North, East, South and West BS stip

[ucbruin]

I'm surprised that your software doesn't flag it when running a review....

 

[Vermonter]

I'm surprised that your software doesn't flag it when running a review....

Yours does?

I'm using Total with the UAD 1004. I'm sure if the field was blank the E&O check would pop up, but none of the UAD checkers are reading the content of those fields.

 

[ucbruin]

I use ACI....

 

[Terrel L. Shields]

NORTH: zzz Town Limit
SOUTH: zzz Town Limit
EAST: zzz Town Limit
WEST: zzz Town Limit

But convoluted boundaries are difficult to describe with simple NSEW directions... T shaped areas, as an example. Or a "neighborhood" might relate to lakeside properties - that could be almost any shape. I rarely define "neighborhoods" so much as a "Market Areas". And, large rural areas are, again, difficult to 'define' in simplistic terms.

You must not do lender work,

Lender? As in secondary market? 50% of mortgages are created by someone other than FNMA or FHA. They don't demand such descriptions there.

I'm surprised that your software doesn't flag it when running a review....

Not gonna happen with narratives.

 

[DWiley]

Or a "neighborhood" might relate to lakeside properties - that could be almost any shape. I rarely define "neighborhoods" so much as a "Market Areas".

You have hit on one of the challenges - many conflate the concepts of neighborhood and market area. Your lake home example is one I often use. In my area, if a property is on a lake, then the neighborhood and the market area may be very different.

 

[mp2277]

Lender? As in secondary market? 50% of mortgages are created by someone other than FNMA or FHA. They don't demand such descriptions there.

NAR says Fannie Mae and Freddie Mac backed 70% of residential mortgages in 2023. Adding FHA, 10%, USDA around 100k mortgages. Not sure where you get your 50% figure.

 

[mp2277]

if the great melting pot experiment is working...then why boundaries...just more racist gse guidelines

I don't even know how to respond to such a lame comment

 

[Terrel L. Shields]

@mp2277 said NAR says Fannie Mae and Freddie Mac backed 70% of residential mortgages in 2023. Adding FHA, 10%, USDA around 100k mortgages. Not sure where you get your 50% figure.

Conventional conforming mortgages were the most common mortgage type in Q4 of 2023, making up 44.8% of all originated mortgages, according to the Urban Institute. The rest are non-conforming conventional loans, non-residential, jumbo, private owner-financed, non-banks, etc.

 

[djd09]

use the census tract...or rural mountains to the north...white road to the east...mlk jr blvd to the west...and the deep south...but don't mention the railroad tracks

 

[Carnivore]

There is an easier way to indicate the boundaries of your subjects market by using an google maps. Especially if you have a small town like Dallas NC 28034

So all you do is create a aerial PDF of that small town and include it in your report. Then pick out the four major roads that are to the North, East, South and west for your report line and import the Google map of that are into your report.

Is it perfect? No, but it is the purely the best you can do.

Side Note: Hwy 49 in south west Charlotte has a weird subdivision. part of Hwy is the NC SC state line. There is a very conforming neighborhood of FHA grade on slab vinyl village where the neighborhood is literally divided in half by the state line at the a street four corner interior intersection.