1004mc Soon Not To Be Required By Fannie Mae

[NC Appraising]

Is there a link to this study? Or more hocus pocus like the magical letter that was never produced.

I know it's true. Heck, 90% of the reports I see has a stable market.

I had a review appraiser to call about a month ago to question my market condition adjustments. I asked him how many other appraisers mark increasing....he said none and he only does reviews.

 

[djd09]

I know it's true.

no no no. Link Please.

 

[timd354]

. I smell something.

Maybe you should change your underwear...it is almost the end of the month you know.

 

[NC Appraising]

no no no. Link Please.

I am the link.

 

[Mr Rex]

I was sitting in the same room as Denis. Too me, it was a good news / bad news thing. Good news is the form is going away.

Bad news is the reason why. They looked at 2.8 million reports in areas where market was moving at least 5% up or down.

In increasing markets, appraisers still reported STABLE over 75% of the time. In decreasing markets, appraisers still reported STABLE 95% of time.

Perhaps that is because Fannie has never defined their exact criteria to determine increasing or decreasing. Are they suggesting that appraisers are flat out lying in the face of the presented MC data? Or as per usual they are using their own metrics using mined data but not sharing the data or methodology with those they complain about?

 

[bnmappraisal]

A lot of things I found interesting but if I posted them here, they'd get shot down as being GSE propaganda, or some would want to start arguing with me that what they said/I heard isn't what they do, blah, blah, blah.

Aaaaaaaaand it only took 18 other posts ... I'm happy I took the Under

Is there a link to this study? Or more hocus pocus like the magical letter that was never produced.

 

[djd09]

Aaaaaaaaand it only took 18 other posts ... I'm happy I took the Under

blah blah blah, hearsay. At least i provide links to most of my statements.

 

[Terrel L. Shields]

the vast majority of appraisals indicated "stable" even when the markets had increased or declined...what the reports were saying was in conflict with what was actually happening.

Or was what was actually happening not being reflected by the micro data attempting to create a decline or increase where none existed simply due to randomness of the data? I saw as much of that from non-uniform markets as any real change. Two similar homes selling at 10% difference does not a trend make...except on an MC form

 

[Joe Flacco]

I was sitting in the same room as Denis. Too me, it was a good news / bad news thing. Good news is the form is going away.

Bad news is the reason why. They looked at 2.8 million reports in areas where market was moving at least 5% up or down.

In increasing markets, appraisers still reported STABLE over 75% of the time. In decreasing markets, appraisers still reported STABLE 95% of time.

Market conditions is complicated. When they say market was moving at least 5% does that mean for the county? For the city? Are they saying for the subject's specific market? Not everything is moving the same amount at the same time. What is the time frame for "overall trend"? Market conditions is complex

 

[bnmappraisal]

(Edit to add: Quoting DJD from post #27: "blah blah blah, hearsay. At least i provide links to most of my statements.")

Denis stated he was at a live presentation.

DWiley stated he was in the same room as Denis

Usually these are "Power Point presentations" or whatever. Usually (almost always) no links available