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Fannie Mae new addendum?

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Mike Seward, Nov 10, 2008.

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  1. Mike Seward

    Mike Seward Senior Member

    1
    Jan 23, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Has anyone heard anything about Fannie soon issuing a new addendum to the URAR discussing market conditions?
     
  2. shamgster

    shamgster New Member

    0
    Aug 31, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Yes. I attended a continuing ed USPAP class and the instructor handed out a copy of the draft addendum that Fannie will be requiring (no date yet as to when). It is called Market Conditions Addendum and the instructor stated that it is very similar to what Rels requires now. The sample form consists of absorption rates of inventory, median sales, listings, DOM, and list-to-sale ratio as well as analysis of seller concessions and foreclosures.
     
  3. hglenbetts

    hglenbetts Senior Member

    2
    Dec 3, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Michigan
    All of this has been in my reports for some time. I'd bet, in most of your's too.

    Skippies are going to have to find out what an absorption rate is. :Eyecrazy:
     
  4. Riick

    Riick Elite Member

    32
    Aug 14, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Delaware
    Post Removed... ^^^^^ he's right, it's already in there
     
  5. shamgster

    shamgster New Member

    0
    Aug 31, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Yes, it is in our reports now. Guess Fannie wants it reiterated on its own form.
     
  6. Don Clark

    Don Clark Elite Member

    7
    Jan 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    New form = lower appraisal fee to AMC's. Skippy is salivating.
     
  7. RSW

    RSW Elite Member

    25
    Feb 18, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    It's because they are too dumb to find it in the report. They want it hand fed to them on a form where they can just go to it and read it.
     
  8. PropertyEconomics

    PropertyEconomics Elite Member

    0
    Jun 19, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico

    Im sure its because many dont give the data within their report. Many are just form fillers and have never even thought about absorption, supply, demand, or how it applies to value.
     
  9. RSW

    RSW Elite Member

    25
    Feb 18, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee

    You Think?...............
     
  10. Smokey Bear

    Smokey Bear Elite Member

    0
    Dec 8, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Then they should be booted off the list, instead of making more work for the people already doing the work. There are too many appraisers out there, the one's not doing the job should be weeded out.
     
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