Does the 1004MC equal the Neighborhood One-Unit Housing trends on page 1

[JSmith43]

If you all can not see this as a giant snow ball to discredit all appraisals in a few years

The style labeling, as a UAD field is a regular sized snowball, stealthily delivered to the back of the appraiser's head at some future moment in time.

I, too, believe in giant snowballs, but I was only following orders

At least now we are starting to get the orders in mused scripture from Fannie. The substantial FHA sect has their own religion on this one, which I also prefer.

I made need to bifurcate my templates & SOW clarifications, documenting this dual track so as not to drive the client's UW's crazy. Many of them UW Conv & FHA.

 

[Meandering]

The style labeling, as a UAD field is a regular sized snowball, stealthily delivered to the back of the appraiser's head at some future moment in time.

I, too, believe in giant snowballs, but I was only following orders

At least now we are starting to get the orders in mused scripture from Fannie. The substantial FHA sect has their own religion on this one, which I also prefer.

I made need to bifurcate my templates & SOW clarifications, documenting this dual track so as not to drive the client's UW's crazy. Many of them UW Conv & FHA.

Just copy the Fannie guideline, put it in the report, as the report complies to the guideline, then proceed to explain how the report can not be relied on due to the guideline, and narrate what you need in order to provide relevant data, analysis and information.

After so many appraisals with Fannie guides discredited, at some point the OIG will snatch up on the WTH are they doing? and straighten it out.

But until then, we need to copy and paste the crap in the report.

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[Peter LeQuire]

Typical federal protocol. Making the appraiser do something that will produce more crap. Sorry Danny, but you can't force credibility on an appraiser. They're trying to create Stepford Appraisers. They're either credible or they're not. Here's a novel idea...hire only credible appraisers and enforce action on appraiser's that are not. :icon_idea:

[url]https://www.youtube.com/watch?v=3DPKf7y1F-Q[/URL]

 

[Lee Lansford]

I'm Marion,

I'm the cute one.

.

Aren't all of the ladies?

There's but one correct answer: "Yes! No doubt about it!!!!"

 

[Meandering]

Aren't all of the ladies?

There's but one correct answer: "Yes! No doubt about it!!!!"

Now you made me go and love you.

:Emoticon_hug:

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[Deleted member 134708]

So Fannie Mae updated FAQ and updated language in their selling guide part B. As shown in this thread, their last part B from April 2014 had language stating competitive properties are one-unit against 2-4 unit. That has been removed. It now does not state what competitive is. And this new FAQ says 1004MC must match neighborhood. Q:16 & Q:17.

So HUD, says different from Fannie, Fannie says different from the actual form we use as the 1004MC states "Sales and Listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer..."

So the form says one-unit housing trends, 1004MC says truly competitive, new Fannie docs say all must be the same exact data.

FAQ - fanniemae.com/content/FAQ/appraisal-property-report-faqs.pdf


Selling guide 09/30/2014

fanniemae.com/content/guide/selling/b4/1.3/03.html

Seems like a no brainer on which route to go. Either way you're doing it wrong.

 

[JSmith43]

Boilerplate a comment about Fannie & FHA not hewing on the same page.

In the mean time, stay on high alert. Pay the E & O early so they don't slip in extra pervasions and/or fees.