Fannie funded on frame mod

[Couch Potato]

Oh come on Mr Rex - can't ya just spoon feed him and then take care of the clean up later?

Be sure to feed this part first.​

The COMPETENCY RULE requires recognition of, and compliance with, laws and regulations that apply to the appraiser or to the assignment.

The Fannie Mae Reference page should be bookmarked by all residential appraisers.​

As for finding the stuff from the announcement in the selling guide, I think it is fairly straight forward, and has been since 2006.

Fannie Mae Single Family
2007 Selling Guide
Part XI: Property and Appraisal Guidelines
XI, Chapter 3: Special Appraisal Considerations (06/30/02)
XI, 304: Factory-Built Housing (08/24/03)
XI, 304.01: Manufactured Homes (06/15/07)

There are enough changes that have gone into effect over the past few years that every residential appraiser needs to have reread at least Chapter XI of the Fannie Mae selling guide in the past year. It's not like most have too much business to keep up with the changes.

 

[Jo Ann Meyer Stratton]

Check out the links in the stickies for this manufactured housing section of this AppraisersForum.

 

[Lawrence R.]

Be sure to feed this part first.


The Fannie Mae Reference page should be bookmarked by all residential appraisers.​

As for finding the stuff from the announcement in the selling guide, I think it is fairly straight forward, and has been since 2006.
There are enough changes that have gone into effect over the past few years that every residential appraiser needs to have reread at least Chapter XI of the Fannie Mae selling guide in the past year. It's not like most have too much business to keep up with the changes.

Which it is, and you will see--if you bother to actually obseve the kitchen you are getting in before you know what's cookin'--I had already put down(above) what I was able to find searching efannie--I am not ignorant to the facts. I was unable to find the one specific reference. I never did find it under efannie--I ended up taking his advice and just googling it--which did take me to the proper page on efannie that I was somehow unable to find previously.

So, how about before you go pointing out my ignorance, make sure you aren't displaying yours.

Your grasp of the facts in reference to me is wanting at best, and wanton most likely.

 

[Lawrence R.]

You left out the most important one not covered by E&O .. COMISSION.

OK, so what you would say then, as detected from your sarcasm, is that anyone who ever forgot to include a MH addendum pre 2005 committed out and out fraud?

Just trying to get some clarity...

 

[Lawrence R.]

Oh come on Mr Rex - can't ya just spoon feed him and then take care of the clean up later?

I would like to refer you to the reply I gave to the potato.

Check your facts before shooting off at the mouth. You are both off base here.

 

[Couch Potato]

Which it is, and you will see--if you bother to actually obsever the kitchen you are getting in before you know what's cookin'--I had already put down(above) what I was able to find searching efannie--I am not ignorant to the facts. I was unable to find the one specific reference. I never did find it under efannie--I ended up taking his advice and just googling it--which did take me to the proper page on efannie that I was somehow unable to find previously.

So, how about before you go pointing out my ignorance, make sure you aren't displaying yours.

Your graps of the facts in reference to me is wanting at best, and wanton most likely.

The efanniemae reference is two clicks away using the link I provided.

Fannie Mae made a nice little publication in 2003 called "Handbook for Appraisers" which also contains the information, pointed out the requirement for the "1004C addendum" for all manufactured home appraisals and plenty of other very good information.

Prior to 2006 when the Selling Guide began getting regular updates on All-Regs reading the announcement letters was the only way to stay current with Fannie Mae requirements. It's remarkable how many appraisers can't even find them.

 

[Caterina Platt]

I used to provide a manufacted home addendum with my reports before the 1004C came out in 2005. I guess the original appraiser didn't know about an addendum. Just giving him the benefit of a doubt. Ha! Ha!

I'm not saying this to be argumentative, RSW. Wanting to set the record straight for other readers.

I'm not sure whether it was June 2002 or June 2003, but the 1004C has been out long before the recent Fannie forms were amended.

There never really was a standard MH Addendum. Lenders would dream up their own, and it was up to us to determine if answering the questions could result in our being liable for non-appraiser issues. Many times, we had to respond with non-definitive answers to a portion of the questions. eg. soil type being suitable, foundation designed to manufacturer's standards, etc.

The modular home, on frame or otherwise shouldn't even be a 1004 C issue. It shouldn't go on that form in the first place.

 

[Couch Potato]

I'm not saying this to be argumentative, RSW. Wanting to set the record straight for other readers.

I'm not sure whether it was June 2002 or June 2003, but the 1004C has been out long before the recent Fannie forms were amended.

There never really was a standard MH Addendum. Lenders would dream up their own, and it was up to us to determine if answering the questions could result in our being liable for non-appraiser issues. Many times, we had to respond with non-definitive answers to a portion of the questions. eg. soil type being suitable, foundation designed to manufacturer's standards, etc.

The modular home, on frame or otherwise shouldn't even be a 1004 C issue. It shouldn't go on that form in the first place.

It was June of 2003 that the prior 1004C was introduced, and is was not a full form, but a standard MH addendum.

 

[Mr Rex]

It was June of 2003 that the prior 1004C was introduced, and is was not a full form, but a standard MH addendum.

That is correct. Before that, there was a 1 page manufactured addenda that steadily was requested more and more before Fannie developed the 2 page 1004C addenda.

 

[Caterina Platt]

It was June of 2003 that the prior 1004C was introduced, and is was not a full form, but a standard MH addendum.

CP,

Yes indeed. That's right. I remember it was rather redundant filling out both the URAR and 1004C together. It replaced the nonsense forms the lenders dreamed up.