Fast and Easy 1004MC Market Condition Addendums
By now, most of you have made your first attempt at the new Fannie Mae Market Condition addendum. Was it easy? Was it fun? Perhaps not...
The new form is now, suddenly, required not only by Fannie and Freddie, but by FHA as well. VA is likely to follow suit, so it may be required for all residential lending before long. It is complex, and detailed, and requires lots of various types of data. Most appraisers are spending over an hour preparing it, and many more than two hours.
Many MLS systems nationwide are trying to find automated systems for creating the data required by the form, but the computerized systems all have one fatal flaw. Computers cannot recognize duplicated entries, outliers or anomalies. In other words, computer generated market addendum models cannot work out this problem.
I have devised a fast, easy technique for correctly finding the data and completing the form. Nothing will ever make it an instant process, but it can be completed in 15 to 25 minutes, depending upon your own working speed. This new form does not need to eat up your life, as many are finding it is doing.
Come, join us for one of the upcoming seminars FNMA Guideline Updates and the 1004MC Market Conditions Addendum and learn how to do the new Market Conditions fast and easy, and get your life back. We will be in many states very soon! See below for dates and locations.
Home Valuation Code of Conduct, and You
There is a tremendous bulk of misinformation about the HVCC, and it is an ugly situation. How can you prepare for what you don't understand? For instance, did you know that the HVCC applies to lenders, not to appraisers? It is important to appraisers, because lenders are our primary income source, but the rules are not actually being placed upon appraisers at all. There are many bits of misinformation currently circulating about the HVCC, and they all cloud the true story.
By now, you've all heard horror stories about the HVCC. It will ruin appraisers businesses, it will be the end of our client relationships, and it will be the end of life as we know it. This may all be true, if you don't learn about it!
However, the HVCC does not have to be the end of life as you know it. Knowledge is power, and learning the pros and cons of the document includes recognition of several business opportunities it presents. Business is about to change for appraisers, but some things will still be true. They need us, they need our appraisals, they will hire us, and they will pay us (as little as we allow them to, it is true...).
You will find that the four hours spent learning about the HVCC is time well spent. For many residential appraisers, it will be the difference between remaining in business, and going bankrupt. Please, do yourself the favor of learning about this most important change in our industry.
If you cannot get to one of our upcoming HVCC classes, then visit our website (www.Shop.AppraisalMastery.com ) and buy the e-book. And READ IT! I am also writing the e-book on the 1004MC addendum, and hope to have it available in a few days. Live classes are always better, but you may need this information right now. Please, let us help you help yourself!
Upcoming Class Locations and Dates – HVCC Class at 8:00 am and 1004MC Class at 1:00 pm
- 4/13/2009 Salt Lake City, UT
- 4/15/2009 Boise, ID
- 4/18/2009 Reno, NV
- 4/20/2009 Las Vegas, NV
- 4/22/2009 Prescott, AZ
- 4/23/2009 Scottsdale, AZ
- 4/27/2009 Tucson, AZ
- 4/28/2009 El Paso, TX
More locations are being added. Please check our website (www.AppraisalMastery.com ) for more information. Appraisal Mastery Center 4100 Horseshoe Drive Strasburg, CO 80136 303-622-4240 Fax 303-622-4233 www.AppraisalMastery.com
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