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Fannie Updates Appraisal Procedures

Form 1004MC to be required

November 14, 2008

By MortgageDaily.com staff

Fannie Mae has updated its policies and procedures on appraisal procedures. Among the updates is a new appraisal form.

The secondary lender established its own requirements to supplement the Uniform Standards of Professional Appraisal Practice, according to Announcement 08-30 issued to approved sellers today.

Fannie has implemented Form 1004MC, a market conditions addendum to the appraisal report. The new form provides a structured format to report market trends and conditions. Appraisers must explain when they were unable to obtain data required on the addendum.

Fannie's new form includes a section for the absorption rate of the area where the property is located. It also includes details about seller concessions and what the property might have sold for without the concessions.

The Washington, D.C.-based company will now require that any supervisory appraisers who sign an appraisal must have inspected the property.

Lenders are now required to provide a copy of the sales contract and any amendments to the appraiser for analysis of sales concessions.

On appraisals where no local comparable properties were available, an explanation will be required. Any comparable property must be verified directly by the appraiser through a source with no interest in the subject transaction -- such as a HUD-1 closing statement for another property sold by a particular builder.

Appraisals based on an as-is value will be acceptable if minor conditions and deferred maintenance outlined in the appraisal do not affect the livability, soundness, or structural integrity of the property. When the appraisal is subject to improvements, the lender must obtain a certificate of completion from the appraiser before it delivers the mortgage to Fannie.

Appraisers must note how many times a property was listed for sale during the prior 12 months, the date and price of each listing and the data source.

The new form 1004MC is required on all appraisals with an effective data of April 1, 2009, or later, while the other new policies are effective for appraisals dated Jan. 1, 2009.

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