Project: — HUD Multifamily Accelerated Processing (MAP)

Name:
FHA #:
SOA:
Type:	NC or Sub-Rehab or Refi or Acquisition
Stage:	Firm or Pre-App
#Units:
Address:
City:
County:
State:

The review of the Project has been completed and the following text describes the review completed.

Client and Other Intended Users of the Review: The client is the United States Department of Housing and Urban Development (HUD); the intended users are HUD staff involved in the FHA mortgage insurance underwriting process, and no others.

Intended Use of the Reviewer: This assignment is intended to be used for mortgage insurance decision making purposes, and no other use.

Purpose of the Review: To determine if the risks associated with the Project are acceptable to HUD. Furthermore, and as a byproduct of the risk determination, the purpose is to determine acceptability of the work under review for use in mortgage insurance underwriting purposes. The reviewer’s opinions and conclusions are limited to the work under review. The review does not include a development of the reviewer’s own opinion of value.

Hypothetical Conditions: The work under review (with the exception of the environmental documents) and the review assignment both assume that all necessary property improvements and/or repairs are complete, and that the property has stabilized occupancy as of the effective date of the appraisal.

Extraordinary Assumptions : There are no extraordinary assumptions specific to this assignment; however, extraordinary assumptions were contained in the appraisal under review.

MAP Guide, March 2021 Go to beginning of Appendix 7

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Appendix 7 Valuation Processing A.7.2 HUD Review of Appraisal and Market Study

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Jurisdictional Exception: Per Federal Register Volume 59, Number 190 (Monday, 10/3/1994), FR Doc No: 94-24327, Part XI, Department of Housing and Urban Development, Office of the Assistant Secretary for Housing--Federal Housing Commissioner, 24 Part 200 et al., Appraisals and Property Valuation; Final Rule – (in summary) and OMB Bulletin No. 92-06 - Federal employees who are state-licensed or certified real estate appraisers need only be licensed or certified in one state or territory to perform real estate appraisal duties as Federal employees in all states and territories.

Scope of work: A full or limited scope review was completed for the following:[1]

Appraisal2	Market Study	EMAD	Underwriting3	Phase I4
`☐`Full	`☐`Full	`☐`Full	`☐`Full	`☐`Full
`☐`Limited	`☐`Limited	`☐`Limited	`☐`Limited	`☐`Limited
`☐`None	`☐`None	`☐`None	`☐`None	`☐`None

1 The review would incorporate and include any and all follow-up or additional information submitted after the application submission and prior to the completion of this review.

2 The ownership interest in the work under review is Fee Simple.

3 Includes Lender’s narrative, forms (i.e. 92264), and any other information supplied by the Lender.

4 Includes all other environmental reports (i.e. Phase II, various O&M Plans, etc.).