Wednesday, April 8, 2009

Free Fannie Mae 1004MC Tools




Many appraisers are wringing their hands, stressed about the April 1, 2009 requirement to include the Fannie Mae 1004MC form with appraisal reports. Over the past month or so there have been a number of free tools and resources posted online.


Here is a sample of what is available:



  • First, Fannie Mae has a 1004MC Page. There is a link to download a pdf copy of the 1004MC Form and link to Recorded Training Presentation. According to Fannie, the presentation will allow you to "gain an understanding of and recognize the sources of market information necessary to analyze market conditions. Our new recorded training is organized to address the Market Conditions Addendum (Form 1004MC), effective April 1, 2009, section by section."

On the same page is a pdf of 1004MC FAQs for additional information about the form and other appraisal topics.


When it comes to gathering the necessary data and making the computations to complete the form, there are a few alternatives:

  • If you area subscriber to a Multiple Listing Service that uses the Tempo 5 System, MarketLinx has developed an Excel Spreadsheet to automatically make the calculations. Instructions that detail how to structure your MLS search, download the data and insert it into the spreadsheet are at the bottom of THIS PAGE under "Appraiser Resources".


  • George Hatch, a California State-Certified General Appraiser, has developed suite of Excel spreadsheets and instructions that detail how to structure your MLS search, format the results, download the data and insert into one of his spreadsheets. All of George's files are available on Box.net. Download the pdf file of his CATALOG and use that to locate the instructions and spreadsheet for your MLS vendor.

  • Don Machholz, another California State-Certified Appraiser has a nifty suite of Excel Spreadsheets as well. His versions run on Excel and Open Office. You can find the latest versions of his work on his 1004 MC Spreadsheet page. In addition, Don has some other goodies, available by links at the bottom of the 1004 MC Spreadsheet page:
  1. Market Trend Analysis Program: A multiple regression program for determining subject value over time, adjusted for SF, lot size and age of property.

  2. DOM vs Selling Price: A program to determine quick sale prices.

  3. Weighted Comps: Determines final value from comparable data from your grids

  4. Snapshot of the Past Three Months: Similar to the 1004MC 10 column, but covers only the last 3 months.

There are some other resources to provide some answers to questions you may have about the form:

For the time being, this is what I've found available at NO COST to you. You've probably been inundated with emails and solicitations promoting solutions and tools at costs well above FREE. For a review of one of the programs, surf on over to Appraisal Scoop and read the REVIEW of David Braun's Total Solution by my friend, Doug Smith.
Give them a try. If you find other free alternatives, please send me an email or leave the information in the comments.

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