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1004MC - How long does it take to fill out?

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by al002kim, Jan 23, 2009.

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  1. al002kim

    al002kim Sophomore Member

    0
    Nov 30, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Hi everyone, I guess we'll all be busy in filling out this form and the worse, no extra fee~~
    I was going to prepare ahead of time to analyze and find some ways in how to fill out this form effectively "starting" on 4/1/09, but the lender is already asking to submit my reports "with" the 1004MC from now on...
    I think I would not have any problem in filling it out, I would find such info on the public records and MLS listings. But my question is, for those who already "enjoying" the new form, how long does it take for you to fill out? And, in my case, I work in Los Angeles area with different cities' market trend, do I have to make every 1004MC customized according to each city, or do I just use a general COUNTY market trend emphasizing and covering all cities?
    Because I feel so disappointed in wasting my time in a form that we cannot charge extra and spend great amount of time to gather, analyze and put in writing all the data.
    I've seen other threads regarding this topic, even to the import/export data to Excel, but I don't really know how to use it...
    Any suggestions in how to fill out this new form in effective way?
    Thanks in advance!
    Please feel free to send any sample attachments so I can have some idea in how to improve the form!
     
  2. BC 2008

    BC 2008 New Member

    0
    Sep 8, 2008
    Professional Status:
    Licensed Appraiser
    State:
    California
    Hi al002kim,
    From what I know, to fill out the 1004MC, you are not researching at county or city level. You have to search for data in the specific neighborhood which is define by the neighborhood boundaries on page 1 of the 1004.
    Without even knowing import/export from MLS to Excel yet, to fill out that form "the right way" the first time will probably gonna take you a couple ......... days. I suggest you start thinking about developing some kind of template for this form either in Excel or another software of your choice, unless your MLS has these data available which I doubt it.
    Anyway, I have come to the right place. There are many valuable information, comments, questions and answers on this forum regarding the 1004MC. George Hatch and Dave Holloway have created a template for the 1004MC in Excel and generously share it us. I strongly recommend you to check it out.
     
  3. The Sheriff

    The Sheriff Member

    0
    Mar 21, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Arizona
    I'm really having a problem with people saying they are not going to charge extra for the form. If it's not required for every 1004, then it's similar to a 1007 or a 216. It's a personal business decision. I'm fighting for my quality at this point. If they want me to spend an extra hour or two filling it out, I will be charging for the form because I spend enough time writing an appraisal that survives the harshest reviewers (like myself). Don't be afraid to propose it to your lender if they are requesting it. If it is an AMC, I guess you are kinda out of luck if you go with the herd.
     
  4. George Hatch

    George Hatch Elite Member

    457
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    California
    I never really though about it before now, but I'm wondering if it might make sense to approach the MLS boards to build customized versions that will work with their download formats. It's a pretty simply thing to move columns around on a worksheet to fit the order in which they array their data. Likewise, doing an instruction guide in pdf that walks users through the download/form process would be pretty simple, too. It's a little time consuming but there are only so many MLS systems out there.

    The MLS systems could keep the worksheets and the instructional guides on their own servers and provide their members with a link. It might give more boards more incentive to require their members to collect and enter other types of data that are relevant to appraisers.
     
  5. redfish

    redfish Senior Member

    53
    Sep 2, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Michigan
    Deputy----sheriff

    We have freakin discussed this. You should be doing the analysis part of this already. Instead of narratively describing your analysis results in the market condition section you are providing a formated form with the same information avoiding the lenghty narrative you are known for. The only people that should be having a problem with the form are the skippies that don't know what an absorption rate is or how to analysis market trends and analyze data. Quit belly-aching. I know that you have already been doing all the work neccessary to fill out the form. Instead of discussing this analysis with multiple paragraphs you can just put in the form with a short narrative.
     
  6. silverstreak

    silverstreak Sophomore Member

    0
    Dec 4, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    If everyone just rolls over and agrees to everything these AMC's are asking for, you continually let them get away with rediculous requirements, such as supplying this form prior to 4/1, and filling it in for free. You are then a part of the problem. I have been requested on 2 different occasions to include this form. I just tell them I am not required to include it until 4/1 and at that time it will be approximately $100 extra. They might complain some but I have not supplied one yet. My rules are as follows: only full fee work, all C.O.D., turn time 1 week after inspection, everything sent out pdf format. I have AMC's that send me work under my rules, but if you don't set down the rules they will try and get away with murder.
     
  7. c w d

    c w d Senior Member

    0
    Oct 2, 2006
    Professional Status:
    General Public
    State:
    Florida
    Ah, so nice to see another "how long/1004mc" thread turn into a "people need to stop rolling over" thread.
     
  8. Tom Woolford

    Tom Woolford Elite Member

    97
    Nov 20, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    I filled out one today for one of my major markets. I pulled up my excel spreadsheet that I have maintained for years for that subdivision and update monthly, and summarize quarterly. It took all of 5 min to fill out the form, which I saved to my quicklists. I wont have to mess with it again for a month, and completing the form for the next report in that sub will take one click. No big deal if you have been doing your due diligence all along.
     
  9. John Hassler

    John Hassler Senior Member

    0
    Jul 23, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I'm working with my MLS right now on creating a report to do just this. I talked with the software engineers of our 3rd party database provider and crunching the numbers is simple, they just need me to tell them which figures & dates to apply the calcs to. The one I'm having trouble with is the "Comparable Listing DOM" for 7-12 & 4-6 months - I can't see how this can be reasonably done in our, or any, MLS system.

    Our MLS uses a Cart so multiple searches can be done and the appraiser's chosen "comparables" from each can be dropped in the cart. Using only those properties from the Cart's, a report would be generated which grinds the numbers. The goal is to have a report printout in the general format of the 1004mc grid, hopefully in a week or two.
     
  10. Vegan702

    Vegan702 Senior Member

    0
    Feb 24, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Nevada

    Who are you fooling with this? Not me.
     
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