Fannie Mae recently released a series of revised appraisal forms for comment prior to adoption, including changes to the Uniform Residential Appraisal Report (Fannie Mae Form 1004), which is used for all types of one-unit property appraisals. One of the changes would have had appraisers identifying as to whether a property was a modular home, thereby separating them out from site-built housing for the first time. Fannie Mae tried to do something similiar to this in 2002, when they attempted to require appraisal rules for modular housing, which would have required all modular home appraisals to include at least two modular home comparables. At the urging of the NMHC and the National Association of Home Builders, Fannie Mae dropped this proposal.

Following a meeting with representatives of the National Modular Housing Council last week, Fannie Mae officials agreed to remove that wording in the final document. More information can be found on the Fannie Mae Web site at:
http://www.efanniemae.com/singlefamily/forms_guidelines/guide_announcements/db_guide_announcements_04.jhtml?role=ou#04-02

Members with questions may contact Mike O’Brien at 703-558-0652 or mobrien@modularcouncil.org