1004mc Soon Not To Be Required By Fannie Mae

[NC Appraising]

Why are appraisers making this so difficult?

If the market is increasing...make a adjustment. I dont give a crap what or if FHA or fannie has a definition of a increasing market.

Do you think AVMs have this hard of a time? No, they are making them.

 

[Joe Flacco]

The reason the 1004MC was created in the first place is that most appraisals had no market analysis whatsoever and the 1004 MC was created long before AMC's were more than a bit player in the market. The reason I know why it was created is the person who created it told me....the people at Fannie knew the form was pretty crappy (which was due to some technical data collection issues they had at the time), but they just wanted appraisers to provide something that required at least some market data analysis.

The reason that they are doing away with it now is that most appraisers don't do a good job with it and always mark stable whether or not the market is increasing, decreasing or is stable and now they get all of the appraisal and sales data uploaded through the UCDP, they can see the market trends for themselves

Is it that most appraisers don't do a good job with it? Or is it AMCs are engaging appraisers that don't do a good job with it? What does the AMC do?

 

[Eli]

The reason the 1004MC was created in the first place is that most appraisals had no market analysis whatsoever and the 1004 MC was created long before AMC's were more than a bit player in the market. The reason I know why it was created is the person who created it told me....the people at Fannie knew the form was pretty crappy (which was due to some technical data collection issues they had at the time), but they just wanted appraisers to provide something that required at least some market data analysis.

The reason that they are doing away with it now is that most appraisers don't do a good job with it and always mark stable whether or not the market is increasing, decreasing or is stable and now that they get all of the appraisal and sales data uploaded through the UCDP, they can see the market trends for themselves

You can’t gather data necessary for a subject property from UCDP. It is flawed in preliminary analysis. It is not sufficient for general data or or specific data collection. It can’t even identify neighborhood boundaries.

Timd, your treading on appraisal practice without a license big time. Competency too.

 

[timd354]

Is it that most appraisers don't do a good job with it? Or is it AMCs are engaging appraisers that don't do a good job with it? What does the AMC do?

I have seen an across the board poor job done with the 1004MC among most appraisers whether or not an AMC is involved...there may be some things that you may possibly be able to make a case should be blamed on AMC's, but this is not one of them.

 

[Joe Flacco]

Why are appraisers making this so difficult?

If the market is increasing...make a adjustment. I dont give a crap what or if FHA or fannie has a definition of a increasing market.

Do you think AVMs have this hard of a time? No, they are making them.

Share with us your support or market evidence sample for market conditions adjustments.

 

[bnmappraisal]

What does the AMC do?

Sadly ... Personal friends/contacts I know in review departments (past and present) have pretty much said to me "as long as it's filled out, that's all we care about"

When I heard that from multiple sources from multiple AMCs .... well ...

 

[timd354]

You can’t gather data necessary for a subject property from UCDP. It is flawed in preliminary analysis. It is not sufficient for general data or or specific data collection. It can’t even identify neighborhood boundaries.

Timd, your treading on appraisal practice without a license big time.

Really, CU, through the UCDP has all of the data from the appraisal that you prepared and was uploaded to it plus the data from all of the other GSE appraisals done in that market area going back since 2012.....there is zero chance that the CU moodel cannot model current trends at least as well and probably better than the appraiser since CU has more extensive complete market data than the appraiser has.

BTW, if you think Fannie needs an appraisal license to run CU and otherr market analyses, then you are badly mistaken

 

[Eli]

The reason the 1004MC was created in the first place is that most appraisals had no market analysis whatsoever and the 1004 MC was created long before AMC's were more than a bit player in the market. The reason I know why it was created is the person who created it told me....the people at Fannie knew the form was pretty crappy (which was due to some technical data collection issues they had at the time), but they just wanted appraisers to provide something that required at least some market data analysis.

The reason that they are doing away with it now is that most appraisers don't do a good job with it and always mark stable whether or not the market is increasing, decreasing or is stable and now that they get all of the appraisal and sales data uploaded through the UCDP, they can see the market trends for themselves

You can’t gather data necessary for a subject property from UCDP. It is flawed in preliminary analysis. It is not sufficient for general data or or specific data collection. It can’t even identify neighborhood boundaries.

Timd, your treading on appraisal practice without a license big time.

I have seen an across the board poor job done with the 1004MC among most appraisers whether or not an AMC is involved...there may be some things that you may possibly be able to make a case should be blamed on AMC's, but this is not one of them.

That’s like you are slapping yourself.

 

[Joe Flacco]

I have seen an across the board poor job done with the 1004MC among most appraisers whether or not an AMC is involved...there may be some things that you may possibly be able to make a case should be blamed on AMC's, but this is not one of them.

Isn't the #1 job of the AMC to engage a competent appraiser for the assignment? If they are engaging appraisers that are not competent to appraise in unstable markets then are they doing their job? What is their role in the appraisal process then?

 

[Dublin ohio]

I'm done with this place.

Good luck to all!

You are a better man than me. I would have left about 20 posts ago.