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Would Adding A 1004mc To A Completed Appraisal Comply With USPAP?

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Have Laser-Will Travel

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Junior Member
Joined
May 17, 2009
Professional Status
Certified Residential Appraiser
State
Nevada
Lender wants a 1004MC but didn't order it originally. If I add it, haven't I broadened the scope and created the need for a new assignment? If I submit it as a stand-alone report, then isn't it still an appraisal service and subject to Standards?
 

Randolph Kinney

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Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
Lender wants a 1004MC but didn't order it originally. If I add it, haven't I broadened the scope and created the need for a new assignment? If I submit it as a stand-alone report, then isn't it still an appraisal service and subject to Standards?
Did you do a market analysis? You were suppose to as part of the appraisal process.

You can add the 1004MC form which is a market analysis summary. It should not change the value or results in your conclusions. You would change the report date after adding the 1004MC form. The inspection date is the same.
 

Mejappz

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Dec 16, 2005
Professional Status
Certified Residential Appraiser
State
Florida
This has happened to me twice in the past two months. Even though my reports contain five or six pages of market analysis. I did have the 1004MC in the work file just in case they asked.
 

Have Laser-Will Travel

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Junior Member
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Professional Status
Certified Residential Appraiser
State
Nevada
Yes, of course. But the 1004MC is a particular exercise with particular results and any other eventual user of the report could be misled to believe that its findings were weighed in the earlier conclusions.
 

Have Laser-Will Travel

Thread Starter
Junior Member
Joined
May 17, 2009
Professional Status
Certified Residential Appraiser
State
Nevada
adding support to market analysis does not create a new assignment
Adding support from within the existing scope doesn't create a new assignment but expanding the scope would. The particular analysis of the 1004MC was not in my scope.
 

J Grant

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Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Adding support from within the existing scope doesn't create a new assignment but expanding the scope would. The particular analysis of the 1004MC was not in my scope.
I don;t see why expanding a SOW makes a new assignment, when client is the same inspection date/ effective date has not changed, nothing about the subject has changed, your value has not changed

. Ok, it was not in your original SOW- client asked you to provide additional support. Similar to an ROV client asks to consider additional comps, that was not in our original SOW either. do what you want but I fail to see how adding an MC form creates a new assignment.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Yes, of course. But the 1004MC is a particular exercise with particular results and any other eventual user of the report could be misled to believe that its findings were weighed in the earlier conclusions.
Now I get it, you based something, market conditions stable or decline or a time adjustment on less similar comps from another method of research?

And now the 1004 MC form shows something else?

You have to work that out, it is not about what forms you use, it is about credible results. Either you believe your own original appraisal method derived credible market condition results for the particular subject and its comps or not. IF you are seeing different outcome from 1004 C, how to reconcile results should be the question. .
 

Mr Rex

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Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
So its a new assignment. Add a letter to the end of your file number to indicate a new assignment, add the MC and create a new workfile . You could have done it in the time it took you to post here.
 
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