Fannie Mae Form 1033, the One-Unit Residential Appraisal Field Review Report, is the standardized form a second appraiser uses to evaluate an original single-family appraisal. The work involves an exterior inspection of the subject property, a review of the comparable sales the first appraiser chose, and the reviewer’s own opinion of value — either confirming the original or offering a supported alternative. The current form is available on Fannie Mae’s forms page.1Fannie Mae. Selling and Servicing Guide Forms
When a Lender Orders a Field Review
A field review is not routine. Selling Guide section B4-1.3-12 lists it as one of three responses a lender may take when it considers an appraisal deficient: contact the original appraiser to address the issues, order a desk or field review, or obtain a new appraisal.2Fannie Mae. Appraisal Quality Matters The same section also requires lenders to run spot-check field or desk reviews as part of their ongoing quality assurance, so some reviews come from random audit rather than a specific concern.
Common triggers include unexplained adjustments to comparable sales, comparables that are geographically distant or stale, a final value that looks out of step with recent market activity, or physical property descriptions that don’t match listing photos or public records. Fannie Mae’s Collateral Underwriter tool can also flag risk on appraisals submitted through the Uniform Collateral Data Portal, prompting the lender to look closer.3Fannie Mae. Collateral Underwriter
Who Can Complete Form 1033
The reviewer must be licensed or certified in the state where the property is located, have access to appropriate local data sources, and possess the knowledge and experience to appraise that property type in that geographic area.2Fannie Mae. Appraisal Quality Matters The review itself must follow the Uniform Standards of Professional Appraisal Practice. The standards don’t relax because it’s a review; the reviewer needs to be someone who could credibly appraise the property from scratch.
Appraiser independence rules apply as well. No one involved in mortgage production — loan officers, real estate agents, mortgage brokers, or anyone paid on commission tied to closing — may select the reviewer, influence the scope, or have substantive communications with the reviewer about valuation.4Fannie Mae. Appraiser Independence Requirements The lender or its authorized agent selects, retains, and pays the reviewer. Production staff may request additional information about the basis for a valuation or ask for correction of factual errors, and that’s the extent of their permitted contact.
Preparing for the Assignment
Before you visit the property, pull the complete original appraisal (typically Fannie Mae Form 1004 or its equivalent), the sales history, and relevant public records. Confirm that the original appraiser’s state license or certification was active as of the effective date of the report you’re reviewing.5Fannie Mae. Appraiser Selection Criteria Having all of that in hand before you drive out saves a return trip when something on-site doesn’t match the report.
Completing the Report
Subject Property and Exterior Inspection
Form 1033 calls for an exterior inspection of the subject property and its surroundings. Verify square footage, room counts, lot size, and any observable conditions that affect value: deferred maintenance, additions that may lack permits, drainage problems, encroachments. Compare what you see with what the original appraiser reported. Note any discrepancies clearly on the form.
Neighborhood and Market Conditions
Assess whether supply and demand favor buyers or sellers, typical marketing times in the area, and the direction of property values. Then compare your read of the market with the original appraiser’s neighborhood analysis. If the original describes a stable market but recent data shows declining prices, that’s a meaningful discrepancy and belongs in the report.
Comparable Sales Review
This is where most field reviews earn their keep. Evaluate whether the original appraiser selected the most appropriate comparables — recent, nearby, and similar in the characteristics that drive value. If you find better comparables, include them and explain why they’re more suitable. Any replacement comparables need adjustments using the same standardized methods you’d apply in a full appraisal: location, condition, size, amenities, sale date. Inconsistent or unsupported adjustments in the original are exactly what this section is designed to catch.
Reviewer’s Opinion of Value
Reconcile your findings and state whether you agree with the original value conclusion. If you concur, indicate it in the provided fields. If you disagree, develop your own value opinion supported by your field observations and comparable sales analysis. A disagreement is only useful when you can identify precisely what the first appraiser got wrong and what data supports your alternative figure. Vague disagreements without supporting evidence don’t help the lender make a decision.
Delivering the Completed Report
Field review reports are not submitted through the Uniform Collateral Data Portal. UCDP does not accept appraisal field review reports, including those on Form 1033. The original appraisal report still goes to UCDP separately, and both the original and the field review must be included in the mortgage file. If the lender relies on the value from the field review to underwrite the loan, that value is provided at loan delivery.6Fannie Mae. FAQs: Uniform Collateral Data Portal
In practice, you deliver the completed form to the lender’s quality control department or to the appraisal management company that engaged you. Some accept PDF uploads through vendor portals; others use appraisal software platforms. Confirm the delivery method with whoever ordered the review before you start.
What the Lender Does With Your Report
When a field review agrees with the original, the file moves forward. Disagreements are the interesting cases. Fannie Mae sets no fixed percentage threshold that automatically triggers further action, but the Selling Guide is explicit that lenders must select the most reliable appraisal rather than the one stating the highest value.2Fannie Mae. Appraisal Quality Matters
If your review indicates a lower value and the lender finds it more credible, the loan-to-value ratio is recalculated using the lower figure. That can affect the borrower’s interest rate, private mortgage insurance requirements, or loan eligibility. A large enough drop may require the borrower to bring more cash to closing or disqualify the loan for sale to Fannie Mae. When the lender cannot resolve the discrepancy between the two reports, it may order a third appraisal, document the deficiencies behind that decision, and again rely on the most credible valuation rather than the highest.
UAD 3.6 and the End of Numbered Forms
Fannie Mae is replacing its legacy appraisal forms, including numbered forms like the 1004 and 1033, with a single dynamic Uniform Residential Appraisal Report under the UAD 3.6 and Forms Redesign initiative. The broad production period began January 26, 2026, when lenders became permitted to submit UAD 3.6 reports to UCDP. The full mandate takes effect November 2, 2026, after which all appraisal reports on loans sold to Fannie Mae or Freddie Mac must use the UAD 3.6 format.7Fannie Mae. Uniform Appraisal Dataset The redesign eliminates individual form numbers in favor of one flexible report structure covering single-family, multi-unit, condo, manufactured, and co-op properties.8Fannie Mae. Appraiser Update
Because field reviews don’t go through UCDP, the transition timeline for Form 1033 specifically is less clear than for primary appraisal reports. If you’re taking field review assignments now, ask the engaging lender whether they’ve moved to the new format or are still using the legacy Form 1033. Fannie Mae continues to make the current version available on its forms page for now.1Fannie Mae. Selling and Servicing Guide Forms