Fannie Mae announced this month that they will now allow alternatives to the Appraisal Update and/or Completion Report (Form 1004D) to confirm that construction or repairs have been completed.
Traditionally, Form 1004D required the involvement of an appraiser to certify that conditions in an appraisal report done prior to construction or repairs have been satisfied. Fannie Mae will now allow alternatives to the form including the use of a Borrower/Builder Attestation Letter to verify completion of construction and a Borrower Attestation Letter confirming completion of repairs for existing construction.
The Borrower/Builder Attestation Letter and Borrower Letter may be used immediately and are available in Propel upon request.
To view Fannie Mae’s Selling Guide announcement, please see Selling Guide Announcement (SEL-2023-02).
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