Dates on the 1004D. What is FNMA looking for?

[valuequestor]

What date is FNMA looking for on the 1004D lines......

1) Date of Signature and Report
2) Date of Inspection

Are they looking for dates from the original appraisal report or do they want dates that apply to the new appraisal assignment? Thanks

 

[Mike Kennedy]

https://www.efanniemae.com/sf/formsdocs/forms/1004d.jsp

 

[valuequestor]

Info is not there

https://www.efanniemae.com/sf/formsdocs/forms/1004d.jsp

Been there...done that. I have crawled all over the FNMA site. I need a specific section or quote from Fannie or Freddie. The link above deals with the 1004MC and barely touches on the 1004D. Anybody else ???

 

[Betty H Church]

Lock the fields so that they do not populate from other areas and put in both dates, original inspection date and signature, and reinsp date & signature. At least that's what I do.

 

[Jo Ann Meyer Stratton]

What is your assignment? If it was for a final inspection only, make sure you type in Not Applicable for the effective date of appraisal update line!

If you are completing an Update to an Appraisal assignment the effective date would be today or the day you reseached current market data to determine if the original opinion of market value is reasonable as of the new date. New opinion of market value (same, less or more, it doesn't matter) based on current market data, new appraisal assignment, new effective date of opinion of market value, new fee.

 

[james stephens]

1004D Dates

The way I understand and use the form...

Information relating to original report belongs near upper right corner of form whereas information relating to current (new) assignment is placed in the bottom part of the form, in the Certification section.

1) Date of Signature and Report (date you sign 1004D form...when new assignment is complete)

2) Date of Inspection (most recent date of your exterior inspection of Subject whether it be for an Appraisal Update or Certificate of Completion)

 

[valuequestor]

I can't find definitive instructions on which date goes where

What is your assignment? If it was for a final inspection only, make sure you type in Not Applicable for the effective date of appraisal update line!

If you are completing an Update to an Appraisal assignment the effective date would be today or the day you researched current market data to determine if the original opinion of market value is reasonable as of the new date. New opinion of market value (same, less or more, it doesn't matter) based on current market data, new appraisal assignment, new effective date of opinion of market value, new fee.

My questions pertain to a new appraisal request or "update" that is being reported on the 1004D form. Does anybody have the chapter and verse from Fannie on what date goes where on this form?

 

[Jo Ann Meyer Stratton]

The Appraisal Update section of the 1004D is a new assignment, a new appraisal, etc, etc. To be able to answer the questions on the form you research current market data to determine your answer. Therefore since you are completing a current appraisal assignment based on current market data, the Date of Signature and Report would be the date you sign the report. Effective Date of Appraisal Update would be the date you completed the research and arrived at your decision (most current opinion of market value). If you are not doing the Certification of Completion then Date of Inspection would be Not Applicable. If you are also completing the Certification of Completion then that portion of the form would be completed and you would have a date for the Date of Inspection. Also you would have completed two appraisal assignments if both forms are completed, so don't forget to collect two fees. That form serves two purposes--each one a separate appraisal assignment.

 

[valuequestor]

I've got that.

Jo Ann I understand this. Its the main reason I don't do these "updates". Instead of the 1004D I offer the client a discounted fee for a 1004 "full" appraisal or a 2055 drive by. They are much easier to complete than trying to make the crappy 1004D USPAP compliant. The problem is I have a client that just won't accept anything else (stupid). I completed this, sent it off and now a review appraiser is telling me that the "Date of Inspection" line in the "Signatures" section needs to be the Original date of inspection....not the most current date (the inspection date of the new appraisal assignment). He is wrong but I want proof...and I can't find FNMA or FHLMC or other definitive proof. It is a stupid form......later on:new_all_coholic:

 

[james stephens]

Make logical argument

Sorry, no chapter and verse here. I'm not aware of any published instructions for the 1004D form. However, the form is pretty straightforward. I would ask the reviewer for documentation as to why they think the "Date of Inspection" field should be populated with the Original Inspection Date. The reviewer's stance make little sense seeing how the form already asks for the Effective Date of Original Appraisal, as well as any other info regarding the old appraisal, in the top section of the form.

Ask the reviewer the following question: If the assignment called for a Certificate of Completion then where would they suggest the Current Inspection Date be inserted in the form? There's only one place to put it; in the "Date of Inspection" field. So it would seem logical that the authors of the form intended the users to do the same for an Appraisal Update.

Just because there is an Effective Date of Appraisal Update field as well as a Date of Inspection field does not mean the fields are mutually exclusive. I get the sense that is the reviewer's flawed logic.