Fannie Mae’s 1004MC: A Thing of the Past?

This past weekend, Fannie Mae announced at the Appraisal Institute’s Annual Conference that it would be updating its Selling Guide with a number of changes. The most significant change appears to be the removal of the 1004MC requirement in 1-4 unit residential appraisals being prepared for Fannie Mae lenders.

It is important to note, however, that these changes are not in effect yet and will not be until Fannie Mae releases its revised version of the Selling Guide. For now, appraisers must continue to use the 1004MC as usual. Once the revised Selling Guide has been released and the changes have taken effect, appraisers preparing 1-4 unit residential appraisal reports for Fannie Mae lenders will no longer need to complete the 1004MC.

It is also important to note that only Fannie Mae has planned to eliminate the 1004MC requirement at this point. Freddie Mac, HUD/FHA, VA, and some individual lenders still require the 1004MC form for the time being. That may change in the future, but for now, only Fannie Mae has taken action to eliminate the 1004MC requirement.

3 Comments
  1. Mary Jean Henson

    Thank you for the information>

    Reply
  2. TD

    Well…as for me…I’ll still be including it. The “box checkers” will take a while to stop coming back to us for a “correction” to include it. Plus, they are all used to just going to that form page for the data rather than actually reading the report.

    And what about all the appraisal software that “auto fills the 1004 MC” for you? Think they’ll charge us less if we don’t need it?

    Reply
  3. Frank K. Leader

    Form may not be required, however no mention of not expecting research and analysis for the form to be stopped. Thus the fee should not be impacted as the fee was for the research and expert analysis that was being applied in the report.

    Reply

Submit a Comment

Your email address will not be published. Required fields are marked *