Training For New 1004 Form

[Bill Rose]

Who's teaching the teachers?

 

[Tim Hicks (Texas)]

OK, Did everybody take a course on how to fill out the 1004 or the 2055? It boggles my mind that any experienced appraiser would need instruction on how to fill out an appraisal form. I can understand needing instruction on covering USPAP items that are not covered on the new form, but any appraiser should be able to understand the new 1004, the new 1004C and any other new form Fannie Mae introduces. The introduction of the 2055 form was relatively easy. I helped test the new 1004, it is not that difficult a document. I am not trying to be insulting, but the form is just a part of the process. I don't see a need for class here. I can see how appraisal organizations see a need for the class as it creates revenue for them.

Many of you are right, there are plenty of appraisers that can not fill out a 1004 properly, but those appraisers will not make an effort to fill out any form any time.

 

[TC]

Tim,

I had 15 years of experience before I did my first FHA appraisal, needed quite a bit of help in learning that. While I don't think the new form will take that much to understand, I think it would be worthwhile to take a seminar by either Mr. Heyn, Mr. G, or Mr. Clark. As to a revenue stream for the AI or NAIFA, so what, it's a free country.

TC

 

[Tim Hicks (Texas)]

As I said TC, I am not trying to be insulting. Fannie Mae guidelines are not changing, just the forms. You had to take a class because of HUD guidelines. So did I. I had to take a class because of VA guidelines. If the guidelines were changing significantly, I could see a point in needing a class. Like you said, it is a free world. Anybody that feels they the class, please take it. I will quit trying to stir the pot now.

 

[Bill Rose]

Then I'm going to put together a two-week seminar in the Bahamas on Measuring Tapes for $1,500 per attendee.

 

[Ariba]

Bill said,

Then I'm going to put together a two-week seminar in the Bahamas on Measuring Tapes for $1,500 per attendee.

If that includes airfare from Denver sign me up.

Ron
AppraiserPlus.com

 

[Stone]

It might be kind of nice to hear from someone who has spoken with Fannie Mae about what they are expecting in terms of filling out the forms. We have had several debates here over the years regarding what is appropriate to put in different parts of the 1004, including the recent thread regarding what to put in the date of sale space. These aren't specifically appraisal (or valuation) questions, but instead are questions regarding what the clients are actually expecting to be placed in specific areas. I don't think a quick class on this would be a bad idea, instead of finding out after several reports that what they really want is not what it appears to be. Just might make things easier.

 

[Stone]

Originally posted by Bill Rose@Mar 15 2005, 07:33 PM
Who's teaching the teachers?

:blink:

 

[Neil Anderson]

It would also be nice if somebody would teach some underwriters how to READ the reports.

 

[Bill Rose]

What I would expect is that normally when the government makes changes to it's systems, they complete the project with training for industry trainers to assure proper implementation. Is Fannie doing this? Divine wisdom has it's limits.