Is The 1004mc Really All That Important?

[djd09]

you cannot ignore the supreme leader. that would be a direct violation. now get back in line and conform.

 

[hastalavista]

I think the big disconnect here is the focus on the weaknesses of the form vs. what the form is actually designed to achieve.
The 1004MC is a form designed to ensure that there is meaningful analysis of the market given the intended use. The objective is "meaningful analysis of the market". The form was designed to create the framework (the format) to do that. However, as with nearly all "one-size-fits-all" forms, it doesn't fit all sizes or markets. But it is clear that in such cases when it doesn't fit, the form is to be supplemented with data and analysis that does achieve the objective (meaningful analysis of the market).

So, who really cares how the form is populated with the data that exists to populate it? The form either achieves the objective (meaningful analysis) without supplement or it doesn't. When it doesn't, it gets supplemented. With the supplement, the analysis is complete and meaningful. And, in that sense, the form accomplishes its objective.

 

[TRESinc]

you cannot ignore the supreme leader. that would be a direct violation. now get back in line and conform.

or you can stop doing fannie work. that is the beauty of being an independent contractor - if you don't like something you don't have to do it! the alternative is to continue on the same path, complaining daily and wishing something changes without actually doing anything to better your situation.

 

[djd09]

wishing something changes

Changes are coming. The great thing about america is leaders change along with policies.

 

[djd09]

complaining daily

You call it complaining , I call it freedom of speech.

 

[erockinaz]

I hope you can help me out. Where can I find the list that tells me the Fannie Mae stuff I can ignore versus the stuff I cannot ignore?

The list is in my head. So are the voices. I honestly didn't realize that I was in violation of Fannie Mae, I have been doing it this way since the 1004MC came into being.

 

[Tom Woolford]

The first two lines of each section arguably have some use, but when you start with the comparable listings and using three different time periods and try and draw conclusions, the rest of the form is useless. I disavow the form several times throughout the report, and rely on my more extensive and reliable, analysis. The form is a joke.

 

[Peter LeQuire]

I hope you can help me out. Where can I find the list that tells me the Fannie Mae stuff I can ignore versus the stuff I cannot ignore?

It's more than a list: it's a companion text to the Appraiser's Definitive Encyclopaedia of Adjustments, 3rd. Edition.

 

[Joe Flacco]

I think the 1004MC should show data for eight quarters.

 

[Peter LeQuire]

Agree. 12 months is not sufficient time to support conclusions about trends. We had a significant seasonal slowdown here in the past 90 days - but it was just that, seasonal.

Beyond that, the trends of neighborhood properties comparable to the property being appraised are meaningless outside the context of the overall trends in a larger market are, be that region, county, city or borough.