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New FNMA Guidelines

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Ken-NC

Sophomore Member
Joined
Feb 21, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
I just received a letter from a local lender requesting a list of all appraisers in our office that
"Are able to do manufactured housing under the new FANNIE MAE rules."

Err... I can't seem to locate any info on the new rules! Help! Does anyone happen to now what/where these new rules are?

Thanks tons.

Ken
 

wyecoyote

Senior Member
Joined
Jan 15, 2002
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Washington
Ken,

The new 1004c is what they may be looking for. It is the new manufactured housing addendum. Look up the general forum for it.
 

Rich Heyn

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Michigan
Ken,

Go to the Manufactured Housing forum and scroll down to the thread titled "New Fannie Mae Guidelines for Manufactured Housing." You'll find information there as to how to get a copy of the new 1004c and the 03-06 announcement. It's important that you read through the announcement. They made some significant changes.

Rich Heyn
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
Also contact your software vendor regarding the the new form--although most vendors haven't issued it yet. It will be required for new loan applications beginning August 24th and any loan application that is not completed by October 1st. So it is very important to download it from your software as soon as possible. In the meantime, print out the form that is on the Fannie Mae web site so you can become familiar with it.

Also, FHA appraisers, keep an eye out for a new Mortgagee Letter--there is a new VC sheet that will soon be required--but it isn't official until the Mortgagee Letter is issued. On page 4 of the new VC sheet is a section for manufactured housing that has to be filled out.

I hope every one already is in the habit of looking for both the HUD label on the exterior and data plate (letter sized piece of paper) in the interior. Not only looking for, but photographing and taking notes of almost everything that is etched/written on them! Both Fannie Mae and FHA want that information included either on the new 1004C or the VC sheet.

You can take a look at the new VC sheet (if your software doesn't have it yet) at http://www.HUD.gov

Go to appraisers, look for the announcement regarding VC sheets. It discusses what happened in 1999 but in the middle is the form number and when that is clicked on, the new VC sheet pops up.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
The mortgage letter is specific about using appraisers qualified to do manufactured housing. Next thing you know there will be a test and seperate license.

What constitutes being qualifed to do manufactued housing? Damned if I know???
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Jo Ann....would you like to come to Colorado Springs and speak to our group (CAREA)?
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
Thank you for the invite Mike. But I am not a public speaker, I talk back-wards, mispronounce words, use words that are spelled the same or similar but mean something totally different, wave my arms around in the air while talking, repeat sentences of nonsense six times, etc, etc--so I definitely am not a public speaker! And if it wasn't for spell checker and grammar checker on the computer--I couldn't write either.

Contact Rich Heyn, he has developed and instructs a manufactured home course for the Appraisal Institute and other groups. I arranged a tour for him of a factory of manufactured and modular homes this spring. Listening to his conversation and comments while at the factory--I decided I don't even know how to spell manufactured compared to his knowledge!
 

Charlotte Dixon

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
Here we go again. I just read the 03-06 announcement again.

Page 2: Definition of a Manufactured Home. Now I'm really confused and have been in this business over 20 years!

What I do know, i think: This new form will only apply to manufactured homes, as they describe them on page 2. O.K., only manufactured homes with a HUD seal/label, etc. etc.

However, reading on, FannieMae does not call a Modular or panelized home a manufactured home. I thought I had all this straightened out :blink:

Please tell me I'm not the only one who feels jerked around. :(
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
You're reading something concocted by bureaucrats, not appraisers. So what do you expect?
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
They are saying modular or panelized homes are not manufactured homes. Isn't that clear as mud? :rofl: :rofl: :rofl:
 
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