Fannie Mae Form 2075, the Desktop Underwriter Property Inspection Report, is a short exterior-only report completed by a state-licensed or state-certified appraiser to confirm that a property exists and is in acceptable condition without producing an opinion of market value. Desktop Underwriter (DU) calls for it when its automated analysis has accepted the submitted value but still wants a human to lay eyes on the physical collateral. The appraiser views the property from the street, documents what they see, attaches a front photo and a location map, and delivers the report to the lender for the loan file.
When DU Calls for Form 2075
Form 2075 enters the picture through Fannie Mae’s value acceptance framework in Selling Guide section B4-1.4-10. When a lender submits a loan casefile to DU, the system checks Fannie Mae’s Collateral Underwriter database for prior appraisal data on the subject property. If the data is reliable and the risk profile is low enough, DU may issue a value acceptance offer, meaning no traditional appraisal is required.1Fannie Mae. Value Acceptance In some of those cases DU still asks for physical verification, and Form 2075 is the tool.
The DU findings messages tell the lender which level of verification applies. A plain value acceptance finding requires nothing in the field. A value acceptance + property data finding is a different animal and does not use Form 2075; it requires a trained property data collector to observe the interior and exterior, capture photos and an ANSI-compliant floor plan, and submit through Fannie Mae’s Property Data API under Selling Guide B4-1.4-11.2Fannie Mae. Value Acceptance + Property Data Form 2075 is the narrower, exterior-only report performed by a licensed appraiser.
One boundary worth flagging: for properties in rural high-needs areas identified by the Federal Housing Finance Agency, Fannie Mae’s value acceptance offer is contingent on a full home inspection by a licensed professional inspector, with liability insurance, a borrower affidavit, and an inspection contingency in the purchase contract. A Form 2075 drive-by is not a substitute for that process; follow the requirements in Selling Guide B4-1.4-10.1Fannie Mae. Value Acceptance
Who Can Complete the Form
Only a state-licensed or state-certified appraiser may complete Form 2075. This is a higher bar than the property data collector role in the value acceptance + property data program, where the collector does not need an appraiser license but must pass an annual background check and professional training.2Fannie Mae. Value Acceptance + Property Data The appraiser signs the certifications on the form just as on a full appraisal; the only real difference is that no value opinion is rendered.
The appraiser must also be independent of the origination transaction. The same conflict-of-interest standards that apply to any appraisal assignment apply here: no financial interest in the property, no relationship with the parties that would compromise objectivity.
Filling Out the Form Section by Section
Form 2075 is shorter than the Uniform Residential Appraisal Report (Form 1004), but it still collects structured information about the property and its surroundings.
Subject Property and Neighborhood
The top of the form captures the property address, the borrower name, the lender name, and the legal description or assessor’s parcel number. The appraiser then classifies the neighborhood as urban, suburban, or rural, notes whether property values are increasing, stable, or declining, and records whether supply is in shortage, balanced, or oversupply. These entries give the lender a quick read on local market conditions without attaching a dollar figure to the subject.
Site and Zoning
The site section documents public or private utilities (water, sewer, electricity) and whether the current use complies with local zoning. If the use does not conform, the appraiser notes whether it qualifies as a legal nonconforming (grandfathered) use. Anything unusual that is visible from the street, such as flood zone status, easements, or encroachments, gets flagged here.
Exterior Condition of Improvements
This is the heart of the form. From the public right-of-way, the appraiser describes the general construction type, roof condition, exterior wall materials, and any visible damage or deferred maintenance. The appraiser also confirms that the property type matches what DU expected: a single-family detached home, a condo unit, or a unit in a planned unit development. If what sits on the ground does not match the DU finding, for instance a home that has been converted to a multi-unit dwelling, the discrepancy is noted here.
Appraiser Certifications
At the bottom, the appraiser signs certifications affirming that they personally inspected the exterior from the street, that the statements in the report are correct to the best of their knowledge, and that they have no undisclosed interest in the property or the transaction. The appraiser’s license or certification number, state of licensure, signature, and inspection date all go in this block.
Conducting the Exterior Inspection
The field visit is often called a drive-by because the appraiser does not enter the home. The property is viewed from the street or public right-of-way, and the whole inspection can take as little as 15 to 20 minutes depending on travel. No contact with the homeowner or occupants is needed.
During the visit, the appraiser is looking for a short list of things: that the property physically exists at the stated address, that it appears to be a single-unit dwelling consistent with the DU finding, that the structure looks habitable and free of obvious safety or soundness problems, and that nothing in the surrounding neighborhood would undermine the property as mortgage collateral. Proximity to industrial facilities, heavy commercial activity, or visible environmental concerns all warrant a comment on the form.
The appraiser does not measure the footprint, inspect the interior, or develop comparable sales. DU has already accepted the value; the inspection simply verifies that the physical asset matches its description in the loan file.
Required Photos and Exhibits
Two exhibits attach to the completed report:
- A clear, descriptive color photograph of the front of the subject property, showing enough of the structure to confirm its general condition and property type. Street-scene context, including the curb and neighboring properties, strengthens the file.
- A street map showing the subject’s location relative to nearby streets and intersections, which lets the lender independently verify the address.
Because the scope is exterior-only, rear photographs, interior photographs, and floor plans are not required. The exhibit load is much lighter than a full Form 1004, which demands interior photos, a floor plan sketch with room dimensions, and exterior shots from multiple angles.3Fannie Mae. Appraisal Report Forms and Exhibits
What Happens After the Report Is Delivered
The appraiser delivers the completed Form 2075 to the lender or the lender’s designated appraisal management company. The lender reviews it for completeness and checks for flagged problems. A clean report, confirming that the property exists, is a single unit, appears to be in acceptable condition, and sits in a stable neighborhood, clears the property verification requirement and lets the loan move toward closing.
If the report documents adverse conditions, the path changes. Fannie Mae’s Selling Guide requires that reports reflect any adverse conditions apparent during inspection, including needed repairs, deterioration, or environmental concerns. When the exterior inspection reveals safety, soundness, or structural integrity issues, the lender generally cannot rely on the property inspection alone and must order a full appraisal, usually on Form 1004, to get a complete picture of condition and value. The lender may also require a qualified professional’s inspection of any identified deficiencies before the loan can be delivered.4Fannie Mae. Property Condition and Quality of Construction of Improvements
Keep in mind that the value acceptance offer itself expires if it is more than four months old on the date of the note and mortgage, so the inspection should be timed with closing in mind.1Fannie Mae. Value Acceptance The completed Form 2075 stays in the permanent loan file as documentation that the physical collateral was verified before funds were disbursed, and it provides evidence of the lender’s compliance if Fannie Mae later audits the loan.