B-005 1004 Desktop/70D Appraisal
NOTICE TO ALL BROKERS
IMPORTANT ANNOUNCEMENT: 1004 Desktop/70D Appraisal
Fannie Mae and Freddie Mac will be allowing the use of Desktop Appraisals on certain purchase transactions effective on different days this month. The Form 1004 Desktop requires the use of a floor plan in addition to a building sketch and other exhibits required for traditional appraisals and should adhere to the UAD specification for Form 1004 and must be submitted through the Uniform Collateral Data Portal (UCDP). Neither GSE allow the use of the Desktop Appraisal Form when the property is identified to be a condominium or a manufactured home.
How To Disclose and Order the 1004 Desktop/70D Appraisal:
The scope of work for the 1004 Desktop is considered comparable to the scope of work for a full 1004 appraisal thus for disclosure purposes, please quote the appraisal fee for the LE based on the fee for a full 1004 appraisal as listed by your assigned AMC for the state/county in question.