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Unless we specify otherwise, we require the following exhibits for any appraisal report that is used for a manually underwritten mortgage:
| • | A street map that shows the location of the subject property and of all comparables that the appraiser used; |
| • | An exterior building sketch of the improvements that indicates the dimensions. (For a unit in a condominium or cooperative project, the sketch of the unit must indicate interior perimeter unit dimensions rather than exterior building dimensions.) Generally, the appraiser must also include calculations to show how he or she arrived at the estimate for gross living area; however, for a unit in a condominium or cooperative project, the appraiser may rely on the dimensions and estimate for gross living area that are shown on the plat. In such cases, the appraiser does not need to provide a sketch of the unit as long as he or she includes a copy of the plat with the appraisal report. A floor plan sketch that indicates the dimensions is required instead of the exterior building or unit sketch if the floor plan is atypical or functionally obsolete, thus limiting the market appeal for the property in comparison to competitive properties in the neighborhood; |
| • | Clear, descriptive photographs (either in black and white or color) that show the front, back, and a street scene of the subject property, and that are appropriately identified. (Photographs must be originals that are produced either by photography or electronic imaging.); |
| • | Clear, descriptive photographs (either in black and white or color) that show the front of each comparable sale and that are appropriately identified. (We do not require photographs of comparable rentals and listings.) Generally, photographs should be originals that are produced by photography or electronic imaging; however, copies of photographs from a multiple listing service or from the appraiser's files are acceptable if they are clear and descriptive; |
| • | Certification of completion or appraisal update -- either as a letter or as a form that provides the necessary information -- if applicable; |
| • | An Operating Income Statement (Form 216) or a similar cash flow and operating income statement, if the property is an investment property (including a two- to four-family property in which the applicant will occupy one unit as a principal residence). Generally, the statement may be prepared by either the applicant or the appraiser (although the applicant for a Community Living mortgage must prepare the statement). (When the applicant prepares a Form 216, the appraiser's comments on the reasonableness of the projected operating income must be included on the form. When the appraiser prepares a Form 216, the lender must make sure the appraiser has operating statements; expense statements related to mortgage insurance premiums, owners' association dues, leasehold payments, or subordinate financing payments; and any other pertinent information related to the property.); |
| • | A Single-Family Comparable Rent Schedule (Form 1007), if the property is a one-family investment property (other than one that secures a Community Living mortgage); and |
| • | Any other data -- as an attachment or addendum to the appraisal report form -- that are necessary to provide an adequately supported opinion of market value. |
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