There are new requirements for appraisers completing appraisals for clients who intend to sell their loans to Fannie Mae or Freddie Mac.
It is called HVCC or the Home Valuation Code of Conduct.
The form 1040MC is designed for appraisers to comment on market conditions (MC) regarding the appraisal. It is a requirement as of April 1, 2009. Other portions of the HVCC requirements go into effect on May 1st, 2009. See a sample of the 1040MC by clicking the link below.
View - 1040MC - Market Conditions Addendum To The Appraisal Report
See frequently asked questions on the HVCC
As of May 1, 2009 appraisers will be adding this 1004MC form to their appraisal reports for Fannie and Freddie reports.