1004mc Is It Required Or Not?

[JoeB]

I am still being told I have to include Form 1004MC. I thought it was no longer a UAD requirement? Why do the Lenders I work with still require it ? Thanks

 

[Evincere]

The lender can absolutely continue to require the MC as SOW requirement. That’s why.

 

[JTip]

The MC was never a UAD requirement and has nothing to do with UAD. The MC form existed prior to UAD.

 

[glenn walker]

Fannie has said it's not required but that does not prohibit lender to ask or require it - Personally I will continue to use it anyway because in order to determine market trends I still have to go through the same steps and exporting the data into the 1004MC only takes an-additional 5 minutes or less - Also my program includes some nice charts and time adjustment info.

 

[JoeB]

Thanks for the info!

 

[Carnivore]

Fannie has said it's not required but that does not prohibit lender to ask or require it - Personally I will continue to use it anyway because in order to determine market trends I still have to go through the same steps and exporting the data into the 1004MC only takes an-additional 5 minutes or less - Also my program includes some nice charts and time adjustment info.

Your lucky that you have enough sales to use the 1004mc . I don't or I should say rarely is it helpful. I don't care if a lender wants it, I'll put it in fill it out and then state See Attached Supplemental Statistics. Truth is its not hard to fill out. So be it!

 

[Mr Rex]

The real question is can you squeeze a few more bucks for expanding the sow beyond Fannie minimums.

 

[Carnivore]

The real question is can you squeeze a few more bucks for expanding the sow beyond Fannie minimums.

Good question! I think the answer is no, They been getting the 1004mc under a typical fee structure and now fannie says you don't have to do it. So now you dont and some lenders now dont require it, but others do. My point is if you are not required by a lender and assuming its worth something more then there should be a corresponding decrease in the new fee without it and with the lenders that still require it the typical fee would be the same.

Does that make sense?

 

[djd09]

So fannie made a big announcement which meant nothing.

They should stick to rooftop deck parties and collecting bailouts. They are good at that.

 

[Skeletor]

Ditto to the above comments. The lenders can require it and about half of mine still do. I still provide it regardless because I don't really have anything better to replace it with. I could always create my own but what's the point. I always show some kind of market trends analysis in my reports. I do so on page 1 where I provide some statistics to back-up my neighborhood min/max/predominant, and then I use the 1004MC to narrow down the data for the reader. It works so I'm just leaving it alone.