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. 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. 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. 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 U.S. Department of Housing and Urban Development Office of Housing Federal Housing Commissioner Appraisal Field Review Report Instructions are on the back of the first sheet. 1. Property Address 2. FHA Case Number 3. CHUMS No.: Date of Review 5. Extent of Review Section : 234(c) 203(k) Number of units: 203(b) 703 Interior & Exterior Exterior Only 6. Reason for Review : 4. Name of Occupant : Recent 2 or 1 Rating Complaint Desk Review New Appraiser New DE Mortgagee Other: 7a. Name and Address of Appraiser : 7b. Name and Address of Mortgagee: 8. Is neighborhood analysis correct? Yes 9. Was the site correctly described? No Yes Should it be 223 (e)? No 10. Was the subject property correctly described? No Give any information that was not reported or was reported incorrectly. Give any information that was not reported or was reported incorrectly. Yes 11. Does the land value appear to be reasonable? Yes No Yes No Give any information that was not reported or was reported incorrectly. 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? List any better comparables which were available: Address Date sold 13. Was the property value determination reasonable? 14. Were the repair conditions appropriate? Yes Yes No No Yes Sales price 5 (excellent) 2 Distance Financing If not, explain List repairs that were omitted or incorrectly required. Date 15. Appraisal Rating : No 4 3 4 3 2 1 (unacceptable) 4 3 2 Chief Appraiser 1 (unacceptable) 1 (unacceptable) 16. Chief Appraiser comments on Appraisal: 17. Field Review Recommendation: Date Field Reviewer Date 5 (excellent) Chief Appraiser or Designee 18. Chief Appraiser Comments on Field Review 19. Field Review Rating : 5 (excellent) 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 U.S. Department of Housing and Urban Development Office of Housing Federal Housing Commissioner Appraisal Field Review Report Instructions are on the back of the first sheet. 1. Property Address 2. FHA Case Number 3. CHUMS No.: Date of Review 5. Extent of Review Section : 234(c) 203(k) Number of units: 203(b) 703 Interior & Exterior Exterior Only 6. Reason for Review : 4. Name of Occupant : Recent 2 or 1 Rating Complaint Desk Review New Appraiser New DE Mortgagee Other: 7a. Name and Address of Appraiser : 7b. Name and Address of Mortgagee: 8. Is neighborhood analysis correct? Yes 9. Was the site correctly described? No Yes Should it be 223 (e)? No 10. Was the subject property correctly described? No Give any information that was not reported or was reported incorrectly. Give any information that was not reported or was reported incorrectly. Yes 11. Does the land value appear to be reasonable? Yes No Yes No Give any information that was not reported or was reported incorrectly. 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? List any better comparables which were available: Address Date sold 13. Was the property value determination reasonable? 14. Were the repair conditions appropriate? Yes Yes No No 5 (excellent) 4 3 2 No Sales price Distance Financing If not, explain List repairs that were omitted or incorrectly required. Date 15. Appraisal Rating : Yes Chief Appraiser 1 (unacceptable) 16. Chief Appraiser comments on Appraisal: Do Not Write in this Space 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 2 form HUD-1038-V (2/93) ref. Handbook 4150.1 American LegalNet, Inc. www.FormsWorkflow.com U.S. Department of Housing and Urban Development Office of Housing Federal Housing Commissioner Appraisal Field Review Report Instructions are on the back of the first sheet. 1. Property Address 2. FHA Case Number 3. CHUMS No.: Date of Review 5. Extent of Review Section : 234(c) 203(k) Number of units: 203(b) 703 Interior & Exterior Exterior Only 6. Reason for Review : 4. Name of Occupant : Recent 2 or 1 Rating Complaint Desk Review New Appraiser New DE Mortgagee Other: 7a. Name and Address of Appraiser : 7b. Name and Address of Mortgagee: 8. Is neighborhood analysis correct? Yes 9. Was the site correctly described? No Yes Should it be 223 (e)? No 10. Was the subject property correctly described? No Give any information that was not reported or was reported incorrectly. Give any information that was not reported or was reported incorrectly. Yes 11. Does the land value appear to be reasonable? Yes No Yes No Give any information that was not reported or was reported incorrectly. 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? List any better comparables which were available: Address Date sold 13. Was the property value determination reasonable? 14. Were the repair conditions appropriate? Yes Yes No No 5 (excellent) 4 3 2 No Sales price Distance Financing If not, explain List repairs that were omitted or incorrectly required. Date 15. Appraisal Rating : Yes Chief Appraiser 1 (unacceptable) 16. Chief Appraiser comments on Appraisal: Do Not Write in this Space 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 1 form HUD-1038-V (2/93) ref. Handbook 4150.1 American LegalNet, Inc. www.FormsWorkflow.com U.S. Department of Housing and Urban Development Office of Housing Federal Housing Commissioner Appraisal Field Review Report Instructions are on the back of the first sheet. 1. Property Address 2. FHA Case Number 3. CHUMS No.: Date of Review 5. Extent of Review Section : 234(c) 203(k) Number of units: 203(b) 703 Interior & Exterior Exterior Only 6. Reason for Review : 4. Name of Occupant : Recent 2 or 1 Rating Complaint Desk Review New Appraiser New DE Mortgagee Other: 7a. Name and Address of Appraiser : 7b. Name and Address of Mortgagee: 8. Is neighborhood analysis correct? Yes 9. Was the site correctly described? No Yes Should it be 223 (e)? No 10. Was the subject property correctly described? No Give any information that was not reported or was reported incorrectly. Give any information that was not reported or was reported incorrectly. Yes 11. Does the land value appear to be reasonable? Yes No Yes No Give any information that was not reported or was reported incorrectly. 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? List any better comparables which were available: Address Date sold 13. Was the property value determination reasonable? 14. Were the repair conditions appropriate? Yes Yes No No 5 (excellent) 4 3 2 No Sales price Distance Financing If not, explain List repairs that were omitted or incorrectly required. Date 15. Appraisal Rating : Yes Chief Appraiser 1 (unacceptable) 16. Chief Appraiser comments on Appraisal: Do Not Write in this Space 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 Original form HUD-1038-V (2/93) ref. Handbook 4150.1 American LegalNet, Inc. www.FormsWorkflow.com