Danger of 1004MC
1004MC : Danger! If you conduct appraisals for residential lending, you are familiar with the 1004MC. Many appraisers rely upon the data which populates the form for conclusions (e.g., trends for Property Values and Prices, relationship between Supply & Demand, etc.) which are later communicated on page 1 of a Fannie Mae appraisal report form. Of course, the data and analysis in the 1004MC are, in part, used by the appraiser in analysis in the Sales Comparison Approach. What could go wrong with this scenario? The correct answer is plenty, resulting in the appraiser communicating misleading opinions and conclusions. What...
