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© Copyright Notice: © Fannie Mae. UAD 3.6 / URAR reference materials shown for research and reference only. Full documents available at fanniemae.com/uad. Reproduction restricted per Fannie Mae copyright policy.

© Copyright Notice: © The Appraisal Foundation. Excerpts shown for research and reference only (fair use, 17 U.S.C. § 107) — every certified appraiser is required to have their own current copy under USPAP's own Record Keeping/Competency provisions; this tool helps you find the exact passage, it doesn't replace owning it. Full current edition available for purchase at appraisalfoundation.org. Reproduction restricted per The Appraisal Foundation's copyright policy.

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#1 Fannie Mae Selling Guide Page 556

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B4-1.2-03, Hybrid Appraisals (12/10/2025) Introduction This topic contains information on hybrid appraisals, including: Overview Completing the Hybrid Appraisal Eligible…

Fannie Mae Selling Guide · Selling Guide - 06-03-2026.pdf · Page 556 · View at official source (selling-guide.fanniemae.com) →

B4-1.2-03, Hybrid Appraisals (12/10/2025) Introduction This topic contains information on hybrid appraisals, including: Overview Completing the Hybrid Appraisal Eligible Transactions Ineligible Transactions Exercising Hybrid Appraisals Representations and Warranties Uniform Appraisal Dataset (UAD) 3.6 Policy Overview For certain loan casefiles, DU offers hybrid appraisals - an appraisal option requiring a property data collection. A hybrid appraisal reported on the Uniform Residential Appraisal Report (Hybrid) (Form 1004 Hybrid) or Individual Condominium Unit Appraisal Report (Hybrid) (Form 1073 Hybrid) must conform to B4-1.1-04, Unacceptable Appraisal Practices. The minimum scope of work for hybrid appraisals includes consideration by the appraiser of interior and exterior property data collection by a trained and vetted third party (such as a real estate agent, insurance inspector, appraiser, etc.). The appraiser relies on the data collected (and other sources if needed) to identify property characteristics including condition. The property data collection must comply with the Uniform Property Dataset and be delivered to the Fannie Mae Property Data API. Completing the Hybrid Appraisal Property data collection and the appraisal report are separate assignments and may be performed by different people. If the appraiser does not perform the data collection, the lender must share the property data collection with the appraiser at the time of engagement. The appraiser will use the data along with other third-party sources to develop the appraisal. The effective date of the hybrid appraisal is the date that the appraiser arrives at their opinion of value. Note: If the appraiser is engaged as a property data collector and at a later date engaged as an appraiser, this is still considered a hybrid appraisal. The lender remains responsible for verifying the accuracy of the property description and the completeness of the data including the condition and quality ratings as determined by the appraiser. The lender is also responsible for ensuring the property meets the property eligibility requirements in this Selling Guide. Lastly, the lender remains responsible for any life-of-loan representations and warranties that may apply to the property or the appraisal. Exhibits: Form 1004 Hybrid and Form 1073 Hybrid require the same exhibits as traditional appraisals with the inclusion of a floor plan conforming to the ANSI standard. See B4-1.2-01, Appraisal Report Forms and Exhibits for additional information on exhibits and B4-1.3-05, Improvements Section of the Appraisal Report for additional

#2 Fannie Mae Selling Guide Page 558

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Ineligible Transactions The following transactions are not eligible for a hybrid appraisal: two- to four-unit properties; co-op units; manufactured homes; proposed construction;…

Fannie Mae Selling Guide · Selling Guide - 06-03-2026.pdf · Page 558 · View at official source (selling-guide.fanniemae.com) →

Ineligible Transactions The following transactions are not eligible for a hybrid appraisal: two- to four-unit properties; co-op units; manufactured homes; proposed construction; construction-to-permanent loans (single-close and two-close); HomeStyle Renovation and HomeStyle Refresh loans; DU loan casefiles that receive an Ineligible recommendation; and manually underwritten loans. Exercising Hybrid Appraisals When exercising a hybrid appraisal, the lender must complete all of the following: obtain a property data collection and successfully submit to the Fannie Mae Property Data API. provide the property data collection to an appraiser for the completion of a hybrid appraisal based on property type using either Form 1004 Hybrid or Form 1073 Hybrid. submit the hybrid appraisal to the Uniform Collateral Data Portal (UCDP). perform an appraisal review in accordance with this Guide. deliver the loan with the hybrid appraisal to Fannie Mae. Note: A lender may obtain a hybrid appraisal if a loan loses value acceptance + property data eligibility after submitting the property data collection to the Property Data API. See B4-1.4-11, Value Acceptance + Property Data B4-1.4-11, Value Acceptance + Property Datafor specific requirements. Representations and Warranties When a hybrid appraisal is reported on Form 1004 Hybrid or Form 1073 Hybrid and submitted through the UCDP, the appraisal will be scored by Collateral Underwriter (CU). All eligible loans with a hybrid appraisal receiving a CU risk score of 2.5 or less are eligible for enforcement relief of certain representations and warranties related to the appraisal value of the subject property (see A2-2-06, Representations and Warranties on Property Value for complete requirements and additional information). Uniform Appraisal Dataset (UAD) 3.6 Policy Lenders using UAD 3.6 must follow the requirements in the UAD 3.6 Policy Supplement . Recent Related Announcements The table below provides references to recently issued Announcements that are related to this topic.

#3 UAD 3.6 / URAR (FNMA) Page 43

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Assignment Information Appendix F-1: URAR Reference Guide Page 43 of 375 Version 1.3 Contact Information: Significant Real Property Appraisal Assistance Report Field ID Report…

UAD 3.6 / URAR (FNMA) · Appendix F-1 URAR Reference Guide v1.3.pdf · Page 43 · View at official source (fanniemae.com/uad) →

Assignment Information Appendix F-1: URAR Reference Guide Page 43 of 375 Version 1.3 Contact Information: Significant Real Property Appraisal Assistance Report Field ID Report Label When to Include Allowable Answers / Format Definition / Additional Guidance 2.049 Level Required for each person providing significant real property appraisal assistance Choose an allowable answer from the Definition / Additional Guidance column Credential Type • None (includes noncredentialled appraiser trainees or jurisdictions that don’t provide credentials to appraiser trainees) • Certified General • Certified Residential • Licensed Residential • Trainee Appraiser (appraiser trainees with an issued credential, also referred to as Registered Trainee) • Other (Describe) 2.050 ID Required if Credential Type is not None Free-form The credential as reported by the state or ASC, if applicable. Note: Do not include state in the ID field unless it is part of the credential number as reported on the ASC National Registry. 2.051 State Required if Credential Type is not None 2-letter USPS state code State credential that applies to the assignment, commonly referred to as the “credentialling state”. 2.052 Expires Required if Credential Type is not None mm/dd/yyyy Expiration date of the credential. 2.048 Description Required for each person providing significant real property appraisal assistance Free-form Explains the details and extent of the assistance provided. Property Data Report This subsection provides details about the property data report, which is the accumulation of factual information collected from the observation of a residential property that is completed specifically for mortgage purposes, whether in the form of data or a report. This is limited to property characteristics and does not include opinions of value. Note: Tax records and MLS listings are data sources and do not constitute a property data report. A contact (person) displays in this section when the Property Data Collector Role is chosen for the contact. If there is no property data report associated with the appraisal (Property Data Report Used (2.005) is No), do not choose a Role of Property Data Collector, and this subsection does not display. Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for requirements regarding the level of inspection. Role: Property Data Collector (Choose if applicable for each Contact) Allowable Answer Definition / Additional Guidance Property Data Collector The person observing and collecting relevant property characteristics used in preparation of a property data report.

#4 UAD 3.6 / URAR (FNMA) Page 6

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paradigm WHICH FORMS WILL BE AFFECTED? Uniform Residential Appraisal Report (1004, 70) Universal Residential Appraisal Report Desktop (1004 Desktop, 70D) Uniform Residential…

UAD 3.6 / URAR (FNMA) · 2025-UAD-eBook-final.pdf · Page 6 · View at official source (fanniemae.com/uad) →

paradigm WHICH FORMS WILL BE AFFECTED? Uniform Residential Appraisal Report (1004, 70) Universal Residential Appraisal Report Desktop (1004 Desktop, 70D) Uniform Residential Appraisal Report Hybrid (1004 Hybrid, 70H) Individual Condo Unit Appraisal Report (1073, 465) Individual Condo Unit Appraisal Report Desktop (1073 Desktop, 465D) Individual Condo Unit Appraisal Report Hybrid (1073 Hybrid, 465H) Exterior-Only Inspection Individual Condominium Unit Appraisal Report (1075, 466) Exterior-Only Inspection Residential Appraisal Report (2055) Manufactured Home Appraisal Report (1004C, 70B) Individual Cooperative Interest Appraisal Report (2090) Exterior-Only Individual Cooperative Interest Appraisal Report (2096) Small Residential Income Property Appraisal Report (1025, 72) Single Family Comparable Rent Schedule (1007, 100) *This is based on currently available information and may change in the future. CLOSING MESSAGE While we understand that change can be a challenge, we also know that this new methodology has the power to make the work you already put into your reports more impactful, more efficient and more robust against unnecessary revision requests. All users will get plenty of time to explore and learn about this new workflow before it becomes mandatory (refer to the timeline above). Throughout this process we hope you will utilize the resources we’ve mentioned here and share any ideas for improvement you might have on feedback.alamode.com. UAD 3.6 | Preparing for the new paradigm

#5 2024 USPAP Page 480

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of my analysis must | Include In the report? Response: The analysis will vary from assignment to assignment, so the information required in the report will also vary. In some…

2024 USPAP · 2024_USPAP_text.txt · Page 480 · View at official source (The Appraisal Foundation — USPAP) →

of my analysis must | Include In the report? Response: The analysis will vary from assignment to assignment, so the information required in the report will also vary. In some cases, it might be possible to summarize the analysis using the three lines provided on the form itselt. If the space provided Is insufficient, then the appraiser must supplement the form. ‘As with any written appraisal report, the appraiser Is also required to include a signed certification. For Fannie Mae Form 1004D, which would be used for a real property appraisal assignment, the signed certification must be similar in content to that required in Standards Rule 2-3(a). If the certification included on the form does not cover all of the elements required in Standards Rule 2-3(@), then in accordance with Standards Rule 2-3(d), the appraisal report must contain a supplemental certification, which includes the remaining required certification elements. 294, CITING THE SOURCE OF THE VALUE DEFINITION AND FANNIE MAE FORM 1004/FREDDIE MAC FORM 70 Question: USPAP requires an appraisal report to Include a citation of the source of the value definition used for the appralsal. Is this Information adequately addressed on Fannle Mae Form 1004/ Freddle Mac Form 70? Response: Yes. The value definition is provided on the Fannie Mae Form 1004/Freddie Mac Form 70, and there are several references indicating that Fannie Mae and Freddie Mac are the sources for the form. No additional citation Is required for USPAP compliance. 295. LEGAL DESCRIPTION Question: I've been told that I have to report a complete legal description for the subject property In every appraisal | perform. Is this required by USPAP? Response: No. USPAP does not require a complete legal description for the subject property to be included In every report, since it is recognized that its not always possible to do so. However, the reporting standards for real property, personal property, and business appraisals do have similar minimum Identification requirements. In the reporting standards for real property, Standards Rule 2-2(a), for example, the content of an Appraisal Report must be appropriate for the intended use of the appraisal and, at a minimum: Contain information, documents, and/or exhibits sufficient to identity the real estate involved in the appraisal, including the physical, legal, and economic property characteristics relevant to the assignment; For personal property and business or intangible asset appraisals, the requirements include similar language to present information sufficient to identify

#6 HUD/FHA Single Family Handbook 4000.1 Page 685

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B. Title II Insured Housing Programs Reverse Mortgages 5. Performing the Financial Assessment of the Borrower Handbook 4000.1 658 Last Revised: 11/26/2025 (b) Rental Income…

HUD/FHA Single Family Handbook 4000.1 · HUD_FHA_4000.1.pdf · Page 685 · View at official source (HUD.gov — SFH Handbook 4000.1) →

B. Title II Insured Housing Programs Reverse Mortgages 5. Performing the Financial Assessment of the Borrower Handbook 4000.1 658 Last Revised: 11/26/2025 (b) Rental Income Received from the Subject Property (i) Standard The Mortgagee may consider Rental Income from existing and prospective renters if documented in accordance with the following requirements. Rental Income from the subject Property may be considered Effective Income when the Property is a one-unit dwelling with an ADU or two- to four-unit dwelling. No income from commercial space may be included in Rental Income calculations. (ii) Required Documentation Required documentation varies depending upon the length of time the Borrower has owned the Property. Limited or No History of Rental Income Where the Borrower does not have a history of Rental Income from the subject since the previous tax filing: Two- to Four-Units The Mortgagee must verify and document the proposed Rental Income by obtaining an appraisal showing fair market rent (use Fannie Mae Form 1025/Freddie Mac Form 72, Small Residential Income Property Appraisal Report) and, if available, the prospective leases. One-Unit The Mortgagee must verify and document the proposed Rental Income by obtaining a Fannie Mae Form 1004/Freddie Mac Form 70, Uniform Residential Appraisal Report (URAR), and a Fannie Mae Form 1007/Freddie Mac Form 1000, Single Family Comparable Rent Schedule, showing fair market rent and, if available, the prospective leases. One-Unit with an Accessory Dwelling Unit The Mortgagee must verify and document the proposed Rental Income by obtaining a Fannie Mae Form 1004/Freddie Mac Form 70, Uniform Residential Appraisal Report (URAR), and a Fannie Mae Form 1007/Freddie Mac Form 1000, Single Family Comparable Rent Schedule, showing fair market rent and, if available, the prospective leases.

#7 HUD/FHA Single Family Handbook 4000.1 Page 268

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A. Title II Insured Housing Programs Forward Mortgages 4. Underwriting the Borrower Using the TOTAL Mortgage Scorecard (TOTAL) Handbook 4000.1 241 Last Revised: 11/26/2025 Rental…

HUD/FHA Single Family Handbook 4000.1 · HUD_FHA_4000.1.pdf · Page 268 · View at official source (HUD.gov — SFH Handbook 4000.1) →

A. Title II Insured Housing Programs Forward Mortgages 4. Underwriting the Borrower Using the TOTAL Mortgage Scorecard (TOTAL) Handbook 4000.1 241 Last Revised: 11/26/2025 Rental Income from the subject Property may be considered Effective Income when the Property is or will be a one-unit dwelling with an ADU, a two- to four-unit dwelling, or an acceptable one- to four-unit Investment Property. No income from commercial space may be included in Rental Income calculations. (b) Required Documentation Documentation varies depending upon the length of time the Borrower has owned the Property and must meet one of the applicable documentation requirements below: (i) Limited or No History of Rental Income Where the Borrower does not have a history of Rental Income from the subject since the previous tax filing: Two- to Four-Units The Mortgagee must verify and document the proposed Rental Income by obtaining an appraisal showing fair market rent (use Fannie Mae Form 1025/Freddie Mac Form 72, Small Residential Income Property Appraisal Report) and, if available, the prospective leases. One-Unit The Mortgagee must verify and document the proposed Rental Income by obtaining a Fannie Mae Form 1004/Freddie Mac Form 70, Uniform Residential Appraisal Report (URAR), and a Fannie Mae Form 1007/Freddie Mac Form 1000, Single Family Comparable Rent Schedule, showing fair market rent and, if available, the prospective leases. One-Unit with an Accessory Dwelling Unit The Mortgagee must verify and document the proposed Rental Income from the ADU by obtaining a Fannie Mae Form 1004/Freddie Mac Form 70, Uniform Residential Appraisal Report (URAR), and a Fannie Mae Form 1007/Freddie Mac Form 1000, Single Family Comparable Rent Schedule, showing fair market rent and, if available, the prospective leases. (ii) History of Rental Income Where the Borrower has a history of Rental Income from the subject Property since the previous tax filing, the Mortgagee must verify and

#8 VA Lenders Handbook (Pamphlet 26-7) Page 279

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VA Pamphlet 26-7 Revised Chapter 7: Loans Requiring Special Underwriting, Guaranty, and Other Considerations 7-29 6. Adjustable Rate Mortgages Change Date March 11, 2019 • This…

VA Lenders Handbook (Pamphlet 26-7) · VA-Lender-Handbook.pdf · Page 279 · View at official source (VA.gov — Appraisers/Staff Appraisal Reviewer) →

VA Pamphlet 26-7 Revised Chapter 7: Loans Requiring Special Underwriting, Guaranty, and Other Considerations 7-29 6. Adjustable Rate Mortgages Change Date March 11, 2019 • This chapter has been revised in its entirety. a. General Information Concerning ARMs An ARM loan offers adjustable interest rates based on negotiated initial fixed interest rates coupled with periodic adjustments to the interest rate over time. Hybrid ARMs have longer initial fixed rates of 3, 5, 7, or 10 years, while a “traditional” ARM allows for an annual adjustment after 1 year. b. Interest Rate Adjustments Traditional ARMs: Interest rate adjustments occur on an annual basis. The annual interest rate adjustments are limited to a maximum increase or decrease of one percentage point. Additionally, interest rate increases are limited to a maximum of five percentage points over the life of the loan. Hybrid ARMs: If the initial contract interest rate remains fixed for less than 5 years, the initial adjustment is limited to a maximum increase, or decrease of one percentage point and the interest rate increase over the life of the loan is limited to five percentage points. If the initial contract interest rate remains fixed for 5 years or more, the initial adjustment will be limited to a maximum increase or decrease of two percentage points and the interest rate increase over the life of the loan will be limited to six percentage points. c. Underwriting an ARM ARM loans that may adjust after 1 year must be underwritten at one percentage point above the initial rate. Hybrid ARMs with a fixed period of 3 or more years may be underwritten at the initial interest rate.

Chief Appraiser Says Reading the actual guideline text below — never a general AI guess

Here's what we need you to know about hybrid appraisals: A hybrid appraisal is a streamlined option where someone other than the appraiser (like a real estate agent or inspector) collects detailed interior and exterior information about the property, and then the appraiser uses that collected data—along with other sources—to form their opinion of value. The property data collection and the appraisal are treated as two separate jobs that can be done by different people, though the lender is responsible for making sure the data is accurate and complete before the appraisal report is finalized. Fannie Mae allows this option for certain loans using special report forms (Form 1004 Hybrid or Form 1073 Hybrid), and the lender must make sure all the property meets eligibility requirements and that a floor plan is included. Straight from Fannie Mae Selling Guide — nothing added.

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