Mortgage Loan Originator (MLO) Licensing Practice Test 2026 – Your All-in-One Guide to Exam Success!

The correct option for updating appraisals and reporting certifications of completion is indeed the 1004d form. The 1004d, also known as the "Fannie Mae Appraisal Update and/or Completion Report," is specifically designed to provide lenders and investors with updated information regarding the status of an appraisal after repairs or improvements have been made to a property. This form is essential in ensuring that the mortgage loan reflects the current condition and value of the property, particularly after a previous appraisal indicated that certain conditions needed to be addressed.

This form can be used not only to confirm that required repairs have been completed but also to update the appraisal value based on those changes. It serves as a certification that the appraiser has re-examined the property, ensuring compliance with the terms of the loan and protecting the lender’s investment.

The other forms listed serve different purposes. For example, the 1004 form is the standard residential appraisal form utilized for conventional mortgage loans, while the 1025 form is a two-to-four unit residential appraisal form. The 1073 form is specifically tailored for condominium properties. Therefore, in the context of updating appraisals and confirming completion of repair work, the 1004d form is the appropriate choice.