subject property and includes:

• Neighborhood and current market data
• Text addenda, as needed
• Statement of Limiting Conditions/Appraiser’s Certification
• Photos of the subject and comparable properties
• Location map
• Building sketch
• Miscellaneous addenda, exhibits and proprietary forms, per your requirements

1004C URAR/Manufactured Housing – This form is based on an interior and exterior inspection of the subject property. It covers an appraisal of a one-unit manufactured home, including a manufactured home in a planned unit development (PUD). For a manufactured home located in condominium or cooperative projects, the appraiser inspects the project and completes the project information section of the Individual Condominium Unit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attaches it as an addendum.

1004D Update Appraisal/Final Inspection – This report provides an accurate update of a prior appraisal. It can also be used to report a certificate of completion. Appraisers identify the services they provided by selecting the appropriate report type. At a minimum, an appraisal update includes an exterior inspection from the street along with research, verification and analysis of the current market data to determine if the property has declined in value since the effective date of the original appraisal. Required exhibits for new or proposed construction include clear, descriptive photographs of the completed improvements. The report also provides any other attachments necessary to provide an adequately supported opinion of the market value.

1007 Rent Schedule – This form reports the appraiser-provided market rent for a conventional single-family investment property.

1025 Multifamily – This form reports an appraisal of a two- to four-unit property, including a two- to four-unit property in a planned unit development (PUD). It provides the same information included in a 1004 URAR Single Family report and includes specific income factors that may include subject unit, market rental and comparable income producing properties similar to the subject. This report provides more subject and market data to support the income approach to value. If the property is located in a condominium or cooperative project, the appraiser inspects the project and completes the project information section of the Individual Condominium Unit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attaches it as an addendum.

1065 Desktop – We combined the advantages of best-of-breed AVMs with a USPAP-complete desktop analysis to provide high-quality desktop appraisals. When regulatory compliance requires more than an AVM, but speed and cost are critical, our desktop appraisals offer a solution.

1073 Condo – This form provides an appraisal report based on an interior and exterior inspection of a unit in a condominium project or a condominium unit in a planned unit development (PUD). This report form does not cover an appraisal of a manufactured home or a unit in a cooperative project.

2055 Exterior Quantitative Analysis – This limited single-family residential appraisal and summary report eliminates the cost and income approaches to value by using the sales-comparison analysis method to prepare the Value Appraisal Summary Report. It provides an appraisal based on an exterior-only inspection of a one-unit property or a one-unit property with an accessory unit, including a unit in a planned unit development (PUD) of the property from at least the street. This report does not cover an appraisal of a manufactured home or a unit in a condominium or cooperative project.

2075 Property Inspection Report – Our Desktop Underwriter system offers enhanced risk assessment capability that allows us to use Desktop Underwriter Property Inspection Report (Form 2075). Form 2075 requires an exterior-only inspection of the subject property from the street by a state-licensed or state-certified appraiser without an estimate of market value for the property. Form 2075 is not an appraisal report. When Desktop Underwriter recommends Form 2075, it has judged the reasonableness of the sales price as adequate collateral for the mortgage loan. Therefore, a property appraisal is not required for the specific transaction.

216 Operating Income Statement – This form allows you to determine the amount of operating income you can use in evaluating the applicant's credit on conventional mortgage applications that are secured by single-family investment properties and all two- to four-family properties, including those in which the applicant occupies one of the units as a principal residence.

FHA-Compliant Appraisal Solutions – We maintain an FHA-compliant appraisal process, consistently delivering accurate, independent appraisals in compliance with current FHA requirements. Our panel of more than 12,000 FHA-certified appraisers in all 50 states is ready to help you reduce your compliance risk. Learn More >>

FHA Single Family – This form allows you determine a home’s market value and acceptability for FHA mortgage insurance purposes. In addition to estimating value, the appraiser examines the property for any visible, obvious and/or apparent deficiencies that may affect livability in terms of basic needs, health and safety of the property's occupants.

FHA Multifamily – We provide appraisals for multifamily properties that comply with current FHA requirements. Appraisals include detailed property, site and neighborhood descriptions; amenities and services; estimated income and expenses; replacement costs and other items included on the FHA Multifamily Summary Appraisal Form.

Land Appraisal – Used for valuing vacant land and land-only appraisals that exclude structure values. The report provides a location map, photographs, three comparable sales and detailed description of the site, including history, tax information, zoning, utilities and surrounding neighborhood. Also includes Statement of Limiting Conditions, Appraiser’s Certification and addenda, as needed.

Our nationwide panel of qualified appraisers and talented, experienced default/REO operations and quality control personnel provide lenders and loan servicers with quality traditional REO appraisals. Our Default/REO products provide detailed information to help decide the best strategy for handling distressed assets and determine fair market value for foreclosure-sale bidding, short sales, loan modifications, refinancing and open-market sales.

Time is money in REO. Our large, nationwide appraiser panel and automated processes help minimize holding time and maximize net recovery by delivering fast, accurate default/REO valuations.

Our Default and REO appraisal products include:

1004 URAR REO – The report is based on an interior and exterior inspection of the subject property and includes:

• REO Addendum that provides an itemized cost of repairs as well as an "as-is" and "as-repaired" value
• Neighborhood and current market data
• Text addenda, as needed
• Statement of Limiting Conditions/Appraiser’s Certification
• Photos of the subject and comparable properties
• Location map
• Building sketch
• Miscellaneous addenda, exhibits and proprietary forms, per your requirements

1004D Update Appraisal/Final Inspection – This report provides an accurate update of a prior appraisal. It can also be used to report a certificate of completion. Appraisers identify the services they provided by selecting the appropriate report type. At a minimum, an appraisal update includes an exterior inspection from the street along with research, verification and analysis of the current market data to determine if the property has declined in value since the effective date of the original appraisal. Required exhibits for new or proposed construction include clear, descriptive photographs of the completed improvements. The report also provides any other attachments necessary to provide an adequately supported opinion of the market value.

1007 Rent Schedule – This form reports the appraiser-provided market rent for a conventional single-family investment property.

1025 Multifamily REO – This forms reports an appraisal of a two- to four-unit property and includes:

• Comprehensive interior and exterior inspection of the subject property, neighborhood
• REO Addendum that provides an itemized cost of repairs as well as an "as-is" and "as-repaired" value
• Current market data
• Text addenda, as needed
• Statement of Limiting Conditions/Appraiser’s Certification
• Photos of the subject and comparable properties
• Location map
• Building sketch
• Miscellaneous addenda, exhibits and proprietary forms, as required by customer

1073 Condo REO – This form provides an appraisal report for a unit in a condominium project or a condominium unit in a planned unit development (PUD) and includes:

• Comprehensive interior and exterior inspection of the subject property, neighborhood and current market data
• REO Addendum that provides an itemized cost of repairs as well as an "as-is" and "as-repaired" value
• Text addenda, as needed
• Statement of Limiting Conditions/Appraiser’s Certification
• Photos of the subject and comparable properties
• Location map
• Building sketch
• Miscellaneous addenda, exhibits and proprietary forms, as required

2055 Exterior Quantitative Analysis – This limited single-family residential appraisal and summary report eliminates the cost and income approaches to value by using the sales-comparison analysis method to prepare the Value Appraisal Summary Report. It provides an appraisal based on an exterior-only inspection of a one-unit property or a one-unit property with an accessory unit, including a unit in a planned unit development (PUD) of the property from at least the street. This report does not cover an appraisal of a manufactured home or a unit in a condominium or cooperative project.

2075 Property Inspection Report – Our Desktop Underwriter system offers enhanced risk assessment capability that allows us to use Desktop Underwriter Property Inspection Report (Form 2075). Form 2075 requires an exterior-only inspection of the subject property from the street by a state-licensed or state-certified appraiser without an estimate of market value for the property. Form 2075 is not an appraisal report. When Desktop Underwriter recommends Form 2075, it has judged the reasonableness of the sales price as adequate collateral for the mortgage loan. Therefore, a property appraisal is not required for the specific transaction.

216 Operating Income Statement – This form allows you to determine the amount of operating income you can use in evaluating the applicant's credit on conventional mortgage applications that are secured by single-family investment properties and all two- to four-family properties, including those in which the applicant occupies one of the units as a principal residence.

When assisting borrowers with PMI removal or processing a reverse mortgage, you can count on us to provide fast, accurate appraisals that streamline delivery. 

Our tools for reverse mortgages and PMI removal include:

PMI Release Appraisal – Assist borrowers with more than 20 percent home equity in reducing their monthly payments by removing private mortgage insurance. Our PMI Release Department provides specialized outsourcing options to meet borrowers' PMI Removal needs. Learn More >>

1004 URAR Single Family – The most often used appraisal report for a single-family residential property, this report covers an appraisal of a one-unit property or a one-unit property with an accessory unit, including a unit in a planned unit development (PUD). The report is based on an interior and exterior inspection of the subject property and includes:

• Neighborhood and current market data
• Text addenda, as needed
• Statement of Limiting Conditions/Appraiser’s Certification
• Photos of the subject and comparable properties
• Location map
• Building sketch
• Miscellaneous addenda, exhibits and proprietary forms, per your requirements

1004C URAR/Manufactured Housing – This form, based on an interior and exterior inspection of the subject property, covers an appraisal of a one-unit manufactured home, including a manufactured home in a planned unit development (PUD). For a manufactured home located in condominium or cooperative projects, the appraiser inspects the project and completes the project information section of the Individual Condominium Unit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attaches it as an addendum.

1004D Update Appraisal/Final Inspection – This report provides an accurate update of a prior appraisal. It can also be used to report a certificate of completion. Appraisers identify the services they provided by selecting the appropriate report type. At a minimum, an appraisal update includes an exterior inspection from the street along with research, verification and analysis of the current market data to determine if the property has declined in value since the effective date of the original appraisal. Required exhibits for new or proposed construction include clear, descriptive photographs of the completed improvements. The report also provides any other attachments necessary to provide an adequately supported opinion of the market value.

1007 Rent Schedule – This form reports the appraiser-provided market rent for a conventional single-family investment property.

1025 Multifamily – This form reports an appraisal of a two- to four-unit property, including a two- to four-unit property in a planned unit development (PUD). It provides the same information included in a 1004 URAR Single Family report and includes specific income factors that may include subject unit, market rental and comparable income producing properties similar to the subject. This report provides more subject and market data to support the income approach to value. If the property is located in a condominium or cooperative project, the appraiser inspects the project and completes the project information section of the Individual Condominium Unit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attaches it as an addendum.

1073 Condo – This form provides an appraisal report based on an interior and exterior inspection of a unit in a condominium project or a condominium unit in a planned unit development (PUD). This report form does not cover an appraisal of a manufactured home or a unit in a cooperative project.

2055 Exterior Quantitative Analysis – This limited single-family residential appraisal and summary report eliminates the cost and income approaches to value by using the sales-comparison analysis method to prepare the Value Appraisal Summary Report. It provides an appraisal based on an exterior-only inspection of a one-unit property or a one-unit property with an accessory unit, including a unit in a planned unit development (PUD) of the property from at least the street. This report does not cover an appraisal of a manufactured home or a unit in a condominium or cooperative project.

2075 Property Inspection Report – Our Desktop Underwriter system offers enhanced risk assessment capability that allows us to use Desktop Underwriter Property Inspection Report (Form 2075). Form 2075 requires an exterior-only inspection of the subject property from the street by a state-licensed or state-certified appraiser without an estimate of market value for the property. Form 2075 is not an appraisal report. When Desktop Underwriter recommends Form 2075, it has judged the reasonableness of the sales price as adequate collateral for the mortgage loan. Therefore, a property appraisal is not required for the specific transaction.

216 Operating Income Statement – This form allows you to determine the amount of operating income you can use in evaluating the applicant's credit on conventional mortgage applications that are secured by single-family investment properties and all two- to four-family properties, including those in which the applicant occupies one of the units as a principal residence.

FHA-Compliant Appraisal Solutions – We maintain an FHA-compliant appraisal process, consistently delivering accurate, independent appraisals in compliance with current FHA requirements. Our panel of more than 12,000 FHA-certified appraisers in all 50 states is ready to help you reduce your compliance risk. Learn More >>

FHA Single Family – This form allows you determine a home’s market value and acceptability for FHA mortgage insurance purposes. In addition to estimating value, the appraiser examines the property for any visible, obvious and/or apparent deficiencies that may affect livability in terms of basic needs, health and safety of the property's occupants.

FHA Multifamily – We provide appraisals for multifamily properties that comply with current FHA requirements. Appraisals include detailed property, site and neighborhood descriptions; amenities and services; estimated income and expenses; replacement costs and other items included on the FHA Multifamily Summary Appraisal Form.

We offer an array of review products that help ensure appraisals deliver true collateral value. After analyzing your quality assurance criteria, our valuation consultants develop a customized solution to meet your specific business needs. This customized solution may progress from a prescreening tool to traditional review products, allowing you to focus due diligence efforts on high-risk properties.

Our appraisal review products include:

Standard Desk Review – Our review appraiser analyzes the methodology and credibility and completes the FNMA Form 2006. The reviewer verifies data using our comprehensive in-house data sources. Desk reviews can include two comparables, when the original appraisal includes comparables.

2000 Residential Appraisal Field Review – This extensive appraisal review includes data verification of the subject and comparable properties. Detailed in scope, the field review supports an appraiser's methodology and conclusions by reviewing the data and sources. Review appraiser inspects the property exterior and evaluates comparable sales. The review appraiser confirms the appraisal data (i.e. prior sales history, current sales data) and provides comparables in a grid format to support any value discrepancy. This technical review is used with any appraisal type and can include an interior inspection for an additional fee.

2075 Property Inspection Report – This service verifies appraisals using an exterior-only property inspection from the street by a state-licensed or state-certified appraiser. Form 2075 is not an appraisal report and does not provide a market value estimate.