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New Fanniemae Guidelines On Mfg Housing

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Rich Heyn

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Michigan
FannieMae is making significant changes to their guidelines regarding loans secured by manufactured homes.

They will now require a two-page addendum (form 1004C) to accompany a full 1004 form when appraising a MH. Interestingly, the new addendum defines a MH as "any dwelling unit built on a permanent chassis and attached to a permanent foundation system." This would seem to include "on-frame" modulars. The eligibility requirements, however, require that the home " must be built in compliance with the Federal Manufactured Home Construction and Safety Standards that were established June 15, 1976...." In other words, homes built to the HUD code. So does that exclude "on-frame" modulars? Don't know yet, but I'll find out.

Several pages on Selection of Appraisers and Appraisal Standards. Lenders will be required to "take appropriate steps to ensure that their appraisers have the requisite knowledge, experience and access to data sources that will enable them to perform accurate valuations." Recommends that the lender "review the appraiser's education and experience as well as sample manufactured home appraisals." Says that the lenders "must not assume, simply based on the fact an appraiser is state-licensed or -certified, that the appraiser is qualified and knowledgeable to appraise manufactured homes in a specific location."

The announcement (03-06) should be available on their website tomorrow. They sent me my advance copy today. I have not yet had time to read and digest all 23 pages. Just in from two days of teaching and half brain-dead. Not responsible for spelling or grammer errors.

Rich Heyn
 

Wally Jones

Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Thank you, Rich, for the heads-up! Should make for some interesting reading.

Anyone know how I would find out about appropriate courses in my area? I've been appraising factory built homes for over five years and have modified my technique a little with the help of Queen Jo Ann and the other terrific people on this forum. But if lenders are going to be looking for "credentials", I'd like to be ahead of the game.

Thanks!
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
Wally: Check with Monica Trotter in Florida, she is a member of the NAIFA.

Checking Fannie Mae's website every five minutes looking for 03-06!!
 

Wally Jones

Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Thank you, Jo Ann!
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Does that mean we can raise our fees?

Since I do work directly for Fannie Mae (REO) am I considered qualified?

Do I really want to do this stuff anyway? :rofl: :rofl: :rofl:
 

rtubbs

Junior Member
Joined
Jan 15, 2002
The announcement is posted on the Mortgage Bankers website but it does not have the referenced attached form 1004C.
 

David S. Roberson

Senior Member
Gold Supporting Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
My crystal ball tells me there will be a fee increase come October.
 

David S. Roberson

Senior Member
Gold Supporting Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
DAVE BIGGERS! DAVE BIGGERS! DAVE BIGGERS!

I know you're out there! Will we Alamode users get the 1004c form before the required date of August 24, 2003?
 
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