We are pleased to announce that on July 1, 2009, MFRMLS will make available to all members a new Market Conditions (1004MC) report that can be accessed from MLXchange for no additional charge. The primary use of the report is for appraisers to complete the Market Conditions Addendum* to the Appraisal Report, now required on all appraisals performed beginning April 1, 2009. As a secondary use, members can use this report to gain a more detailed understanding of the overall market trends for properties and neighborhoods.
During the month of July, MFRMLS will offer webinars demonstrating how to use and interpret the market conditions report.
For additional information about the Market Conditions Addendum, please refer to the following Fannie Mae resources:
Official Fannie Mae Announcement – View Announcement 08-30 (.pdf)
Official Fannie Mae Form – Download PDF
Official Fannie Mae Training Session – View Recorded Training
Official Fannie Mae FAQs – FAQs (.pdf)
*The Market Conditions Addendum (Form 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 for residential property appraisals performed on or after April 1, 2009. This requirement applies to loans delivered to Fannie Mae, whether the loans are underwritten manually or through Desktop Underwriter®:
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 current market trends and conditions. The appraiser’s conclusions must be reported in the "Neighborhood" section of the appraisal report.
About MFRMLS: My Florida Regional Multiple Listing Service services 15 Realtor associations in 10 counties and has approximately 30,000 members. Homebuyers can log on to www.MyFloridaHomesMLS.com to find the most up‐to‐date information on home listings in central and southwest Florida, including open houses, short sales, pre‐foreclosures and foreclosures.