f. Cost Approach for all single family one to four dwellings to include Planned Unit Development units that are proposed, under construction and existing less than one year old. g. A separate Gross Rent Multiplier analysis for 3 & 4 unit properties or FNMA Form 1025. See section on Gross Rent Multiplier for more information. h. Appraiser Certification and Statement of Limiting Conditions i. Appraisals performed on manufactured homes must meet the criteria in Sections 8-0 through 8-2 of HUD Handbook 4150.2 and the “Manufactured Home” section of this guide. (Sections 8-3 and 8-4 of the 4150.2 are for manufactured homes appraised under HUD’s Title I program.) k. Electronic Signatures - (Mortgagee Letter 95-50) HUD accepts the procedure of electronically affixing a signature to an appraisal report, provided certain security measures are taken. In conformance with the Appraisal Standards Board’s (ASB) Standard No. 8, all appraisers electronically signing a report must have a digital signature security feature built into their software program. The appraiser should ensure their signature is protected and only the appraiser maintains control of their signature. This control may be maintained by a personalized identification number, security cards or other hardware devices, where the appraiser has sole personalized control of affixing their signature. Electronically affixing a signature to an appraisal report carries the same level of authenticity and responsibility as an appraisal report with an ink signature. (Note: Appraisal trainees shall not sign on the appraisal report in any capacity. Mortgagee Letter 94-54) 2. Part II - National Valuation Condition (VC) Sheet (HUD92564-VC) -Required in all appraisal packages. ( or Legal size paper is needed to print this form.) 3. Part III - Homebuyer Summary (HUD-92564-HS)
B. Submission of Appraisal Package(s) - See Mortgagee Letter 98-13 1. At least two complete CVPs will be submitted to the lender for inclusion into the insuring file. At least one of these may be used by HUD to conduct reviews of the appraisal. 2. Electronic transmission of an appraisal report will be between appraisers and lenders. Appraisal reports will not and cannot be received by HUD electronically. Electronic signatures and electronic transmission does not eliminate the appraiser’s responsibility of supply a complete appraisal package for HUD’s review. This is one of the sets submitted to the lender. (The old copy 6.) (Mortgagee Letter 95-50)
Note: The lender selected appraiser is required to personally visit the subject property and all comparables used in the appraisal report. Having someone else inspect and or take pictures of the subject property and or comparables is not acceptable. The lender selected appraiser who performed the appraisal and made the inspection must personally sign the appraisal report. An appraisal trainees on the appraisal report
in any capacity.
Copy Printed: REVISION I
02/16/0233 Revision Effective: 05-30-00