1974 Singlewide

[PropertyEconomics]

Now, I thought the use of the new forms indicates the report should be completed in accordance with fannie mae supplemental standards, and as I understand it Fannie will not buy these boogers - so now there is a report, labeled Summary, on a Fannie form that could get bundled up into a big pile and end up in Fannie's hands.

Ok, so the client asked that the new 1004C form be used, does the report state that this report is not prepared in accordance with fannie mae supplemental standards and may not be eligible for purchase on the secondary market?

Also, because the report is not eligible for Fannie, I don't think the Fannie approved intended user statement is necessary, in fact, my intended user statement would specifically rule out Fannie and Freddie Mac, maybe even make this a restricted use report.

Fannie / Freddie does not buy every appraisal placed on their forms and I dont think you have to specifically exclude Fannie / Freddie from the purchaser pool. That is a Freddie / Fannie decision, and while it may be published they will not purchase loans with collateral like that described in this thread, that is their decision and not the decision of the appraiser.
I also think the intended use / user statement is adequate as long as the client is identified on the report.

 

[Caterina Platt]

Mary,

I understand your thought process, 'if it doesn't fit their requirements, don't use their form' and agree that it would make non-conforming properties stick out like a sore thumb. It's a good idea, but not a requirement.

I have an example: Singlewides are not acceptable collateral for a Fannie Mae loan, however FHA will purchase loans with the single section manufactureds if they meet all other requirements. These appraisals are written on a 1004C.

You don't ignore the Data plate section. You put a lot of clear statements in there that the unit doesn't meet HUD standards like. 'Pre-HUD construction, the unit did not contain Certification Labels and Data Plate'. Date of Manufacture, June 3, 1974. I'd bold the 1974 on purpose.
Then somewhere else that is prominent: 'This dwelling does not meet typically required industry standards as mortgage collateral for manufactured dwellings as it is constructed prior to June 15, 1976.'

 

[OSU Beavers]

Thanks for your input. On the 1004C debate, I am just going off of what J.A.M.S. the MH mod says about HUD only. She is the expert on all things manufactured, although not a form nazi.

 

[CANative]

Thanks for your input. On the 1004C debate, I am just going off of what J.A.M.S. the MH mod says about HUD only. She is the expert on all things manufactured, although not a form nazi.

JAMS has stated over the years that if a client insists on putting a mobile home property on a 1004C report it can be done but needs prominent disclosures.

 

[Jo Ann Meyer Stratton]

Greg has restated my viewpoint. If the client has an absolutely hissy fit that the mobile must be reported on the 1004C, go ahead and use that form. But have many, many, many disclosures all through the form and any exhibits and addenda and expanded comment section that the subject improvement is a mobile home, constructed prior to the adoption of the HUD building code. Include photos of any tags or insignia you might find on the exterior and interior of the home, describe what they are. In the section asking about data plates and HUD labels make sure you have comments that the home was constructed prior to the adoption of the HUD building code and this section would not be applicable. The purpose of having those comments every where on the form and attached items is to make sure they don't disappear!