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New market analysis changes.

Essexfenwick said:
Yep

The mc addendum usually dictates . Also use at least one recent comp or contract sale

End of story
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If MC is used, appraiser needs to be consistent.
MC usually consider 12 month trend.
In main report, I would consider more recent trend but if different and not clear with time trend, reviewers will always assume 12 month trend.
 
alebrewer said:
The part about Fannie requirements is correct. I'm curious how you know you don't do any work for Freddie, as most direct sellers have not locked Fannie OR Freddie when the appraisal is ordered...
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The only work I have done for them is forensic reviews. All of my engagement letters have conform to Fannie Mae guidelines and not Freddie Mac. So it they do later sell to Freddie, I don't know about it.
 
alebrewer said:
There is, however, requirement for illustration of the methodology used. This could be in the form of a graph... or you could provide your regression line.

From the Freddie Guide:
  • Include an illustration of the methodology used to determine specific comparable sale time adjustments for changes in market conditions
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An illustration sounds like a picture. Vague.
A description of how came about methodology would sound like an illustration.
 
TerryRohrer said:
Where is that from? The FNMA Selling Guide says: "The appraisal report must, at a minimum, summarize the supporting evidence and include a description of the data sources, tool(s), and technique(s) used." The Freddie Mac Seller/Servicer Guide says: "The appraisal report must contain the market analysis that supports the indicated market trends and any adjustments made for market conditions." Both have refuted the claims that an illustration must be included in reports.
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It's from the Freddie guide.
 
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