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Document 2007 ¦ Last updated: 08/29/2017 RR2
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 is 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.
How do I get the latest version of the 1004MC?
Simply run the WinTOTAL's Instant Customer Updates or TOTAL's a la mode Update Wizard to download and install the latest updates, which include the latest version of the 1004MC Addendum.
- For WinTOTAL Aurora:
- Click Help on the upper left and select Get Instant Customer Updates.
- For TOTAL:
- Click Help on the upper left and select Check for Updates.
Where can I go to learn more about using the 1004MC?
If you're looking for a quicker way to fill out the 1004MC, click here to get a free trial of Titan Analytics.
Additionally, Fannie Mae has provided some excellent training resources online, including a video tutorial that explains the use of the form.
- Fannie Mae Video Training:
- Appraisal and Property Report Policies and Forms FAQ: