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Changing Definitions When Will It Stop

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by supertens, Mar 3, 2009.

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  1. supertens

    supertens New Member

    0
    Mar 2, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Mississippi
    When will FNMA stop changing definitions? PUD is now anything with HOA dues. Urban means comps less than a few blocks. Suburban means less than one mile. You get the point. Now on the 1004mc DOM means marketing time. I can deal with the others it only takes minutes to fix those problems. This form is a beast, your going to spend hours to arrive at a conclusion that makes no sense. The only way to get the true answer is to research every sale, listing, fsbo, withdrawn, expired, under contract otherwise your signing your name to the wrong answer.
     
  2. Don Clark

    Don Clark Elite Member

    7
    Jan 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    Fannie Mae has had the definition of a PUD for as long as I can remember. It may be new to you but not to an appraisal of real estate for Fannie Mae purposes. Urban has always meant the inner city. Suburban has meant outside and on the perimeter of the urban area. In the mid 1990's USPAP(TAF) dropped the definition of neighborhood in favor of market area. I use market area in almost all appraisals simply because a property competes in it's market area of similar properties, not necessarily in a neighborhood.
     
  3. Smokey Bear

    Smokey Bear Elite Member

    0
    Dec 8, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    It won't stop. They keep making it up as they go along. They have to justify their existence somehow.
     
  4. supertens

    supertens New Member

    0
    Mar 2, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Mississippi
    I know the definition is not new I was making a point that they change the meaning at will. You know the drill if you use the best comps in an urban setting and they happen to be over 1 mile they will tell you that it can't be urban. The setting has nothing to do with the distance of the comps. As for HOA every subdvision that has dues should not be classified as a PUD. Are you telling me that if you have three houses on a street that pay $5 to keep up the entrance that should be classified as a PUD. I may be new to the site but I've completed over 6,000 appraisals in the past six years with O negative reviews. I'm still looking for a comment on DOM vs. Marketing Time.

    Thanks

    Todd
     
  5. Riick

    Riick Elite Member

    31
    Aug 14, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Delaware

    I figure that as a consistent 3.8 per day (( 5 day week ))
    WoW
     
  6. supertens

    supertens New Member

    0
    Mar 2, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Mississippi
    We are lucky in the Hattiesburg, MS area we had the boost from Katrina and the market has remained strong with only recent declines. Current work load is all over the board. Busy one week working on the golf game the next. I employ two Licensed appraisers currently but I have had as many as Five working for me. I have personally inspect every house in the past six years which was a job in itself.
     
  7. The Argus

    The Argus Member

    0
    Feb 15, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Agreed. WOW!
     
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