1004mc

[djd09]

Hopefully DJDrump looks at this mess. Common sense will prevail. 01/20.

 

[residentialguy]

Jeez... why do you write such things. You sound like djd.

Because it's true...you know it is. It's all about their private conversations behind closed doors and secret decoder rings. How many times have you seen them blast FNMA? Just saying. Smart people, but you need to take them with a bit of salt.

Page 2 and the MC need to resonate at the same frequency. Page 1 is not the same and is broader. That's because there may be all sorts of different properties in the same neighborhood. But Page 2 and the MC are looking at properties that compete with the subject AND are in the same neighborhood.

Really? Are you sure. Fannie mae said that Page 1 is not about comp trends and doesn't need to match the trends on the 1004MC? Let's check with Rich on that. (FTR, I agree that is how the form implies it, btw....but I think you'll find it is not how it implies)

 

[ucbruin]

Because it's true...you know it is. It's all about their private conversations behind closed doors and secret decoder rings. How many times have you seen them blast FNMA? Just saying. Smart people, but you need to take them with a bit of salt.


Really? Are you sure. Fannie mae said that Page 1 is not about comp trends and doesn't need to match the trends on the 1004MC? Let's check with Rich on that. (FTR, I agree that is how the form implies it, btw....but I think you'll find it is not how it implies)

I interpret that the trends can be different but the number of sales and the price range for MC and top of page 2 must be the same; MC and top of page 2 doesn't have to match info in One Unit Housing section.

 

[J Grant]

Only the TREND section on page one ( the three boxes are values declining, stable or increasing, suppply/demand)...only those three boxes per Fannie should reflect the analysis of the MC form . The rest of page one is about the neighborhood in more general wider data of property age, type , price range etc ( Denis described it well in his post)

 

[Joe Flacco]

Really? Are you sure. Fannie mae said that Page 1 is not about comp trends and doesn't need to match the trends on the 1004MC? Let's check with Rich on that. (FTR, I agree that is how the form implies it, btw....but I think you'll find it is not how it implies)

Page 1 trends match the trends on the 1004 MC. The 1004MC trends do not have to result from the data in the 1004MC. The trends can be from supplemental analysis included in the report.

My understanding of it anyways.

 

[ucbruin]

Only the TREND section on page one ( the three boxes are values declining, stable or increasing, suppply/demand)...only those three boxes per Fannie should reflect the analysis of the MC form . The rest of page one is about the neighborhood in more general wider data of property age, type , price range etc ( Denis described it well in his post)

"...per Fannie should reflect the analysis of the MC form ."

If SHOULD is the actual word, then TREND section on page one doesn't always have to match MC.

 

[ucbruin]

Page 1 trends match the trends on the 1004 MC. The 1004MC trends do not have to result from the data in the 1004MC. The trends can be from supplemental analysis included in the report.

My understanding of it anyways.

I agree with you.

IMO, TREND on page 1 and MC don't necessarily have to match. And when the appraiser decides that they don't, the appraiser should provide a comment.

I know you're going to have a hard time believing me....
I have a boilerplate comment for this specific situation!!!!!

 

[Terrel L. Shields]

IMO the biggest question that comes from the 1004MC instructions is what is "comparable".

Comparable sales and comparable definition of "neighborhood"... I doubt 10 appraisers would define the same neighborhood in any mixed residential area over 40 years ago.

 

[ucbruin]

I doubt 10 appraisers would define the same neighborhood in any mixed residential area over 40 years ago.

Agree....

 

[Deleted member 128537]

Comparable? That is the question. In a rural area that can get a little squishy. For example when I put in the search critieria I try to put in parameters that I would do a search on. And lenders don't want to use sale price criteria. And I understand that, but then I get these ridiculous ranges in values that have properties that aren't the least comparable due to differences in quality or other features like view. When I go through and eliminate those not comparable then it ends up with a definite price range. So typically when I know a house is going to be in that 200,000 range, I prefer to search by specific criteria such as GLA, acreage, age, and then by price range. But that's not what I put in the 1004MC, because they don't want you to search by a price range. But if I don't then I really don't get what I consider comparables. The 1004MC is all smoke and mirrors. Time to dump it.