New Required Market Conditions Addendum
FannieMae and FreddieMac will be requiring a new form with all residential appraisals beginning next month (April 1, 2009). The form is called 1004MC with the MC standing for Market Conditions.
There are many unanswered questions appraisers have about this form. Many appraisers have not even figured out how to obtain this data yet, but it will hit them come 4/1/2009.
As for the fee to complete this additional report, appraisers are researching the amount of time it takes to complete and document all of the additional information. Many appraisers have responded that they will be increasing their fee by $50-$100 per appraisal, with the flexibility to alter that if it takes more or less time to complete.