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MC > Appraisal > Flashcards

Appraisal Flashcards

1
Q

What is ACE?

A

Automated Collateral Evaluation
Freddie Mac products
-used in place of an appraisal report on eligible transactions

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2
Q

What is a PDR?

A

Property Data Report
-allows lenders to originate cash out and certain no cash out refis without an appraisal

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3
Q

What is a desk review?

A

Supplemental to the appraisal report. No additional property visit.

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4
Q

What is a field review?

A

Supplement to the appraisal report. Another visit is required but is typically exterior only. AKA “drive by appraisals”

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5
Q

Fannie Mae = FNMA. What does FNMA stand for?

A

Federal national mortgage association

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6
Q

Freddie Mac = FHLMC. What does FHLMC stand for?

A

Federal home loan mortgage corporation

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7
Q

What is a PIW?

A

Property Inspection Waiver - appraisal waiver
Fannie Mae products only

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8
Q

What is Value + PD?

A

Fannie Mae Value Acceptance and property data appraisal waiver.
Replaces complete appraisal with a property data collection inspection.
Uses tech to collect subject property information.

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9
Q

How is market value determined?

A

By a sales comp approach
Assumes an individual will pay no more for a property than the price of a similar property.
*Only SOLD homes are used as comps.

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10
Q

FNMA 1004
Freddie Form 70

A

Appraisal Reports

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11
Q

1073

A

Condo appraisal

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12
Q

FNMA 1025
Freddie Form 72

A

2-4 Unit Property Report

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13
Q

2055

A

Exterior Only

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14
Q

FNMA 2000
Freddie Mac 1032

A

One Unit Field Review

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15
Q

FNMA 2000A
Freddie Mac 1072

A

2-4 Unit field review

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16
Q

FNMA 2006

A

Desk Review

17
Q

FNMA 1004D
Freddie Mac 442

A

An appraisal update and/or final inspection

18
Q

FNMA 1004MC
Freddie Mac 71

A

One page addendum that analyzes current market conditions.
*Required with ALL appraisal reports

19
Q

How are appraisers contacted?

A

Through the company appraisal management system - Reggora

20
Q

What is a Reconsideration of Value Form submitted for?

A

Any disputes regarding appraisal inconsistencies

21
Q

Appraisal reports cannot be more than ______ days old at closing.

A

120

22
Q
A

MC (5 decks)

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