Test Appraisal Form - FNMA 1004D Appraisal Update and/or Completion Report (Test Form 1004D)
Use of Test Form 1004D:
The lender uses this form for reporting an update of a prior appraisal and/or a certification of completion. The appraiser must identify the service(s) being reported by checking the appropriate box(s). This form must be printed on legal size paper, using portrait format.
Instructions:
This form is completed in its entirety by the appraiser. The lender should retain the original of the completed form and the appraiser should retain the copy.
Appraisal Update Report - An appraisal update is required when an appraisal will be more than four (4) months old on the date of the note and mortgage. When the original appraisal report will be more than 12 months old on the date of the note and mortgage, a new appraisal is required.
The appraiser must, at a minimum, review and concur with the prior appraisal, inspect the exterior of the subject property from the street, and review and analyze current market data in order to determine whether the property has declined in value since the effective date of the prior appraisal. The prior appraisal identified in the appraisal update is incorporated by reference in the Appraisal Update Report.
Certification of Completion - The certification of completion is used to confirm that the requirements or conditions established in the identified appraisal report have been met. The appraiser must certify that he or she reviewed the appraisal report and re-inspected the interior and exterior of the subject property.
The appraiser must determine if the improvements have been completed in accordance with the requirements and conditions stated in the original appraisal report. If they have not, the appraiser must describe the changes and explain the impact on the final value conclusion contained in the original appraisal report.
The appraiser must also identify when there are substantial changes from the subject data contained in the original appraisal report that do not adversely affect the analysis, opinions, or conclusions stated in the appraisal report.
The appraiser must attach any required exhibits to support each appraisal report.
> For an appraisal update and/or a certification of completion, the only required exhibits are descriptive photographs that show the front and rear of the subject property.
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