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

[Meandering]

We have developed a very detailed 37 page guide to reporting market conditions. That document can be viewed at servicelinkuniversity.com. (Look under In Depth training).

The bottom line is that if the 1004MC has too little data for trend analysis, then the 1004MC has not been completed correctly. :new_llying:

The 1004MC instructions, printed right on the 1004MC, say that the data in the 1004MC MUST be used to support the trends reported in the neighborhood section.

The grid should be based solely on comparable properties in the subject's neighborhood. But the grid is just part of the form. If the grid does not have enough data for trend analysis, then more data must be added. What kind of data and how much? Data that supports the trends reported.

So are you saying that,

if there are not enough comparables in the neighborhood, we can pick "other comparables" from different neighborhoods that support any trend we feel is appropriate?

Oh cool,



Looking forward to reviews in 5 years.

.

 

[Meandering]

If the grid does not have enough data for trend analysis, then more data must be added. What kind of data and how much? Data that supports the trends reported.

Also regarding this,

How much data in each period is considered to be support for a trend?

Last winter was the worst in 40 years (+/-) here, and there was almost no market activity.

Should we have to go all the way to warmer climates to seek market activity to fill data requirements?

And even when the winter is milder, it is still a regional winter and impacts sales volume over a wide area.

Or do the guys in suites think all places are like southern California?


.

 

[Peter LeQuire]

This is why Alexander used his sword on the Gordian knot.

This whole discussion, the form instructions, and the FNMA guidance on this could stand a large dose of at least editing for clarity or a substantial revision - including the forms.

I'm gonna' go back to my Joseph Heller.

 

[Meandering]

If the sky is blue, and blue is the color of the ocean; then the sky must be made of ocean water.

.

 

[DWiley]

If the sky is blue, and blue is the color of the ocean; then the sky must be made of ocean water.

.

It is actually much simpler.

What data did the appraiser use to decide which of the checkboxes to indicate in the neighborhood section?

Whatever it is, include it in the 1004MC.

 

[JSmith43]

Peter, Marion, there go your stink'en GSE related career options down the toilet.

Heavy duty internet checks are part of background checks in this not so Brave New World.

I too, burned a bridge or two, with my blasphemous commentary.

Then again, if The World turns upside down, the GSE replacements will be looking for new blood. New blood? That's a metaphor, I hope:icon_lol:

 

[Peter LeQuire]

It is actually much simpler.

What data did the appraiser use to decide which of the checkboxes to indicate in the neighborhood section?

Whatever it is, include it in the 1004MC.

Include it by using it to complete the trends in the MC - if so, how does that reflect "comparable" properties?

Or, are the trends to reflect those of "comparable" properties and the "whatever it is" is the basis for discussion in the text portion of the MC and/or its addendum?

 

[Meandering]

Peter, Marion, there go your stink'en GSE related career options down the toilet.

Heavy duty internet checks are part of background checks in this not so Brave New World.

I too, burned a bridge or two, with my blasphemous commentary.

Then again, if The World turns upside down, the GSE replacements will be looking for new blood. New blood? That's a metaphor, I hope:icon_lol:

Yup, I was pinning the rest of my life on that hope.

NOT!


.

 

[Peter LeQuire]

Peter, Marion, there go your stink'en GSE related career options down the toilet.

Heavy duty internet checks are part of background checks in this not so Brave New World.

I too, burned a bridge or two, with my blasphemous commentary.

Then again, if The World turns upside down, the GSE replacements will be looking for new blood. New blood? That's a metaphor, I hope:icon_lol:

It isn't blasphemy. It's frustration with conflicting signals and a network of interpretation of those signals that seems impervious to the complaints about the contradictions in them. If I cut my throat by this, fine: my bigger hope is that the rules writers would not hold themselves immune to acknowledging the confusion and hire me - at an appropriate mid-six figure salary - to put these instructions into standard English that can be understood by those tasked with applying them.

Can you spell "sinecure"?

 

[DWiley]

This just is not as complicated as some want to make it.

Fannie wants the trends reported to reflect the trends that apply to properties like the subject - becasue it is the subject that is the collateral. That is why the 1004MC data grid focuses on comparable properties in the subject neighborhood.

However, the simple reality is that in some cases there are not enough comparable properties in the neighborhood to derive trends indicators that have any statistical significance. One cannot analyze data that does not exist.

In that case, the appraiser must analyze something else. Just provide that "something else."