1004d Appraisal Update and/or Completion Report

Appraisal Update and/or Completion Report

File #

The purpose of this report form is to provide the lender/client with an accurate update of an appraisal and/or to report a certification of
completion. The appraiser must identify the service(s) provided by selecting the appropriate report type.
Property Address
City
Legal Description
Borrower
Property Rights Appraised
Original Appraiser
Original Lender/Client

State

Fee Simple

Contract Price $
Date of Contract
Leasehold
Other (describe)
Company Name
Address
J SUMMARY APPRAISAL UPDATE REPORT

Unit #
Zip Code
County
Effective Date of Original Appraisal
Original Appraised Value $

INTENDED USE: The intended use of this appraisal update is for the lender/client to evaluate the property that is the subject of this report to determine if the
property has declined in value since the date of the original appraisal for a mortgage finance transaction.
INTENDED USER: The intended user of this appraisal update is the lender/client.
SCOPE OF WORK: The appraiser must, at a minimum: (1) concur with the original appraisal, (2) perform an exterior inspection of the subject property from
at least the street, and (3) research, verify, and analyze current market data in order to determine if the property has declined in value since the effective date
of the original appraisal.
HAS THE MARKET VALUE OF THE SUBJECT PROPERTY DECLINED SINCE THE EFFECTIVE DATE OF THE ORIGINAL APPRAISAL?

Yes

No

APPRAISER’S CERTIFICATION: The appraiser certifies and agrees that:
1. I have, at a minimum, developed and reported this appraisal update in accordance with the scope of work requirements stated in this appraisal update
report and concur with the analysis and conclusions in the original appraisal.
2. I performed this appraisal update in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted
and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal update was prepared.
3. I have updated the appraisal by incorporating the original appraisal report.
4. I have summarized my analysis and conclusions in this appraisal update and retained all supporting data in my work file.
SUPERVISORY APPRAISER’S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:
1. I directly supervised the appraiser for this appraisal update assignment, have read the appraisal update report, and agree with the appraiser’s analysis,
opinions, statements, conclusions, and the appraiser’s certification.
2. I accept full responsibility for the contents of this appraisal update report including, but not limited to, the appraiser’s analysis, opinions, statements,
conclusions, and the appraiser’s certification.
J CERTIFICATION OF COMPLETION
INTENDED USE: The intended use of this certification of completion is for the lender/client to confirm that the requirements or conditions stated in the
appraisal report referenced above have been met.
INTENDED USER: The intended user of this certification of completion is the lender/client.
HAVE THE IMPROVEMENTS BEEN COMPLETED IN ACCORDANCE WITH THE REQUIREMENTS AND CONDITIONS STATED IN THE ORIGINAL
Yes
No If No, describe any impact on the opinion of market value.
APPRAISAL REPORT?

APPRAISER’S CERTIFICATION: I certify that I have performed a visual inspection of the subject property to determine if the conditions or requirements
stated in the original appraisal have been satisfied.
SUPERVISORY APPRAISER’S CERTIFICATION: I accept full responsibility for this certification of completion.
SIGNATURES
ADDITIONAL CERTIFICATION: I/we certify that if this report was transmitted as an “electronic record” containing my “electronic signature,” as those
terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this report containing a copy
or representation of my signature, the report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered
containing my original hand written signature.
APPRAISER
Signature ______________________________________________________
Name _________________________________________________________
Company Name _________________________________________________
Company Address _______________________________________________
Telephone Number_______________________________________________
Date of Signature and Report ______________________________________
Effective Date of Appraisal Update __________________________________
Date of Inspection _______________________________________________
State Certification # ______________________________________________
or State License # _______________________________________________
or Other (describe)________________________State # _________________
State__________________________________________________________
Expiration Date of Certification or License_____________________________
CURRENT LENDER/CLIENT
Name _________________________________________________________
Company Name _________________________________________________
Company Address _______________________________________________
Freddie Mac Form 442 March 2005

SUPERVISORY APPRAISER (ONLY IF REQUIRED)
Signature __________________________________________________
Name_____________________________________________________
Company Name_____________________________________________
Company Address ___________________________________________
Telephone Number __________________________________________
Date of Signature____________________________________________
State Certification # __________________________________________
or State License # ___________________________________________
State _____________________________________________________
Expiration Date of Certification or License ________________________
SUPERVISORY APPRAISER
Did not inspect subject property
Did inspect exterior of subject property from street
Date of Inspection ________________________________________
Did inspect interior and exterior of subject property
Date of Inspection ________________________________________

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Fannie Mae Form 1004D March 2005

Instructions
Appraisal Update and/or Completion Report
This report form is intended to provide the lender/client with an accurate update of a prior appraisal and/or to report a certification of completion. The
appraiser must identify the service(s) provided by selecting the appropriate report type.

Learn How to Use the New Market Conditions Addendum
Gain an understanding of and recognize the sources of market information necessary to analyze market conditions. Our new recorded training is
organized to address the Market Conditions Addendum (Form 1004MC), effective April 1, 2009, section by section.
View Recorded Training

Scope of Work for an Appraisal Update
The appraiser must, at a minimum:

1.
2.
3.

concur with the original appraisal,
perform an exterior inspection of the subject property from at least the street, and
research, verify, and analyze current market data in order to determine if the property has declined in value since the effective date of the original
appraisal.

Required Exhibits
•

For new or proposed construction, clear, descriptive photographs (either in black and white or color) of the completed improvements must
accompany this report form

•

Any other data--as an attachment or addendum to the appraisal report form--that are necessary to provide an adequately supported
opinion ofmarket value

Instructions Page