New 1004

[PushinValue]

From what I have read it will not be a “form”.

What is to become of datamaster and similar companies?

Are we going to have to hand type data again like it is 1999?

 

[sputnam]

It is software... but, instead of a static form it the comment sections will expand to be as long as needed. If you omit the Income Approach, that space will not appear in the report. You will still have to explain why you omitted it but, the spaces for the market rent and GRM won't be there.

 

[Tom D]

Still the same form fill, just now expandable lines can be added for your typed additional comment, just at the right spot. Not 10 pages later, where ever, on a addendum. Should make it easier for reviewers to now read a bad report, instead of trying to find something on a mish mashed report. and there are idiot appraisers who seem to give no thought as to finding anything in the report, or to the flow if info.

 

[Fernando]

I like the expanded lines. Reviewers sometimes can't read....find what they want in the report.
So many times, I have to remind them in the report where the comment they are looking for and also, then repeat in the addendum.
Reviewers too lazy to dig through the report for information they are looking for.

 

[sputnam]

Still the same form fill, just now expandable lines can be added for your typed additional comment, just at the right spot. Not 10 pages later, where ever, on a addendum. Should make it easier for reviewers to now read a bad report, instead of trying to find something on a mish mashed report. and there are idiot appraisers who seem to give no thought as to finding anything in the report, or to the flow if info.

Easier to read a good report too. Comment will be in the sections they belong in. Hopefully, it will also help end the very annoying practice of saying the same thing in 3 or 4 different places in the appraisal report.

 

[Tom D]

Reviewers too lazy to dig through the report for information they are looking for.

Lender's staff reviewers don't read the report. They do a word search if trying to find something. The most interesting part is they have full access to CU.
CU has a lot of layers, of different info, that you can look at. Big secrete for fannie to not let us have it also. Hey surgeon, you can do the surgery, but no cat scan to look at.
Another group of elite idiots not understanding business.

 

[PushinValue]

Lender's staff reviewers don't read the report. They do a word search if trying to find something. The most interesting part is they have full access to CU.
CU has a lot of layers, of different info, that you can look at. Big secrete for fannie to not let us have it also. Hey surgeon, you can do the surgery, but no cat scan to look at.
Another group of elite idiots not understanding business.

I think they want to avoid “group think”

I kinda understand them not allowing appraisers to access, but it is a little frustrating. The main reason I would want it would be a double check to make sure I am bing “consistent” with reporting on all the comps

 

[Zoe]

Many appraisers on this forum have only done narrative reports. They never did a 1004.

No big deal to them.

 

[Tom D]

I think they want to avoid “group think”

CU is based on group thought adjusting. If there is a question it will say most appraisers do this, not what you did.

 

[BRCJR]

I like the expanded lines. Reviewers sometimes can't read....find what they want in the report.
So many times, I have to remind them in the report where the comment they are looking for and also, then repeat in the addendum.
Reviewers too lazy to dig through the report for information they are looking for.

Would really like to review one of your reports.

Would you mind posting a redacted report you have completed?

I would then have the most professional template available on the planet!