Department of Veterans Affairs
Washington, D.C. 20420
December 11, 2018
Market Conditions Addendum to VA Appraisal
- Purpose. The purpose of this Circular is to announce that the Department of Veterans Affairs (VA) no longer requires appraisers to include Fannie Mae Form 1004MC, in all VA appraisal reports.
- Background. Due to current conditions in the real estate market, Fannie Mae eliminated additional appraisal requirements to supplement the minimum standards set forth in the Uniform Standards of Professional Appraisal Practice. Specifically, Fannie Mae no longer requires appraisers to document an overview of neighborhood market conditions and trends in using Fannie Mae Form 1004MC. Reporting market trend activity will remain an important undertaking for appraisers and they will continue to do so even without the requirement to complete Form 1004MC.
- Action. Effective immediately, VA no longer requires appraisers to include this form in all VA appraisal reports. However, the market trend information is still required within the appraisal reports.
- Questions. All inquiries should be sent to firstname.lastname@example.org.
- Rescission. This Circular is rescinded January 1, 2020. By Direction of the Under Secretary for Benefits