Form 1004D (Appraisal Update)
A form used to update a previously completed appraisal to reflect current market conditions and confirm that the property condition has not materially changed. It extends the validity of the original appraisal for an additional 120 days.
Lenders request a 1004D update when the original appraisal is approaching its expiration (typically 12 months from the effective date) but the loan has not yet closed. The appraiser must re-inspect the exterior of the subject property, verify that no material changes have occurred to the property or neighborhood, and certify that the original value opinion remains valid — or provide a new value opinion if market conditions have changed significantly.
Related Terms
Uniform Residential Appraisal Report (URAR)
URARThe standard appraisal report form (Fannie Mae Form 1004 / Freddie Mac Form 70) used for most single-family residential mortgage appraisals.
Form 1004
The Fannie Mae designation for the Uniform Residential Appraisal Report (URAR), used for appraisals of one-unit properties and units in planned unit developments (PUDs).
Effective Date (Date of Value)
The date on which the appraiser's opinion of value applies.
Market Conditions
The current state of supply and demand in the real estate market for a particular property type in a defined area.
More in Report Types & Forms
View allForm 2055 (Exterior-Only Appraisal)
2055An appraisal report form for exterior-only inspections of one-unit properties.
Form 1073 (Condominium Appraisal)
1073The standard appraisal form for individual condominium units, including analysis of the unit, the condominium project, and common elements.
Form 1025 (Small Residential Income Property)
1025The appraisal form for 2-4 unit residential properties, incorporating both the sales comparison approach and the income approach.
Desktop Appraisal
An appraisal performed without a physical inspection of the subject property, relying instead on public records, MLS data, prior appraisals, and other third-party data sources.