|
      
Fannie Mae Form 1004MC
New Fannie Mae Policy
Changes
OREA Approved Course #09191C100
Due to
current conditions in the real estate market, it is important that appraisers
are provided with sufficient guidance to properly develop and report appraisals
that will be utilized by lenders selling loans to Fannie Mae.
In
addition to USPAP, Fannie Mae has established its own separate appraisal
requirements to supplement the Uniform Standards. Fannie Mae Announcement 08-30
addresses several new or updated appraisal-related requirements and clarifies
several other existing policies to help underwriters make sound underwriting
decisions when reviewing the appraisal report.
Click to Review
Form 1004MC
The
following new or updated policies are addressed in this course:
Implementation of the
Market Conditions Addendum to the Appraisal Report Form 1004MC) .
Use
of supervisory appraisers.
Requirement to provide
the sales contract to the appraiser.
Requirement
regarding the appraiser’s selection of comparable sales
Clarification of
Existing Policies
Repair escrows for
existing construction.
Research
and reporting of the current and prior listings of the subject property.
Appraising the
entire site of a property.
Time adjustments on
the appraisal report.
Verification of a sales transaction.
Neighborhood boundaries and the selection of comparable sales.
Effective age of the
subject property.
Utilizing
the cost approach to value for insurance purposes
LEARNING OBJECTIVES:
-
Overview of New Form 1004MC – Market Conditions Addendum
to address implementation of this form and gain a general knowledge of which
appraisal assignments require it.
-
Gain a general understanding of 12 other New or Updated
Fannie Mae Policies
-
Gain a specific understanding of data and analysis
required by Form 1004MC
-
Demonstrate ability to analyze and report required data
in the 1004MC format by completing Case Studies
|
