IN THE NEWS

NEW Fannie Mae Selling Guide Update - 1004MC no longer required

08/08/18

Form 1004MC no longer required Effective immediately, Fannie Mae no longer requires the Market Conditions Addendum (1004MC) form as part of appraisal reports. The Selling Guide has been updated to reflect this change. Appraisers remain responsible for analyzing market conditions and accurately reporting them in the Neighborhood section of Fannie Mae's appraisal forms. Collateral Underwriter® (CU®) now provides robust market trend information for Fannie Mae and lenders, enabling m...More

IRS Final Rule Cites the Uniform Standards of Professional Appraisal Practice

07/30/18

For Immediate Release July 30, 2018  Washington, DC – The Internal Revenue Service (IRS) has issued a new rule which governs how cash and noncash charitable contributions should be valued. The new rule specifically cites the Uniform Standards of Professional Appraisal Practice (USPAP) of The Appraisal Foundation. Effective today, the new rule, entitled ...More

Results of Illinois Customary and Reasonable Appraisal Fee Survey Are Now Available

06/26/18

Findings from Illinois’ Customary and Reasonable Fee Survey are now available according to the Illinois Department of Financial and Professional Regulation (IDFPR). The voluntary survey of Illinois licensed real estate appraisers began in January with assistance from the Office of Real Estate Research at the University of Illinois at Urbana-Champaign. The objective of the report, as outlined by federal regulation, is to determine recent fees paid for comparable appraisal services in each market area in Illinois. The report excludes appraisals ordered by Appraisal Management Companies to establish evidence for a specific baseline of customary and reasonable fees. “IDFPR values quantitative data and app...More

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