- Nov 17, 2003
- Professional Status
- Certified Residential Appraiser
I was informed that Fannie Mae would be releasing new forms in the coming years. I am eager to stay on top of this topic and would like any information any of my colleagues may have on this topic. Are they accepting commentary on the new form? will they release a beta version? Since this form affects most of our workload I would hope they would pre-release the product for our commentary. There are several ideas I have that can maybe help them form a more user friendly form. One of the ideas I have would be to bring back the room layout grid from the 93' version of the form. Most of the calls I receive from homeowners come from this area. They do not see the "Above grade" explanation for the one line grid and assume credit was not given accurately. The 93' version of the form shows the entire room count clearly. The other area which I believe should change is the neighborhood section. This section should go hand and hand with the 1004MC form which I assume will be assimilated into the new forms. Neighborhood should be changed to market area because this appears to truly be what Fannie Mae wanted information on and to parse the two different terms cause confusion.