Weekly ClickTALK eNews by Bradford Technologies, Inc.

Issue # 75. June 4, 2004

IN THIS ISSUE:

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New Fannie Mae Forms Are Here 
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a la mode Caught In Blatant Lie On Helping Develop Forms

AMCO Warns FNC, Seeks to Stop Rollout of New AVM Product

Get Ready, Fannie Mae Says More New Forms are Coming

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Appraiser Needs Help
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New Fannie Mae Forms are Here

Fannie Mae on Thursday released the long awaited new appraisal forms. The new forms are:

* Uniform Residential Appraisal Report (1004 dated May 2004)

* Definitions, Statement of Limiting Conditions, and Appraiser's Certification (1004B, 5/2004)

* Appraiser Update and/or Completion Report (1004D, 5/2004)

These forms are being released as test forms that any lender or appraiser who wants to may participate in testing. Comments should be submitted back to Fannie Mae.

Bradford Technologies is proud to be the first to make these forms available integrated into appraisal software. Please go to our website (www.bradfordsoftware.com/clickforms/newfanniemaeforms.html) to find pdf versions of the new forms and Fannie Mae's letter introducing the program and its purpose. This will help you decide if you wish to participate in the test at this time.

On Monday, you will be able to download the actual forms that can be used inside of ClickFORMS. While the new URAR will not be completely automated until integrated into the next version of ClickFORMS (within 2 weeks), you may use them all immediately if you wish. Check with your lender.

Test forms 1004 and 1004B can be used to report an appraisal of a one-unit property based on an interior and exterior inspection. Test form 1004D can be used for any one- to four unit property to report an appraisal update and/or certification of completion.

Test participants should submit comments to us (either by sending them in an email message addressed to test_appraisal_forms@fanniemae.com or by regular mail addressed to Fannie Mae, Test Appraisal Forms, 3900 Wisconsin Ave, NW, Mail Stop 2H-4S-08, Washington, DC 20016) no later than September 15, 2004. Lenders and appraisers may continue to use the test appraisal report forms until June 1, 2005 for purposes of satisfying Fannie Mae's appraisal requirements.

a la mode Caught In Blatant Lie On Helping Develop Forms

In a bizarre move on Thursday, a la mode claimed to have participated with Fannie Mae in brining the above new forms to market. Apparently attempting to take credit where none is deserved, they stated in their e-Newsletter Extra, dated 6/3/2004, that "a la mode has been involved in testing the new forms with Fannie Mae."

This blatant lie drew an immediate response from Fannie Mae. "(We were) surprised, to say the least, to learn that one company stated that they were "involved in testing the new forms with Fannie Mae". This is absolutely untrue. I want to make it clear that no software vendor was involved in the development or testing of our revised appraisal report forms. Each of you (the software vendors) were included on the same email message and no one received any advance information."

AMCO Warns FNC, Seeks to Stop Rollout of New AVM Product

In another case of company mistrust, AMCO, Mayfield Heights, Ohio, a national supplier of residential valuation solutions for the lending and relocation industries, says that Oxford, Miss.-based FNC Inc. must stop offering appraisers its new ValueSource product, a tool that allows appraisers to use AVMs in order to generate their own desktop appraisals for lenders.

AMCO claims that FNC has violated the Uniform Trade Secrets Act and has committed a breach of confidentiality, but did not provide specifics. FNC Inc. says it is “surprised and disappointed by these allegations.”

Get Ready, Fannie Mae Says More New Forms are Coming

With the release of the new forms, Fannie Mae also stated that later this year, they will be releasing the following new forms for a test and comment period later this year.

* Exterior-Only Inspection Residential Appraisal Report
* Manufactured Home Appraisal Report
* Individual Cooperative Interest Appraisal Report
* Exterior-Only Inspection Individual Cooperative Interest Appraisal Report
* Small Residential Income Property Appraisal Report
* Two- to Four Unit Residential Appraisal Field Review Report

Stay tuned. We'll let you know as soon as we can about these new forms.

Appraiser Needs Help

A good friend of Bradford Technologies, Jim Presta of Presta Appraisals is looking for additional help in fulfilling appraisal orders. If you live or work in the Bay Area, specifically the Sausalito area, and are looking for additional assignments, please contact Jim at jpresta@prestaAppraisal.com or Mandy Gamarra at inbox@presta.cc. You can also contact Jim at (415) 332-9696.

Have a Good Weekend Everyone

Have a good weekend everyone.

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