Today’s post comes from Rebekah Champagne. With nearly two decades of experience in the mortgage industry, Rebekah now serves as one of a la mode's Product Marketing Managers.
You've probably heard by now, Fannie Mae made the official announcement August 7, 2018, that they would no longer require the 1004MC. Most appraisers (and lenders) saw this as a win, as they hated the form from the get-go. Fannie finally agreed but was quick to call attention to the fact that the appraiser will still be required to analyze market and neighborhood conditions. While flawed, the form still came with good intentions — getting true market analysis displayed in appraisals.
So, what's next? Well, Freddie Mac and the other investors haven't changed their requirements yet. It's been crickets since the big announcement with the lenders too. So even though Fannie said adieu, you haven't quite seen the end of your favorite form. And it's likely most lenders will still require it until an alternative approach has been approved.