To certify construction completion, what form must the appraiser complete under FNMA?

To certify construction completion, what form must the appraiser complete under FNMA?

• A. Form 442
• B. Form 1004D
• C. Form 1003
• D. Form 1034

Answer: (B)

For construction projects, FNMA requires an update that confirms completion before the loan moves from construction to permanent financing. The appraiser uses Form 1004D, the Appraisal Update and Completion Report, to document that construction has been completed according to the plans and specs and to provide the final as‑completed value. This form includes the appraiser’s on-site observation, notes any items still outstanding or corrected, and certifies that the property is ready for the permanent loan phase. It specifically serves to certify completion and update the appraisal based on the completed condition, which is why it’s the appropriate form for this task. The other forms serve different purposes: the standard appraisal form (used earlier in the process) and the loan application form, but they do not certify construction completion.

For construction projects, FNMA requires an update that confirms completion before the loan moves from construction to permanent financing. The appraiser uses Form 1004D, the Appraisal Update and Completion Report, to document that construction has been completed according to the plans and specs and to provide the final as‑completed value. This form includes the appraiser’s on-site observation, notes any items still outstanding or corrected, and certifies that the property is ready for the permanent loan phase. It specifically serves to certify completion and update the appraisal based on the completed condition, which is why it’s the appropriate form for this task. The other forms serve different purposes: the standard appraisal form (used earlier in the process) and the loan application form, but they do not certify construction completion.