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.