Using Na Or N/a In The 1004mc Being Flagged

[PhiloFarnsworth]

In their continuing fight against those rural and semi rural, low activity markets and their insistence on making life difficult for appraiser's there, it apparently is no longer allowed to use "na" when it is appropriate in the 1004MC. At first I thought it was just a bad bit of software writing as it all cam from one bank, but now other clients are flagging it.
Apparently, nothing but numerical entries are allowed in the MC form anymore.
Who made the decision to make it mandatory to show misleading and downright wrong entries in the MC fields? As far as I can tell, if there are no sales in neighborhood for a particular quarter, the median price of the sales or DOM is not "0", it is undefined, best expressed as "na". The problem is that there are times when the median DOM actually IS zero.
What in the world was the problem in allowing using common sense in filling out the form like it has been allowed for the last few years? I can't help getting the feeling that the banks want to punish appraisers who don't have enough market data to pretend to do a statistical analysis. After all, unless you work in a market with huge quantities of almost identical sales of cookie cutter homes, any "neighborhood" statistical analysis is mathematically bogus anyway.

 

[gregb]

Some are suggesting appraisers move to Montana, where the fees more fairly compensate the appraiser for punishment doled out by banks.

 

[PhiloFarnsworth]

Some are suggesting appraisers move to Montana, where the fees more fairly compensate the appraiser for punishment doled out by banks.

All of us, all at once!

 

[Terrel L. Shields]

 

[glenn walker]

In in some circles ( larger areas ) N/A means NOT APPLICABLE try just putting a -0- ZERO and explain there were no sales or listings in those time periods . Just a thought I am in a major urban area and this is not a problem !

 

[nicholz12]

In their continuing fight against those rural and semi rural, low activity markets and their insistence on making life difficult for appraiser's there, it apparently is no longer allowed to use "na" when it is appropriate in the 1004MC. At first I thought it was just a bad bit of software writing as it all cam from one bank, but now other clients are flagging it.
Apparently, nothing but numerical entries are allowed in the MC form anymore.
Who made the decision to make it mandatory to show misleading and downright wrong entries in the MC fields? As far as I can tell, if there are no sales in neighborhood for a particular quarter, the median price of the sales or DOM is not "0", it is undefined, best expressed as "na". The problem is that there are times when the median DOM actually IS zero.
What in the world was the problem in allowing using common sense in filling out the form like it has been allowed for the last few years? I can't help getting the feeling that the banks want to punish appraisers who don't have enough market data to pretend to do a statistical analysis. After all, unless you work in a market with huge quantities of almost identical sales of cookie cutter homes, any "neighborhood" statistical analysis is mathematically bogus anyway.

Are you sure about that... only numerical is allowed? I'm not too sure on that one. Who told you that?

 

[Tom D]

my profession is now comparble to my living in the ghetto, i can't afford montana. my open spaces are after the city tears down all the boarded home on the block. i stopped putting n/a in the 1004mc, not the hill i want to constantly be fighting on.

 

[Meandering]

A battle flag for you

 

[alove]

I just received the same error message. The issue is there are no truly comparable sales in the area. As a result, I will be forced to utilize the next best available sales-some of which are a good bit away from the subject as I am in an area bordering on being rural. I believe n/a is the correct response. I do not believe I should place a 0 (zero) in the blank as 0 is a value. That would make this report misleading. The lender is attempting to force me to do this. I believe doing so would be misleading and a clear violation of USPAP.

 

[Noreen]

I just received the same error message. The issue is there are no truly comparable sales in the area. As a result, I will be forced to utilize the next best available sales-some of which are a good bit away from the subject as I am in an area bordering on being rural. I believe n/a is the correct response. I do not believe I should place a 0 (zero) in the blank as 0 is a value. That would make this report misleading. The lender is attempting to force me to do this. I believe doing so would be misleading and a clear violation of USPAP.

I though CU had a component for "non-typical" properties to "fall out" and have a human underwrite the file.. is this not exercised? Don't they realize it's the old "square peg in a round hole" syndrome?