FW: Rels Valuation 1004MC Product Notice

Sent: Wednesday, April 08, 2009 7:58 AM
To: sunil@smafinancing.com
Subject: Rels Valuation 1004MC Product Notice

 

Dear Valued Customer,

 

Effective April 1, 2009, Fannie Mae and Freddie Mac now require the completion of their new Market Conditions Addendum (1004MC) for all one-to-four family appraisal reports (both interior and exterior reports).  HUD has announced that the 1004MC addendum will also be required on all FHA appraisal reports.

 

Our appraisal vendors have notified us that they will be charging to complete this new addendum.  As a result, Rels Valuation will charge an additional $45 for the 1004MC addendum, whenever required on your assignments.

 

We continue to be able to maintain our current fees on the related products and have exhaustively examined how we could minimized a required fee associated with the new addendum.  While our vendor fees were implemented with the April 1 addendum requirement date, we are postponing the implementation of the $45 client fee until April 13, 2009 to allow you to advise us whether you require the addendum and adjust to the change.

 

The addendum is available for the following products and their FHA equivalents:

·         1004 Single Family Uniform Residential Appraisal Report

·         1004C Manufactured Home Appraisal Report

·         1025 Small Residential Income Property Appraisal Report

·         1073 Individual Condominium Unit Appraisal Report

·         1075 Exterior-Only Individual Condominium Unit Appraisal Report

·         2055 Exterior-Only Inspection Residential Appraisal Report

·         2090 Individual Cooperative Interest Appraisal Report

·         2095 Exterior-Only Cooperative Interest Appraisal Report

 

The addendum will be included on orders placed after April 1, 2009 and these orders will be subject to the additional $45 charge effective April 13, 2009.

 

If you have any questions regarding this announcement please contact us at 877-844-8573 Option 2.  Thank you for your continued patronage.

 

Rels Valuation Institutional Lending

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