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New Updated 1004MC Form

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Anthem, Mar 9, 2009.

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  1. Anthem

    Anthem Senior Member

    0
    Mar 10, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Attached is the New March 2009 1004MC form, they changed some wording, blacked out several boxes and are now asking for a different calculation in the bottom box now they want " Median Sales Price as % of List Price
     

    Attached Files:

  2. George Hatch

    George Hatch Elite Member

    124
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    California
    Changing from LP/SP = SP/LP is a no-brainer. I'm curious why they blacked out the boxes instead of removing those lines altogether? Not having to count listings makes it a lot faster/easier. Easier for reviewer's too.

    I think I'll wait to see the official explanation before I go making any major changes to the worksheet files. Better to make the correct changes the first time.
     
  3. TJSum

    TJSum Elite Member

    4
    Nov 12, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland
    Is there a link for this anywhere, the one you attached is very hard to read...
     
  4. MRL

    MRL Sophomore Member

    0
    Dec 19, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Minnesota
    Will the 1004MC still be required for the 1004D?
     
  5. Mike Kennedy

    Mike Kennedy Elite Member

    95
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    enlargement attempt


    p.s. if we wait a week - perhaps they'll black out the entire page and ACKNOWLEDGE it is much more cost efficient and productive to demand Lenders STOP accepting minimalist reports from incompetents who should no longer be licensed and ONLY accept reports which demonstrate COMPETENCY instead of attempting to "spoon feed" and DIRECT the actions of Appraisers (aka Employer Role).


    nah. gotta make sure that $$Bullseye IS HIT - sorry, silly idea.
     
    Last edited: Jun 23, 2009
  6. Anthem

    Anthem Senior Member

    0
    Mar 10, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    The instructions on this new form say that if the data in the grayed out boxes (they are blacked out on the fax copy but will be gray in the actual form) is available to fill it out to the extent possible. So really they are only changing SP/LP ratio line.
     
  7. Mike Kennedy

    Mike Kennedy Elite Member

    95
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    Tell em Nancy Reagan just said, "just say no". (worth a shot).
     
  8. The Argus

    The Argus Member

    0
    Feb 15, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Amen!! I have a presentation to 40 Credit Union heads this week to give them the scoop on the new form. It is frightneing to me that there are appraisers out ther (the majority in my area from what I hear), who think that this is a stand alone form. We've been including narrative market analysis and graphs for years and I think without supporting info, this form is useless.
     
  9. David Dietz

    David Dietz Member

    0
    Oct 30, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Where did you get the form?
     
  10. Randy G

    Randy G Junior Member

    5
    May 9, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Looks like a dreamer's dream to me. :new_smile-l:
     
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