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Requirements if an Appraisal Update Is Obtained
An Appraisal Update and/or Completion Report (Fannie Mae Form 1004D) is used to update the value of an appraisal that is more than four months old or to confirm completion of, construction of, or renovations to a dwelling when the original appraisal was performed prior to completion. The 1004D is a supplement to the original appraisal.
While lenders are required to provide both the original appraisal and the 1004D in the Uniform Collateral Data Portal® (UCDP®), Loan Delivery only collects data from the property valuation form used for the original valuation, prior to the update and/or completion.
The table below provides the appropriate values to be entered in Loan Delivery for this scenario:
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Instructions for Delivering a Loan where an Appraisal Update Was Obtained |
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| Sort ID | Field Name in Loan Delivery | Details |
| 82 | Appraisal Document File ID | Enter the UCDP Appraisal Doc File ID of the Original Appraisal |
| 83 | Appraisal Amount | Enter the value on the Original Appraisal |
| 84 | Appraisal Effective Date | Enter the date on the Original Appraisal |
| 85 | Property Valuation Form | Enter the appraisal form type of the Original Appraisal used to underwrite the loan. Eligible appraisal form types:
NOTE: DO NOT USE "FNM 1004D - Appraisal Update and Or Completion Report" |
| 89 | Appraisal Method | Enter the appraisal method of the origination appraisal (“Full Appraisal”, “Desktop Appraisal", or “Field Review”). |
| 525 | Appraiser's State License Number | Enter If the Appraisal Method is “Full Appraisal”, enter the appraiser's state license or certification number.
If the Appraisal Method is “Desktop Appraisal” or “Field Review”, enter the appraiser's state license number or certification number of the desk reviewer or field reviewer |
| 534 | Supervisory Appraiser's State License Number | Enter the supervisory appraiser's state license or certification number IF a supervisor signed the appraisal |