MC Form & Incorrect Reporting of DATA
Wednesday last week (11/18/15) WorkingRE published, via their e-Newsletter, an article I submitted to them as an ‘exclusive.’ I was in a jet to Las Vegas to attend the Appraisal Summit & Expo that day. In case you did not see the article, I’m letting you know about it here.
You can access the WorkingRE version of the article here.
I want to thank those appraisers who left comments on the WorkingRE site, included below the article, and to those appraisers who wrote me directly. Getting feedback is critical, and appreciated. And kudos to Isaac Peck, Editor and David Brauner, Publisher, of WorkingRE for allowing me space in their publication and editing the original submitted article for better clarity.
Most comments and messages about the article were positive. But some lambasted me, thinking I am enamored with the MC Form. Actually, that form is a hunk of warmed over afterbirth! I’m not alone in my negative bias about it. The concept for better market data is valid; but form execution is abysmal. However, based on presenter comments at the Summit/Expo, we are stuck with the GSE preprinted forms in their present configuration and overlaid UAD for an unknown time. So there is nothing we can do about them, except to work with them.
Some people criticized me when I advocated ‘reporting reality’ in terms of comparable properties in the MC Form grid. I’ve been doing just that since 2009, when the junk MC Form was mandated.
In another day or so, I will send out samples of MC Form grids I have submitted in reports with absolutely no repercussions from anyone. I will also provide commentary I use to back those up, and additional info about doing better comparable market analysis.