1004MC training video

[LACKLAND27]

The video is a bit long winded but informative especially to anyone still unfamiliar with the 1004MC.

https://www.efanniemae.com/is/appraisers/index.jsp?from=hp

 

[Eli Weiss]

I watched it last week, nothing exciting IMHO, it put me to sleep....

 

[SmilingDog]

They should do a real proper video with Shanna Hiatt as the hostess... then I'd really watch.

 

[Groveball]

Hey dog,

Did an appraisal for a couple who live pretty close to me in Northridge. I think I've appraised this house for them about four times over the last ten years. I'm doing my inspection and notice someone who looks familiar in some family photos....Turns out the wife's brother married Shanna Hiatt a couple of years ago.

 

[2planker]

I watched this video the other day. I've taken a class from Mark Ratterman and think he is an excellent instructor. If any of you have the chance I would recomend taking a course from him.

That said my beef with the presentation is that Mark and the other presenters said more than a few times that the new 1004MC form does not change the scope of work and that this is work that we should have been being done all along, rather it just changes the reporting requirements. The scope of work stated on the 1004 reads “The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form” If the scope of work is defined by the reporting requirements, then changing the reporting requirements changes the scope of work.

Further the previous reporting requirements of the 1004 with regards to neighborhood trends or market conditions was the most minimal possible, consisting of 3 questions, with only 3 choices each. I consider this to be the most basic market analysis that could be performed. A level “A” inferred analysis as described on pages 21-26 of Market Analysis for Valuation Appraisals. This inferred analysis was based on general trends in the broad market area.

This new form the 1004MC expands the reporting requirements and the level of analysis to a level “C” fundamental analysis. By requiring demand forecasts for the market segment, analysis of absorption rates for the market segment, and detailed supply studies of the market segment.

This is clearly and expansion of the scope of work. I know that this rhetoric of it being work that should have been done is being perpetuated by Fannie and Freddie in order to make appraisers do more work for the same fees. As that is the only reason for them stating such. All of the AMC’s have taken this position that it does not change the level of work and it is work that should have been being done.

The appraisers that agree with these statements are once again shooting our profession in the foot.

 

[George Hatch]

Excellent summary of the situation. I agree completely.

BTW, welcome to Thunderdome.

 

[LI-Appr]

Yeah just do more work but its not more work!

 

[SmilingDog]

Appraisals are no longer summary but rather narratives disguised in a form.

 

[George Opelka]

ACI 1004MC Training

Rich Heyn, SRA, ACI's Director of Compliance, is conducting online sessions designed to familiarize ACI appraisers with the new 1004MC form. Rich is an AQB Certified USPAP instructor, seminar developer, and designer of numerous appraisal forms. This 1004MC webinar is free-of-charge to any ACI client with a current Premier Service subscription.

Additional information can be found at:
http://www.aciweb.com/training/1004mc.aspx