Illinois Appraisal
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Market Conditions Addendum (1004MC)
In November 2008, Fannie Mae and Freddie Mac released a new form entitled Market Conditions Addendum to the Appraisal Report (Fannie Mae #1004MC-Freddie Mac #71) to be used to reflect current market conditions. Its use will be required for all appraisals of 1-to-4 family units made for Fannie Mae or Freddie Mac as of April 1, 2009. Some lenders/clients have jumped the gun, and are already requiring the use of this form as part of their Scope of Work.

This course points out the various concerns, complexities, and pitfalls that the new form creates for appraisers. The course is culminated with an online, interactive case study where you will complete the 1004MC form using a real world scenario.

Course Outline

  1. Introduction
  2. New or Updated Policies
  3. Clarification of Existing Policies
  4. Form 1004MC - 71
  5. Inventory Analysis
  6. Median Sale & List Price, DOM, List/Sale Ratio
  7. Condo / CO-OP Projects
  8. Appraiser & 2nd Appraiser / Supervisor
  9. Case Study
 
Van Education Center - Illinois Online Real Estate, Appraisal & Mortgage Broker School
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