1004MC FAQ
Document 2007
Revised 10/2/2009 MMS


This FAQ will answer the most commonly asked questions about the new Fannie Mae 1004 Market Conditions Addendum. We have also provided links to available training resources on Fannie Mae's website.

  
 

 

 

What is the 1004 Market Conditions (1004MC) Addendum?

The Market Conditions Addendum (1004MC) is designed to enhance the transparency of the market trends and conditions conclusions made by the appraiser. The Market Conditions Addendum will be required with all one- to four-unit property appraisals performed on or after April 1, 2009.

The Market Conditions Addendum is intended to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood. The form provides the appraiser with a structured format to report the data and to identify more easily current market trends and conditions. The appraiser's conclusions must be reported in the "Neighborhood" section of the appraisal report.

You can view a blank copy of the 1004MC at the following web address:
http://www.alamode.com/tech/files/1004mc.pdf

 

How do I get the latest version of the 1004MC?

Simply run the WinTOTAL Instant Customer Update to download and install the latest updates, which include the latest version of the 1004MC Addendum.

  • For WinTOTAL (Athena)... click the Instant Customer Update button in the Appraisal Desktop's toolbar.  
  • For WinTOTAL (Aurora)... click the Get Updates button in the Appraisal Desktop toolbar.

 

Where can I go to learn more about using the 1004MC?

Fannie Mae has provided some excellent training resources online, including a video tutorial that explains the use of the form.

Fannie Mae Video Training:
http://fanniemae.articulate-online.com/7778703690

Appraisal and Property Report Policies and Forms FAQ:
https://www.efanniemae.com/sf/formsdocs/forms/pdf/sellingtrans/appraisalfaqs.pdf

 

 

What are some of the most commonly asked questions about the 1004MC?

I have viewed the 1004MC and some portions of it are gray, such as the Median Comparable List Price, but when I view it on my screen nothing is shaded. Why?

This is by design. In WinTOTAL, data entry fields will be colored blue (by default). The areas will appear shaded once the form is printed.

Why does the "Median Sale Price as % of List Price" not auto-calculate?

Per Fannie Mae, that ratio cannot be calculated from numbers entered into the form. Since the Median Comparable Sale Price may include Pending, but not Settled sales (as supplied by many MLS's), it cannot be used to calculate the Sale and List %, which must be derived from Closed Settled sales.

Please view the Fannie Mae Video Training referenced earlier in this FAQ for additional information.

I've installed the latest WinTOTAL updates for Aurora, but I can't find the 1004MC or my form does not have the current date (March 2009). How can I fix this?

This can be resolved by running the Rebuild Forms Table utility in the WinTOTAL Tech Support Assistant.

  • If open, close WinTOTAL on your machine.
  • Launch the WinTOTAL Tech Support Assistant located in your WinTOTAL program group.
  • Select WinTOTAL Utilities and click Next.
  • Double click on #8 Rebuild forms table under the Database Utilities section on the left.
  • Once completed, click Close to exit the Tech Support Assistant.

I'm deliverying a report using AppraisalPort and the 1004MC isn't showing up in the OADI Viewer. What can I do?

While in the OADI Viewer, click the Forms drop down in the upper left hand corner and select "1004MC" to view the Market Conditions Addendum.