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APPRAISAL - DRIVE BY - LOAN PROSPECTOR CONDITION

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The Loan Prospector Condition and Marketability Report (2070)
The Loan Prospector Condition and Marketability Report is completed by a state-licensed or state-certified appraiser for use in tandem with Loan Prospector's Home Value models to qualify a loan for sale to Freddie Mac. The form can be used to report results from an interior and exterior inspection of the property, or an exterior-only inspection. The type of inspection dictates the vantage point of the appraiser in performing the inspection. Regardless of the type of inspection performed, the appraiser is required to make a drive through inspection of the neighborhood. The purpose of the inspection is to determine that 1) the condition of the property is typical for the area and there are no factors that would adversely affect the marketability of the property, or 2) that the property is affected by a condition or marketability issue.

If the report indicates that the condition of the property is typical and that there are no adverse marketability factors (1 above), the Home Value model is used to support the loan and the lender retains the Freddie Mac Form 2070 in the mortgage file. If the property is affected by a condition or marketability issue (2 above), the appraiser must complete an appraisal of the property and the completed appraisal report is used to support the loan, rather than the Home Value model. The second page of the Freddie Mac Form 2070 includes a Footnotes section, a Statement of Limiting Conditions and the Appraiser's Certification.

Attachments: Exterior-only: 1) a front view photograph of the property, 2) a street map showing the location of the property, 3) if applicable, Earthquake Insurance Analysis Addendum (condominium in California moderate-risk zip code). Interior and Exterior: All of the above plus: 4) rear view photograph of the property, 5) street scene photograph, 6) building sketch showing dimensions and calculation of square footage.

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