The 71B form, designated for the appraisal of residential income properties with loan requests not exceeding $750,000, serves as a comprehensive tool for lenders to evaluate the market value of such properties. Crafted by W.C. Lewis and Associates, the form covers essential components including the property's legal description, current sale price, loan amount requested, and terms of sale.
Following FHLMC and FNMA guidelines, the 71B Appraisal Report notes that neighborhood racial composition is irrelevant to the appraisal process. Appraisers must submit descriptive photographs, maps, owner's income and expense statements, and details of the property rights appraised (whether fee or leasehold ownership).
Key sections of the form include: a neighborhood analysis with stability and supply-demand ratings, site characteristics such as lot dimensions and topography, improvement descriptions for each unit, and an income approach section using the gross rent multiplier. The form also requires an overall land value estimate and reconciliation of cost, market data, and income approach values to support the final estimated market value.
The 71B form is specifically used for residential income-producing properties such as small apartment buildings and multi-family dwellings. For single-family residential appraisals, lenders use separate appraisal forms. For related Fannie Mae documentation, see the Fannie Mae Form 1037 or the Fannie Mae Income Worksheet.
| Question | Answer |
|---|---|
| Form Name | 71B Rev Appraisal Form |
| Form Length | 4 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 1 min |
| Other names | multi family appraisal spreadsheet, fhlmc 71b, fhlmc 71b form, 71b form download |