Desktop Appraisal
An appraisal performed without a physical inspection of the subject property, relying instead on public records, MLS data, prior appraisals, and other third-party data sources. Authorized by GSEs for qualifying transactions.
Desktop appraisals became more widely accepted following the COVID-19 pandemic flexibilities. The appraiser uses technology, data aggregation tools, MLS listings with photos, tax records, prior inspection reports, and other sources to develop an opinion of value without visiting the property. Fannie Mae's desktop appraisal option requires the property to have been previously appraised with an interior inspection, and the prior appraisal data is used as a baseline. Desktop appraisals are typically limited to lower-risk refinance transactions with significant borrower equity.
Related Terms
Form 2055 (Exterior-Only Appraisal)
2055An appraisal report form for exterior-only inspections of one-unit properties.
Uniform Residential Appraisal Report (URAR)
URARThe standard appraisal report form (Fannie Mae Form 1004 / Freddie Mac Form 70) used for most single-family residential mortgage appraisals.
Hybrid Appraisal
An appraisal in which a third-party (not the appraiser) conducts the property inspection and data collection, while the licensed appraiser completes the analysis and value opinion based on the collected data..
Fannie Mae (Federal National Mortgage Association)
FNMAA government-sponsored enterprise (GSE) that purchases and securitizes residential mortgages, setting appraisal standards and form requirements that apply to the majority of conventional mortgage loans in the United States..
More in Report Types & Forms
View allForm 1004
The Fannie Mae designation for the Uniform Residential Appraisal Report (URAR), used for appraisals of one-unit properties and units in planned unit developments (PUDs).
Form 1004D (Appraisal Update)
1004DA form used to update a previously completed appraisal to reflect current market conditions and confirm that the property condition has not materially changed.
Form 1073 (Condominium Appraisal)
1073The standard appraisal form for individual condominium units, including analysis of the unit, the condominium project, and common elements.
Form 1025 (Small Residential Income Property)
1025The appraisal form for 2-4 unit residential properties, incorporating both the sales comparison approach and the income approach.