As an underwriter or compliance professional, when you are asked to formally review the Uniform Residential Appraisal Report (URAR) Form, it will be necessary to reference USPAP standards, industry standards (Fannie Mae, Freddie Mac, FHA, VA) or even your company’s own lending standards. You’ll also need to identify if the appraisal meets standards for special loan programs such as the Rural Housing Service or some sort of assisted housing during your review. This one-hour self-paced course will help clarify these standards and teach you how to work with the URAR. This course focuses on the URAR, also known as Fannie Mae form 1004 (March 2005 version). Common areas of weakness will be illustrated, and hints and tips will be dispensed, section by section of the form. You will learn what to look for and how to judge the adequacy and accuracy of the report.
After completing this course, students will be able to:
• Recognize unacceptable appraisal practices
• Be familiar with requirements for completing the URAR
• Identify common appraisal deficiencies
• Understand what Fannie Mae determines to be “unacceptable appraisal practices”
• Know how to complete the various parts of the URAR
• Identify danger areas in the URAR that may indicate fraudulent activities