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Here's what a hybrid appraisal is: instead of the appraiser visiting the property in person, someone else (like a real estate agent or inspector) collects interior and exterior property data following a standard uniform dataset, and then the appraiser uses that collected data—plus other sources if needed—to form their opinion of value. The key is that property data collection and the appraisal report are separate jobs that can be done by different people, though the appraiser remains responsible for verifying the accuracy of all the data and condition ratings. The effective date of the appraisal is when the appraiser develops their opinion, not when the data was collected. Straight from Fannie Mae Selling Guide and UAD 3.6/URAR — nothing added.

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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 34

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Assignment Information Appendix F-1: URAR Reference Guide Page 34 of 375 Version 1.3 Assignment Information: Borrower, Seller, and Current Owner of Public Record Report Field ID…

UAD 3.6 / URAR (FNMA) · Appendix F-1 URAR Reference Guide v1.3.pdf · Page 34 · View at official source (fanniemae.com/uad) →

Assignment Information Appendix F-1: URAR Reference Guide Page 34 of 375 Version 1.3 Assignment Information: Borrower, Seller, and Current Owner of Public Record Report Field ID Report Label When to Include Allowable Answers / Format Definition / Additional Guidance 2.002 Seller Name If applicable Free-form Repeatable Notes: • The seller can be a person or a legal entity. • If there is no seller (such as refinance transactions), leave blank. 2.003 Current Owner of Public Record Always required Free-form Repeatable Note: The current owner can be a person or a legal entity. Property Valuation Method Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. Assignment Information: Property Valuation Method Report Field ID Report Label When to Include Allowable Answers / Format Definition / Additional Guidance 2.004 Property Valuation Method Always required Choose an allowable answer from table (Property Valuation Method) The method of property valuation, based on appraiser’s scope of work performed. • Traditional Appraisal • Hybrid Appraisal • Desktop Appraisal • Exterior Appraisal Note: Regardless of what was ordered, Property Valuation Method represents what was completed. Property Valuation Method (Choose one) Allowable Answer Definition / Additional Guidance Traditional Appraisal An appraisal assignment for which the scope of work includes an interior and exterior onsite inspection of the subject property completed by the appraiser who signs the appraisal report. The Effective Date of Appraisal (26.011) is the date of inspection. Hybrid Appraisal An appraisal assignment for which the scope of work includes using a recent collection of property data in lieu of the appraiser performing an onsite inspection. The Effective Date of Appraisal (26.011) is the date the appraiser develops the opinion of value. Note: If this answer is selected, Property Data Report Used (2.005) must be Yes, and the Property Data Report subsection (2.053-2.060) displays. The collection of property data must comply with the Uniform Property Dataset (UPD), as specified in Uniform Property Dataset - Freddie Mac Single-Family and Uniform Property Dataset | Fannie Mae. Desktop Appraisal An appraisal assignment for which the scope of work includes using third party data sources, other than a recent collection of property data, in lieu of an appraiser performing an onsite inspection. The Effective Date of Appraisal (26.011) is the date the appraiser develops the opinion of value. Exterior Appraisal An appraisal assignment for which the scope of work includes an inspection of the

#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 IAAO Standards Page 62

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THIRD EDITION Horizontal Inequity — Different treatment for identical situations. For example, properties in one neighborhood with a higher level of assessment compared with the…

IAAO Standards · IAAO-Glossary_3rd-Ed_final.pdf · Page 62

THIRD EDITION Horizontal Inequity — Different treatment for identical situations. For example, properties in one neighborhood with a higher level of assessment compared with the level of assessment for similar properties in a comparable neighborhood. See Vertical Inequity. Hoskold Premise — A technique of capitalization that involves a split rate method: a “speculative risk rate” for profit and a “safe rate” for a sinking fund to account for the recovery of invested capital. The present value of the income stream is measured by a combination of the two rates. Household Goods — Normal furnishings, appliances, utensils, and other tangible personal property used primarily in the residence by owners, residents, and/or guests. Often exempted from property taxation. Household goods may lose their status as an exempt property if converted to a business enterprise. Hue — Any pure color from the visible light spectrum (yellow, orange, blue, red, violet, green) or any mixed color from the visible light spectrum where neither color is dominant. Hybrid Model — A model with (that incorporates both) additive and multiplicative components. See Additive Model and Multiplicative Model. Hydrographic Map — A map showing a portion of the water of the earth, including shorelines, the topography along the shores and the submerged portions, and as much of the topography of the surrounding country as is necessary for the purpose intended. Also known as Hydrological Map. See Map. Hyperspectral — Camera systems able to record many spectral wavelength bands (up to several hundred) extending from ultraviolet to visible, beyond infrared. Hypothesis Test — Method for testing inferences about specific parameters using statistics and sample data. See Alternative Hypothesis and Null Hypothesis. Hypothetical Condition — Conditions contrary to known facts that help identify the prospective value of a parcel, given specified constraints.

#6 HUD/FHA Single Family Handbook 4000.1 Page 1165

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F. Appraiser and Property Requirements for Title I Loans 5. Valuation Development – Chattel Handbook 4000.1 1140 Last Revised: 8/12/2026 Inspection Requirements The Appraiser or a…

HUD/FHA Single Family Handbook 4000.1 · HUD_FHA_4000.1.pdf · Page 1165 · View at official source (HUD.gov — SFH Handbook 4000.1) →

F. Appraiser and Property Requirements for Title I Loans 5. Valuation Development – Chattel Handbook 4000.1 1140 Last Revised: 8/12/2026 Inspection Requirements The Appraiser or a field inspector contracted by the Appraiser must inspect chattel property. The Appraiser must review and evaluate the work of any inspector and, in accordance with appraisal standards, incorporate those findings into the valuation opinion. The certified Appraiser must attest to the competency of the inspector and take full responsibility for the chattel interest conclusions when completing and finalizing the appraisal. If the Appraiser is appraising a real estate interest, the Appraiser must inspect the subject site. The Appraiser or the field inspector must inspect the Chattel. The conclusions about the observed conditions of the Property contribute to the rationale for the opinion of value. 5. Valuation Development – Chattel a. Standard (05/09/2022) There are three valuation approaches as applied to one-to four-residential unit Properties and Manufactured Homes: • sales comparison approach; • cost approach; and • income approach to value. The Appraiser must consider and attempt all approaches to value and must develop and reconcile each approach that is relevant. If the Appraiser cannot find sufficient data to complete one or more of the approaches to provide a credible valuation, the Appraiser must explain the lack of inclusion of that approach and the effect on the valuation and credibility of the appraisal analysis. b. Required Analysis (05/09/2022) The Appraiser must obtain credible and verifiable data to support the application of the three approaches to value. The Appraiser must perform a thorough analysis of the characteristics of the market, including the supply of properties that would compete with the subject and the corresponding demand. If a real property interest is being appraised, the Appraiser must perform a highest and best use analysis of the Property using all valuation approaches and report the results of that analysis. The application of the approaches to value requires that the Appraiser obtain credible and verifiable data to support each approach. Data must be drawn from a collection and storage database that is wholly independent from any individual or organization that has an interest in the Property being appraised.

#7 HUD/FHA Single Family Handbook 4000.1 Page 889

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D. Appraiser and Property Requirements for Title II Forward and Reverse Mortgages 11. Programs and Products Handbook 4000.1 864 Last Revised: 8/12/2026 recognized methods and…

HUD/FHA Single Family Handbook 4000.1 · HUD_FHA_4000.1.pdf · Page 889 · View at official source (HUD.gov — SFH Handbook 4000.1) →

D. Appraiser and Property Requirements for Title II Forward and Reverse Mortgages 11. Programs and Products Handbook 4000.1 864 Last Revised: 8/12/2026 recognized methods and techniques requires the Appraiser to collect, verify, and analyze all information necessary for credible assignment results. (C) Required Analysis and Reporting The Appraiser must apply all appropriate methods and techniques necessary for credible assignment results. (D) Sales Comparison Based Extraction Method If there is sufficient data based on direct sales comparison to produce credible results, the Appraiser must calculate the adjustment and explain the methodology and analysis supporting the method and results in the appraisal report. The Appraiser must apply the extracted adjustment to the comparable sales and include the reasoning that supports the analyses, opinions, and conclusions in the report. If there is insufficient data to perform a matched pairs analysis the Appraiser must analyze and report one of the approaches below to calculate an appropriate adjustment. (E) Cost Approach Based Method The Appraiser must include the details of the item(s) being valued and measure the Contributory Value of the component(s) to the whole by calculating the cost of the item less accrued depreciation. The Appraiser must include consideration of physical depreciation, functional obsolescence (including superadequacies) and external obsolescence in the estimate of accrued depreciation and apply the resulting calculation of the Contributory Value to the comparable sales. (F) Income Approach Based Methods (1) Gross Rent Multiplier Method If the Property is located in a market where the Appraiser can calculate a GRM, and rental data for properties with similar special energy components is available, the Appraiser must extract an adjustment relevant to the rental value of the feature from the analysis of those similar rentals and apply the appropriate GRM factor to calculate an adjustment for the comparable sales. (2) Net Income/Savings Capitalization Method The Appraiser may use an income approach solution based on capitalization of savings attendant to the alternative energy source. The Appraiser may estimate the present value of the future benefit using the discounted cash flow technique or commercially available tools; however, the Appraiser must be competent to use them and provide an explanation of the analysis.

#8 2024 USPAP Page 38

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Comment: Calibration refers to the process of analyzing sets of property and market data to determine the 0% specific parameters of a model. The table entries n a cost manual are…

2024 USPAP · 2024_USPAP_text.txt · Page 38 · View at official source (The Appraisal Foundation — USPAP) →

Comment: Calibration refers to the process of analyzing sets of property and market data to determine the 0% specific parameters of a model. The table entries n a cost manual are examples of calibrated parameters, as, 195 _wellas the coefficients ina linear or nonlinear model. Models must be calibrated using recognized techniques, 195 Including, but not limited to, mutiple linear regression, nonlinear regression, and adaptive estimation. 38 USPAP 2024 Eaition © The Appraisol Foundation --- Page 51 --- ECs < — STANDARDS RULE 5-5, APPROACHES TO VALUE ne ae eee eee ee spams anappatarmist ‘occu and ayesha se ne ese antaprogitea tanec, : O ecartew otic operon : (il) depreciation; 191 th schasr antystesot compa oper to) caussrte porate fear pei : {v)__ value by capitalization of Income or potential earnings (.e., rentals, expenses, Interest rates, 194 “Sunsoenaton tame : (ue estate caption ead prectons tirereta ter ane pt age SE ee (tn os pani tate anc oy atte evan (d) identify the need for and extent of any physical Inspection. 0 STANDARDS RULE 5-6, CALIBRATED MASS APPRAISAL MODEL APPLICATION 06 See ee eee eee ee area wey S (a) value Improved parcels by recognized methods or techniques based on the cost approach, the sales 09 cjnue te yrs ats ctu sh ech ni toe a ne ee ee ete Secon or (junendrsopng hed nvr anal et mayen,» Oe ce lousnntctetencinatematoecienage ste on pe diet ieets.ot SO ee rs oe esas ose nape sek : --- Page 52 --- oe stavonsos ‘22s (e)when analyzing aticpated pubic or private Improvements, located ono off the ste, analyze the effect {ez envahie any of euch antpate knproverments tothe extent they re reflected n mart actions 1220 STANDARDS RULE 5-7, RECONCILIATION "27 developing a mass appraeal an appalser must je28 (a) reconcile the quality and quantity of data avaliable and analyzed within the approaches used and ‘om te aplleabltyandrelevance ofthe approaches, methods and techniques used and \220 @)amploy recognized mats appralsl testing procedures and techniques to ensure tha standards of ve curacy ate maintained. ‘ese Comment tis imple in mass appraisal that, even when propery specied and calibrated mass ‘es appasal models are used, some ndvidual value conclustons wl ft meet standards of reasonableness fem) eanssteny, and accuracy. However, appraisers engages n mess appraisal have a profesional fez respons to ensure thal on an overal bes, models produce value conclusions thal meet attanable teas

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