Which form do I need? Here
are the Fannie Mae forms and their intended uses
These single-family
Fannie Mae appraisal forms are the most common forms we use in Indiana.
In order to better serve you, we have provided pdf copies of these
forms, brief explanations of their intended uses, and any restrictions
the forms may present to you. We prepare these streamlined appraisal
reports in a manner sufficient with the underwriting expectations of
Fannie Mae.
Click here to view a complete list
of the most common Fannie Mae forms and their intended uses
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What information do I need to
send when placing an appraisal order?
These are the items that we
require from the lender when placing an order. These are
standard lender disclosures required by Fannie Mae. Please
include all of these applicable items with every new order.
Click here for your complete list
of items to send when placing an appraisal order
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Where can I find out more
information about Fannie Mae?
This is the official Fannie Mae
website, and one of the most comprehensive resources.
Take me directly to eFannieMae.com
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Where can I continually
verify my appraisers license status?
To verify an appraisers license
with the State of Indiana, click here
Indiana Professional Licensing Agency
To verify an appraisal license
with the Appraisal Subcommittee, Federal Financial Institutions
Examination Council,
click here,
Appraisal Subcommittee, Federal Financial
Institutions Examination Council
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Where can I verify
my appraisers FHA roster status?
Be careful to only enter the
state and last name of the appraiser you are searching for.
Click here to verify FHA roster status
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What exactly can an
Indiana appraiser appraise?
This information
appears exactly as obtained from
http://www.in.gov/pla/bandc/appraiser/COMPILATION.doc
876 IAC 3-2-2
Types of appraisals of real estate governed by federal law
Authority: IC
25-34.1-3-8
Affected: IC
25-34.1
Sec. 2. Types
of appraisals of real estate involved in transactions governed by the
federal act allowed to be done by holders of the various licenses shall
be governed by federal law. (Indiana Real Estate Commission; 876 IAC
3-2-2; filed Sep 24, 1992, 9:00 a.m.: 16 IR 736; readopted filed May 29,
2001, 10:00 a.m.: 24 IR 3238)
876 IAC 3-2-3
Types of real estate transactions not governed by federal law
Authority: IC
25-34.1-3-8
Affected: IC
25-34.1
Sec. 3. (a) As
concerns appraisals of real estate not involved in transactions governed
by the federal act, holders of any of the four (4) licenses may do any
type of appraisal they are competent to conduct as provided by the
competency provision of the Uniform Standards of Professional Appraisal
Practice (as adopted in 876 IAC 3-6-2 and 876 IAC 3-6-3) subject to the
limitations provided for in subsection (b).
(b) Subject to
the limitations stated in subsection (a), the following apply:
(1) Indiana
licensed trainee appraiser may do appraisals (not review appraisals)
identified in 876 IAC 3-3-11 and 876 IAC 3-3-12 subject to the
requirements of 876 IAC 3-6-8 and 876 IAC 3-6-9.
(2) Indiana
licensed residential appraiser may independently do appraisals of
other types of property, or review appraisals performed by others, in
the residential category identified in 876 IAC 3-3-11 (except for
appraisals of subdivisions or apartment complexes of two (2) or more
buildings). Indiana licensed residential appraisers may do appraisals of
other types of property identified in 876 IAC 3-3-12 if these appraisals
are cosigned by an appraiser certified to complete these appraisals and
the cosigner accepts full responsibility for all appraisals completed by
the licensed residential appraiser.
(3) Indiana
certified residential appraisers may independently do appraisals of
other types of property, or review appraisals performed by others, in
the residential category as identified in 876 IAC 3-3-11 (except for
appraisals of subdivisions or apartment complexes of two (2) or more
buildings) and appraisals in the general (nonresidential) category
identified in 876 IAC 3-3-12(a)(1) through 876 IAC 3-3-12(a)(5). Indiana
certified residential appraisers may do appraisals of other types of
property identified in 876 IAC 3-3-12 if these appraisals are in
compliance with the Uniform Standards of Professional Appraisal Practice
as adopted in 876 IAC 3-6-2 and 876 IAC 3-6-3 and are cosigned by a
certified general appraiser and the cosigner accepts full responsibility
for all appraisals completed by the certified residential appraiser.
(4) Indiana
certified general appraiser may do appraisals, or review appraisals
performed by others, of all types of real property.
(c) Indiana
licensed trainee appraisers are also governed by 876 IAC 3-6-8 and 876
IAC 3-6-9.
(d) Nothing
about this article shall be construed to limit the right of licensed
real estate brokers to conduct appraisals of real estate except to the
extent that federal law requires that they be conducted by individuals
who hold Indiana licensed residential appraiser licenses, Indiana
certified residential appraiser licenses, or Indiana certified general
appraiser licenses issued by the board. (Indiana Real Estate
Commission; 876 IAC 3-2-3; filed Sep 24, 1992, 9:00 a.m.: 16 IR 736;
filed Dec 8, 1993, 4:00 p.m.: 17 IR 771; errata filed Jan 21, 1994, 3:00
p.m.: 17 IR 1101; filed Dec 24, 1997, 11:00 a.m.: 21 IR 1757; readopted
filed May 29, 2001, 10:00 a.m.: 24 IR 3238)
876 IAC 3-3-11
Property defined under residential category
Authority: IC 25-34.1-3-8
Affected: IC 25-34.1
Sec. 11.
(a) Types of property under the residential category are defined as
follows:
(1) Single
family.
(2) Multiple
family, no more than four (4) units (duplex, triplex, and quadplex).
(3) Vacant
lots, one (1) to four (4) units (except subdivisions).
(4) Rural, ten
(10) acres to one hundred (100) acres with homestead.
(5) Other
activities described in section 12(d)(4) through 12(d)(9) of this rule.
Indiana
licensed residential appraisers may do appraisals of other types of
property identified in 876 IAC 3-3-12 if these appraisals are cosigned
by an appraiser certified to complete these appraisals and the cosigner
accepts full responsibility for all appraisals completed by the licensed
residential appraiser.
876 IAC 3-3-12
Property defined under general (nonresidential) category
Authority: IC 25-34.1-3-8
Affected: IC 25-34.1
Sec. 12.
(a) Types of property under the general (nonresidential) category are as
follows:
(1) Land, one
hundred (100) acres or more, including the following:
(A) Farms of
one hundred (100) acres or more in size.
(B)
Undeveloped tracts.
(C)
Residential multiple family sites.
(D) Commercial
sites.
(E) Industrial
sites.
(F) Land in
transition.
(G) Similar
projects.
(2) Land,
under one hundred (100) acres, including the following:
(A) Farms of
one hundred (100) acres or less in size.
(B)
Undeveloped tracts.
(C)
Residential multiple family sites.
(D) Commercial
sites.
(E) Industrial
sites.
(F) Land in
transition.
(G) Similar
projects.
(3)
Residential multiple family (five (5) to twelve (12) units), including
the following:
(A)
Apartments.
(B)
Condominiums.
(C)
Townhouses.
(D) Mobile
home parks.
(4)
Residential multiple family (thirteen (13) or more units), including the
following:
(A)
Apartments.
(B)
Condominiums.
(C)
Townhouses.
(D) Mobile
home parks.
(5) Commercial
single tenant, including the following:
(A) Office
building.
(B) Retail
store.
(C)
Restaurant.
(D) Service
station.
(E) Bank.
(F) Day care
center.
(G) Similar
projects.
Indiana
certified residential appraisers may do appraisals of other types of
property identified in 876 IAC 3-3-12 if these appraisals are in
compliance with the Uniform Standards of Professional Appraisal Practice
as adopted in 876 IAC 3-6-2 and 876 IAC 3-6-3 and are cosigned by a
certified general appraiser and the cosigner accepts full responsibility
for all appraisals completed by the certified residential appraiser.
(6) Commercial
multiple tenant, including the following:
(A) Office
building.
(B) Shopping
center.
(C) Hotel or
motel.
(D) Similar
projects.
(7)
Industrial, including the following:
(A) Warehouse.
(B)
Manufacturing plant.
(C) Similar
projects.
(8) Special
purpose, including the following:
(A) Rest home.
(B) Nursing
home.
(C) Hospital.
(D) School.
(E) Church.
(F) Government
building.
(G) Other
special purpose properties, including intensive agricultural and
business uses.
(9) Other
activities described in subsection (d)(4) through (d)(9).
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What is Indiana's
position on the new licensing requirements?
Please note that LSA 06-95 has not
been adopted or published as a proposed rule. This information is
subject to change and should only be used as a guide. Please check this
link frequently for additional updates.
2008 Appraiser Qualifications Requirements
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Are there Spanish
translated Fannie Mae forms?
Yes, Fannie Mae has translated
many of their documents into Spanish,
click here for a list of available documents
Click here for more about the Use of Spanish
Translations of Legal Documents
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What is USPAP and
the Appraisal Foundation?
The Uniform Standards of
Professional Appraisal Practice (USPAP) are the generally accepted
standards for professional appraisal practice in North America. USPAP
contains standards for all types of appraisal services. Standards are
included for real estate, personal property, business and mass
appraisal.
To learn more about the benefits of USPAP and The
Appraisal Foundation, click here
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FHA Approved Condominium
List
While it is rumored that this
requirement may soon be retired, it is still in effect. Here is
the link for determination:
Click here for the FHA Approved Condominium List
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My
counties maximum FHA mortgage limits
This page allows you to look up
the FHA mortgage limits for your area or several areas, and then list
them by state, county, or Metropolitan Statistical Area.
Click here to search start your search
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What is considered a
Required Repair vs. a Cosmetic Repair
under the new FHA appraisal requirements?
There is a lot of confusion
regarding this. Nothing has changed in regards to the appraisal
inspection process. A "head and shoulders" visible inspection is
still required for attics and crawl spaces in addition to an inspection
of all "readily observable" areas of the improvement. HUD has
relaxed their traditional VC sheet reporting protocol, BUT has afforded
the appraiser more discretion as to what would be considered a required
or cosmetic repair. Basically, health, safety, and soundness of
the improvement falls under required repairs. This includes major
building components like the structure, roof, and mechanical systems.
For anything less or short-lived items, the appraiser will most likely
determine that the repair is cosmetic in nature if the physical item has
some remaining economic life.
Reporting requirements:
The appraiser is still expected to report all cosmetic repairs in their
appraisal and include an "estimated cost to cure". The "estimated
cost to cure" is not to be subtracted as a mechanical dollar for dollar
adjustment, but rather as the market's estimated reaction to the
presence of these repairs and their effect on marketability in condition
adjustments made to the comparables.
Indianapolis Appraisal
Associates, Inc. policy is to NOT remove any "cosmetic repairs" noted in
our appraisal reports without a signed waiver from the underwriter
asking for their removal.
For complete reading on this subject matter, click
here
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