FNMA has announced the 1004MC form will be required starting April 1, 2009 for all loans sold to FNMA for one-four unit properties.
The form is a way to standardize what market information is provided with appraisals. The form includes the reporting of median sales price, marketing time and listings as well and number of sales and listings.
Some AMCs are requiring this already beginning January 1, 2009. RELs already has a form for market conditions reporting. It is unknown how many lenders will also require this by the April 1, 2009 date.
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