Is The 1004mc Really All That Important?

[SutnNC]

I reviewed and thought I had completed a file so I sent it out...turns out, about an hour or two later, I realized that I had a few blank "check boxes" in the MC; figure I had gotten side tracked going back and forth with trends, etc. I thought that I'd write myself a quick note and correct/resubmit later in the day.

The file was rejected before I got around to it. The rejection however, was to change "St" to "Ln".....that was it.

SO, is the 1004MC REALLY all that important or is the street/road ext. what makes or breaks the risk analysis?

 

[Riick]

1004mc has so many holes in it that it would be better named the 1004sc (for Swiss cheese)
But that's just one man's opinion.

 

[Mr Rex]

Wait for it.....

 

[Terrel L. Shields]

Never mind when the road name is wrong.... My drivers license is RIGHT. But most fill in the blank things drop a "U" out of the name...never mind what is on the sign at the cemetery with that name. Once they argued that it was zzz ROAD and I showed them the county 911 map where it was LANE. Dumb crap.

 

[JTip]

I think we managed a $5 raise back in the day when they released/required the MC form.

So I got that going for me......

 

[bnmappraisal]

I have NEVER been a fan of the MC form and would if it went away.

Too bad I don't think that will be happening any time soon

Too many people I know and talk to on the other side (I'm talking a m c's) pretty much say that the "review" of the MC for is to see that "boxes are checked" - it doesn't matter too much which boxes, although if MC says "increasing" pg 1 better say "increasing" ... other than that ... nada

FTR, I don't know about the UW side of things, so maybe someone from that side can chime in
I still think the form should go away

 

[erockinaz]

although if MC says "increasing" pg 1 better say "increasing" ... other than that ...

I hope you are being sarcastic.

 

[bnmappraisal]

I hope you are being sarcastic.

Not exactly. AMC's have a heyday with that

 

[erockinaz]

Not exactly. AMC's have a heyday with that

Unfortunately, you're right. I put this comment into every report and I rarely have an issue:

The data presented on the first page under the category of One-Unit Housing within the Neighborhood Section represents data taken from the MLS and represents the low, high, and predominate sales prices based on all one unit housing sales with the described neighborhood without regard to style, level, GLA, or other limitations during the period of 2/20/2014 to 2/20/2015. The high/low/predominate values may have properties with a higher or lower value, but if so, is not verifiable by the appraiser as only sales within the past year marketed through the Arizona Regional MLS (ARMLS) were used to determine the One-Unit Housing data. This data does not necessarily match the data presented in the 1004MC form, as the 1004MC form represents only properties that are similar to the subject proeprty in market appeal and characteristics (ie, GLA, housing style, levels, specific amenities, etc..).

When someone does ask about any differences between the first page and the 1004MC, I steer them to this comment and ask them to read it. Issue always solved. Of course, I change the date range to reflect the current date,

 

[The Bob]

If you bother to read the instructions on filling out the 1004MC, the "One Unit Housing Trends" section on page 1 should match the 1004MC.

Q17. Are the trends that are reported on the Market Conditions Addendum to the Appraisal Report (Form 1004MC) the same trends that are to be reported in the One-Unit Housing Trends section of the appraisal report (Form 1004)?

Yes. The conclusions regarding trends that are obtained from the Form 1004MC must be the same trends reported in the Neighborhood trends section of the Form 1004. The information reported on both forms must be consistent to provide the lender with a clear and accurate understanding of the market trends and conditions present in the subject neighborhood, based on properties that are considered competitive with the subject being appraised.

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