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Knowledge Base Initiative

Indianapolis Appraisal Associates, Inc. contribution to community well-being.

We are happy to present an array of materials to our valued clients, in one easy to access place, that will hopefully streamline the appraisal portion of our lenders time.  Most of these examples are based on questions that we continually receive from clients.          

Our goal is for these resources to make your life easier and more productive. 

 

Which form do I need? Here are the Fannie Mae forms and their intended uses

What information do I need to send when placing an appraisal order?`

Where can I find more information about Fannie Mae?

Where can I continually verify my appraisers license status? 

Where can I verify my appraisers FHA roster status?

What exactly can an Indiana appraiser appraise?

What is Indiana's position on the new licensing requirements?

Are there Spanish translated Fannie Mae forms?

What is USPAP and The Appraisal Foundation?

How do I find out if a condominium is FHA approved?  

Where can I find my counties maximum FHA mortgage limits?

Are VC repairs still part of the new FHA appraisal requirements?

 

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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Real estate appraiser Indianapolis.  Certified real estate appraiser.  Real estate appraiser consulting service.  Indianapolis Indiana real estate appraiser.

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FAX: 1+ 317-784-6882

 

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