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1004mc

Discussion in 'General Appraisal Discussion' started by Caitlyn Stuart, Oct 28, 2009.

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  1. Caitlyn Stuart

    Caitlyn Stuart Sophomore Member

    0
    Aug 9, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    I have a lender that is insisting I fill out the shaded area on the 1004MC form regarding prior active listings. It is not available through our MLS which I have stated in the report. They are adamant that I obtain this information and enter it in the report. Any advice - please.....
     
  2. Wm. Hattaway

    Wm. Hattaway Senior Member

    0
    Mar 18, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    This is the statement I put in the 1004D concerning the shaded area,

    "The Mid Florida Regional Multiple Listing Service (MLS) has issued a statement that its data does not provide a reliable search for 'active' listings within a historical time period, therefore, the shaded portions of the above grid were not completed."

    You can't fill in numbers that don't exsist. Good luck with the lender.
     
  3. Caitlyn Stuart

    Caitlyn Stuart Sophomore Member

    0
    Aug 9, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    Thanx! - I have a similar comment - but thats not good enough - they are insisting I fill in the shaded areas. Ugggh
     
  4. DWiley

    DWiley Senior Member

    42
    Apr 4, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    Our MLS system does not provide that kind of data either. However, some clients have told me that the majority of appraisers in our area have obtained third-party software that allows for analysis of data downloaded from the MLS.

    We use the SMART system, which allows one to complete all of the 1004MC very easily. There are also several good solutions based on Excel spreadsheets.

    Some clients in our area will not accept 1004MCs without all the fields filled in. Their position is that if enough of your peers have software that allows the form to be filled in, then you should as well.

    My advice would be to talk to other appraisers in the area and see what they are using to help complete the 1004MC.
     
  5. Greg Bell

    Greg Bell Senior Member

    0
    Jul 7, 2006
    Professional Status:
    Gvmt Agency, FNMA, HUD, VA etc.
    State:
    Louisiana
    I'll tell you where they get the numbers...PFA.......
     
  6. Caitlyn Stuart

    Caitlyn Stuart Sophomore Member

    0
    Aug 9, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    Greg

    You are correct. I confronted one of our local appraisers as the info *was* filled out on a review I was doing. I asked how the information was obtained and was told "it came from his professional educated knowledge"
     
  7. DWiley

    DWiley Senior Member

    42
    Apr 4, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    Some are, but many are using third-party software.

    As I said, we use SMART. It is a great market analysis tool. It does far more than just analyze the data to fill in the 1004MC grid. We use it for all appraisals, not just those requiring the MC form.
     

    Attached Files:

  8. DWiley

    DWiley Senior Member

    42
    Apr 4, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
  9. Mike Kennedy

    Mike Kennedy Elite Member

    80
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    Fannie 1004MC Q&A Update Nov 2008 Pg 1 of 6.


    3. What if requested data is not available to the appraiser? For example, what if comparable active listings from a previous time period are not available?
    [FONT=Arial,Arial][FONT=Arial,Arial]If the appraiser is unable to complete a portion of the addendum because data is unavailable or unreliable, the appraiser must provide an explanation of his or her efforts to obtain such data and why it is not available. Simply stating "not applicable" or "N/A" is not an acceptable response. [/FONT][/FONT]​
     
  10. Desiree Mehbod

    Desiree Mehbod Junior Member

    0
    Apr 11, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    Are you using MRIS Caitlyn Stuart?

    Per Fannie Mae's 1004MC Q&A: "What if requested data is not available to the appraiser? For example, what if comparable active listings from a previous time period are not available? If the appraiser is not able to complete a portion of the addendum because data, such as historical listing data, is not available or unreliable, the appraiser must provide an explanation of his or her efforts to obtain such data and why it is not available. Simply stating "not applicable" or "N/A" without an explanation is not an acceptable response..."

    MRIS has issued a statement that "Matrix does not allow a search for active homes during an historical time period". Thus the shaded portions of the above grid were not completed. This is per Fannie Mae's published Appraisal and Property Report Policies and Forms Frequently Asked Questions (FAQs) (updated March 2009). See FAQ#3
     
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