What is the Uniform Residential Appraisal Report (URAR) used for?

• A. The Uniform Residential Appraisal Report is the standard form used for single-family and certain property types in mortgage lending.
• B. It's the closing cost disclosure.
• C. It's the income verification form.
• D. It's the loan application form.

Answer: (A)

The Uniform Residential Appraisal Report is the standard appraisal form lenders use to determine the market value of a residential property as part of mortgage underwriting. It is used for single-family homes and some other residential property types, providing a consistent set of data: property details, condition, improvements, neighborhood context, comparable sales, and the appraiser’s value conclusion. Lenders rely on this report to assess the collateral for the loan and to justify the loan amount. This consistency is why the URAR is the go-to appraisal document in residential mortgage lending.

It’s not the closing cost disclosure, which outlines fees paid at closing; it’s not an income verification form; and it’s not the loan application form used to apply for the loan.