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FHA FAQ "Should 1004MC mirror URAR Neighborhood data"

Discussion in 'FHA/HUD and VA' started by Mike Kennedy, Mar 25, 2012.

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  1. zdfenton

    zdfenton Junior Member

    2
    Nov 13, 2008
    Professional Status:
    Certified General Appraiser
    State:
    Wisconsin
    I don't disagree with you in theory. But in practice, there is rarely enough data in a narrowly defined district (that is the proper term for the area from which most appraisers pull data in a 1004MC) for analysis. I think a lot of appraisers define "competing" far too narrowly. Just because it couldn't be used as a comparable in the report doesn't mean it isn't indicitive of trends in the market for your type of property.

    I do find your point about doing multiple analyses very apt though, as it's something that's appropriate in most cases but rarely performed.
     
  2. residentialguy

    residentialguy Elite Member

    114
    Mar 24, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Minnesota
    Now we come to the real problem :beer:
     
  3. fritzvogel

    fritzvogel Senior Member

    1
    Dec 16, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    I think the key word here is "neighborhood", populate the top of page two with comps in the same hood or the old 10 blocks, 1 mile, 10 miles stuff. The MC report would expand to include the whole market in 1 mile, 10 miles etc.
    YES, UW's are morons if they expect us to have these match.
     
  4. 2008 KC Royals

    2008 KC Royals Junior Member

    0
    Oct 20, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Missouri
    Good to see FHA can read but I am not sure if everybody got the memo. This is directly from the review FHA did on three of my appraisals, "The analysis of the Market Conditions in the Neighborhood section was inconsistent with that reported in the Market Conditions Addendum to the Appraisal Report (1004MC), resulting in submission of misleading appraisal reports."
     
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