Forms or Addenda that should be included in 1004 Report

[Terrel L. Shields]

Multi-Purpose Addendum was developed in 1991

The MPA I use was updated a few years ago - (Clickforms)

Naut yours looks more like what I do and see in my market.

 

[Jo Ann Meyer Stratton]

The multiple purpose addendum was developed by each software company, and vary from software to software. Some of the software companies reword or rephrase or reform the form through the years. But the fact remains that the original idea for the form was because between 1991 and Dec 1994 when the new forms came out--there was additional info that needed to be added because USPAP was now in effect. Those items were incorporated in the new Dec 1994 form, therefore the multi-purpose addendum became obsolete. However, there are appraisers out there that just cannot let go of their security blanket and fifteen years later still cranking out a form that became obsolete in 1994. If there is a specific point on the obsolete form that you think is essential to the appraisal report, include a statement regarding that item in the current Fannie Mae/Freddie Mac forms--don't add an obsolete form to your package. Software companies are suppliers to appraisers and when a customer requests an item, the software company attempts to provide that service, whether it is needed or not. After all you still can buy buggy whips if you want one badly enough.

Personally, when I am reviewing a report and a multi-purpose form is included--I automatically start to wonder what other problems there will be in the report. If the appraiser hasn't realized in fifteen years a form is obsolete what else have they missed from any appraisal classes or training they have taken through the years.