http://www.realestateappraisertips.info/ – Dave Towne To Home
Appraisers: New Fannie requirement – Active Listings
While this is for Washington State Appraisers, this may be broadly help to us all.
Appraisers……….
(In WA State – Matrix software via NWMLS)
FannieMae, effective TODAY, wants the MC Form ACTIVE LISTINGS (Total # of Comparable Active Listings) info to be reported as those properties active on a specific day in the MC form columns. Some MLS systems cannot provide that data (Matrix cannot, yet).
The specific day is the ‘first’ day (closest to the Effective Date) of that time period, not the last day.
Because my area MLS cannot provide this data, the screen shot below shows how I report this. Note that NO TREND can be reported on that line, or the line below, because only one column has data.
We are required to EXPLAIN why certain info cannot be provided. The screen shot below is from my report MC Form Scope of Work addendum, which basically says some info on this wonderful form is junk. You can use this verbiage if you like:
1.) The 1004MC requests historical Listings data (gray fields and right column). The local MLS cannot provide historical Comparable Active Listing data as requested. The only Listing data available is current Active Listings as of the date and time queried. The appraiser has provided the number of active Listings in the Current – 3 Months column as of the date and time of the analysis is if available.
CAUTION: Appraisers who use the California based appraiser’s Excel spreadsheet to derive the MC Form data (or any other version) may want to verify that process to be certain the Active Listing info is reported correctly. (I don’t use this in my reports or for analysis.)
If you enjoyed this article, you might also like...:
- Dave Towne: Fannie Mae extends deadline for capturing appraiser data
- Dave Towne: Survey Results How Appraisers Report Site Size, FNMA Requirement Effective 9/1/2011
- Appraisers: Dave Towne On Fannie Mae Changes To Selling Guide Wins Appraisal Institute Praises
- Dave Towne To Real Estate Appraisers: Fannie Mae Selling Policy Update & Fannie Mae Selling Guide Update Issued
- Real Estate Appraisers: Dave Towne – Is The IVPI Independent Valuation Protection Institute Taking Shape?
{ 2 comments… read them below or add one }
Dave,
Regarding your comments regarding FNMA requiring funny reporting of site sizes, they need to keep their heads up, in the sunshine!
I indicate site sizes variously, by reporting needs. Smaller residential site sizes can be, and are usually effectively reported in square foot sizes. Larger site sizes of, say 1/4 acre or more are more easily reported in acres. Local custom and the needs of the report come into play here; whatever makes the report more logically understood is most appropriate. Obviously zoning makes a difference: if a subject has zoning requirements of one unit per 10,000 square feet minimum, a comparable sale of, say 9,000 square feet must be adjusted differently than one with a 20,000 square foot site size and similar zoning. Consistency within the report is paramount.
The bottom line here is FNMA needs to “see the light”, and allow appraisers to do their jobs as professionals do, not as office clerks with limited education or minimal skills. Otherwise they should simply hire clerks to fill in the forms.
Thank you, Lee!! I, and others, see this as a format for FNMA to be able to data mine reports even further! Dave Towne, Washington Appraiser, was the author. Appreciate You!
Bill