March: Real Property Seminar

The Northern New Jersey Chapter of the American Society of Appraisers and the New Jersey North Chapter of the National Association of Independent Fee Appraisers will jointly sponsor a two-hour Real Property Seminar on The Home Valuation Code of Conduct and Fannie Mae Form 1004 MC. The seminar will be held on Monday, March 23, 2009 from 4:00-6:00 pm at the Wilshire Grand Hotel, 350 Pleasant Valley Way, West Orange, NJ 07052. Robert J. Luciani, ASA, IFA, a real property appraiser practicing in Philadelphia, will conduct the seminar, which will be followed by a Chapter Dinner Meeting.

The housing bubble and subsequent melt-down has led to two new requirements for appraisals submitted to the federal mortgage agencies.

• The new Home Valuation Code of Conduct (HVCC), effective May 1, 2009, applies whenever the primary lender plans to sell the loan to Fannie Mae or Freddie Mac. It's designed to prevent conflicts of interest.
• Beginning April 1, 2009, appraisal reports submitted to Fannie Mae will require Form 1004 MC, a Market Conditions Addendum. Its purpose is to illuminate neighborhood market trends and conditions.

Mr. Luciani will explore the HVCC and 1004 MC requirements and relate them to current USPAP obligations for appraisers.

The program qualifies for two hours of ASA Continuing Education Credit. Dinner is $35 person. Please RSVP Chapter Secretary Lynn Magnusson, AM by phone (973-425-1550), fax (973-425-1553) or email, and mail her your check payable to "ASA Northern New Jersey Chapter 73" by Monday, March 16.