Jo Ann Meyer Stratton
Elite Member
- Joined
- Jan 16, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Arizona
Found the following on Fannie Mae's website regarding new manfactured homes and the 1004C:
In Announcement 03-06 (dated June 3, 2003), we restated and revised our requirements for mortgages secured by manufactured homes. Those changes included requirements related to our appraisal standards for manufactured homes and included a new addendum, the Manufactured Home Appraisal Report Addendum (Form 1004C), which expands upon the information required on the Uniform Residential Appraisal Report (Form 1004). Because the appraisal of a new manufactured home is often completed prior to delivery of the home, some of the information needed to complete Form 1004C may not be available at the time the appraisal is performed. That information might include the dealer invoice, the U.S. Department of Housing and Urban Development (HUD) Data Plate, certification label number(s), etc. For information not available at the time the appraiser is completing the appraisal forms, the appraiser can appraise the property subject to his or her receipt and review of the items as a condition of the appraisal. Prior to the delivery of the mortgage to us, lenders should obtain a "certification of completion" from the appraiser that includes the previously unavailable information (including a summary of the appraiser's analysis of any previously unavailable dealer invoice), and certifies that the requirements and conditions of the appraisal have been satisfied.
In Announcement 03-06 (dated June 3, 2003), we restated and revised our requirements for mortgages secured by manufactured homes. Those changes included requirements related to our appraisal standards for manufactured homes and included a new addendum, the Manufactured Home Appraisal Report Addendum (Form 1004C), which expands upon the information required on the Uniform Residential Appraisal Report (Form 1004). Because the appraisal of a new manufactured home is often completed prior to delivery of the home, some of the information needed to complete Form 1004C may not be available at the time the appraisal is performed. That information might include the dealer invoice, the U.S. Department of Housing and Urban Development (HUD) Data Plate, certification label number(s), etc. For information not available at the time the appraiser is completing the appraisal forms, the appraiser can appraise the property subject to his or her receipt and review of the items as a condition of the appraisal. Prior to the delivery of the mortgage to us, lenders should obtain a "certification of completion" from the appraiser that includes the previously unavailable information (including a summary of the appraiser's analysis of any previously unavailable dealer invoice), and certifies that the requirements and conditions of the appraisal have been satisfied.