Official Federal Forms > US Department Of Housing And Urban Development
Appraisal Field Review Report HUD-1038-V - Official Federal Forms
| Appraisal Field Review Report Form. This is a national form and can be used in US Department Of Housing And Urban Development . |
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Instructions The Chief Appraiser (or designee) must complete this form for each Appraisal Field Review. Send the original to the appraiser. The Chief Appraiser must retain the signed original report for two years. Continuous poor ratings of "2" or "1" may require removal from the panel and administrative sanctions against the appraiser. The information required for preparation of this form must be obtained by investigation and review in the field. The field review is confined to the appraisal, the property inspected, and any conditions of the commitment. The reviewer will report both strengths and weaknesses which are shown by the review and will report nonconformity with current instructions. The Appraisal Field Review Report will be used for the field review of all appraisals. Not all items on the report need to be considered for every type of appraisal. Comments should be entered only where applicable. Additional information may be provided in an addendum if necessary. Items 1 - 4 and 6. To be completed by the HUD Field Office. Item 19. To be completed by Chief Appraiser or Designee. Item 8 - 11. If "No" is checked describe inaccuracies in simple, clear terms. Comments should be helpful in improving future appraisals or in bringing attention to unacceptable appraisal practices. Appraiser's Comments on a Field Review Rating less than 5. Item 12. It should be remembered that this is a review of an appraisal already done and not a new appraisal. The reviewer must consider the information which was available to the appraiser. If descriptions and adjustments are not accurate, indicate what would be considered acceptable. Item 13. Same as 8 - 11. Remember that it is possible for value determination to be reasonable in spite of errors and inconsistencies in the appraisal. If value is reasonable but based on faulty logic, this should be pointed out. Item 14. Repairs should be required for health, safety, and protection of the asset. Excessive repair requirements can be a problem as well as requirements overlooked which should have been noticed. Item 16. Completed by Chief Appraiser or Designee. Item 17. To be completed by Field Reviewer. Item 18. To be completed by Chief Appraiser or Designee. Note to the Appraiser: You must sign and return this form to the Chief Appraiser within 15 days. If your appraisal has been rated "2" or "1", you must make an appointment to meet with the Chief Appraiser who rated your appraisal within 15 days of the date of this report. Failure to make an appointment may lead to your removal from the panel. Send the Original of this form to the Appraiser; Copy 1 to the Appraiser's File; Copy 2 to the DE Lender if DE Staff Appraiser; Copy 3 to the Field Reviewer's File. Previous editions are obsolete form HUD-1038-V (2/93) ref. Handbook 4150.1 American LegalNet, Inc. www.FormsWorkflow.com Appraisal Field Review Report Instructions are on the back of the first sheet. 1. Property Address U.S. Department of Housing and Urban Development Office of Housing Federal Housing Commissioner 2. FHA Case Number 3. CHUMS No.: Date of Review 5. Extent of Review Section : 203(b) 203(k) Number of units: 4. Name of Occupant : 6. Reason for Review : Recent 2 or 1 Rating New Appraiser Complaint New DE Mortgagee Desk Review Other: 234(c) 703 Interior & Exterior Exterior Only 7a. Name and Address of Appraiser : 7b. Name and Address of Mortgagee: 8. Is neighborhood analysis correct? Yes No Should it be 223 (e)? Yes No Give any information that was not reported or was reported incorrectly. 9. Was the site correctly described? Yes No Give any information that was not reported or was reported incorrectly. 10. Was the subject property correctly described? Yes No Give any information that was not reported or was reported incorrectly. 11. Does the land value appear to be reasonable? Yes No If not, explain. 12. Review of the comparables used. Note if the descriptions are accurate and the adjustments reasonable. Comparable No. 1: Comparable No. 2: Comparable No. 3: Were the comparables appropriate? Yes No Were better ones available? Date sold Yes Sales price No Distance Financing List any better comparables which were available: Address 13. Was the property value determination reasonable? Yes No If not, explain 14. Were the repair conditions appropriate? Yes No List repairs that were omitted or incorrectly required. Date 15. Appraisal Rating : 5 (excellent) 4 3 2 1 (unacceptable) Chief Appraiser 16. Chief Appraiser comments on Appraisal: 17. Field Review Recommendation: Date Field Reviewer 5 (excellent) 4 3 2 1 (unacceptable) 18. Chief Appraiser Comments on Field Review 19. Field Review Rating : Date Chief Appraiser or Designee 5 (excellent) 4 3 2 1 (unacceptable) Send the Original of this form to the Appraiser; Copy 1 to the Appraiser's File; Copy 2 to the DE Lender if DE Staff Appraiser; Copy 3 to the Field Reviewer's File. Previous editions are obsolete Copy 3 form HUD-1038-V (2/93) ref. Handbook 4150.1 American LegalNet, Inc. www.FormsWorkflow.com Appraisal Field Review Report Instructions are on the back of the first sheet. 1. Property Address U.S. Department of Housing and Urban Development Office of Housing Federal Housing Commissioner 2. FHA Case Number 3. CHUMS No.: Date of Review 5. Extent of Review Section : 203(b) 203(k) Number of units: 4. Name of Occupant : 6. Reason for Review : Recent 2 or 1 Rating New Appraiser Complaint New DE Mortgagee Desk Review Other: 234(c) 703 Interior & Exterior Exterior Only 7a. Name and Address of Appraiser : 7b. Name and Address of Mortgagee: 8. Is neighborhood analysis correct? Yes No Should it be 223 (e)? Yes No Give any information that was not reported or was reported incorrectly. 9. Was the site correctly described? Yes No Give any information that was not reported or was reported incorrectly. 10. Was the subject property correctly described? Yes No Give any information that was not reported or was reported incorrectly. 11. Does the land value appear to be reasonable? Yes No If not, explain. 12. Review of the comparables used. Note if the descriptions are accurate and the adjustments reasonable. Comparable No. 1: Comparable No. 2: Comparable No. 3: Were the comparables appropriate? Yes No Were better ones available? Date sold Yes Sales price No Distance Financing List any better comparables which were available: Address 13. Was the property value determination reasonable? Yes No If not, explain 14. Were the repair conditions appropriate? Y
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