Over the last decade the appraisal industry has changed, however old terminology remains. The 442 inspection has been replaced by the 1004D completion report, and the “recert” or update report has been formalized into the 1004D Update Report. To add a little confusion both reports use the same form, however, each use (completion or update) has its own section. Depending on what our clients’ needs, one and/or both sections could be completed (i.e custom construction) however in the vast majority of cases only one section is requested and completed.
To help assess our borrower and their investment properties, ARC offers these add-on products for your appraisal reports. Additionally these products can be requested separately.
FannieMae® Form 1004D:
Appraisal Update and/or Completion Report
• APPRAISAL UPDATE SECTION
This is used to complete an Appraisal Update. The Appraisal Update is used to update the effective date of an existing appraisal report. This report is considered a new appraisal assignment and the appraiser will indicate if any changes have occurred to the subject's market value or exterior condition since the time of the original report.
• APPRAISAL COMPLETION SECTION
The Completion Report is used for appraisals that were completed "Subject To." This report will verify that the conditions of the original report have been met.
• BOTH SECTIONS
There are occasions where as a client one will need both sections of the form filled out – typical this occurs at the end of a custom construction project – where both the property is finally completed and the client wants to verify the collateral has not changed value since the original report
FannieMae® Form 1007
Single Family Rent Schedule
FannieMae® Form 1007 is used to provide an estimated market rent for the subject.
FannieMae® Form 216
Operating Income Statement:
FannieMae® Form 216 is used to estimate the operating income associated with income producing property.