Is the 1004D A Valuation Per Reg B?

Is the 1004D (certificate of completion for new construction) a valuation per Regulation B (1002.14(b)(3)? Yes it is an inspection that reports the state of completion of the home and does not derive an independent valuation of the home, so in that sense it seems to be an inspection and not a valuation. A new value is not reported on the document, although if repairs are still required, it could report a "cost to cure." Two elements of the 1002.14 (b)(3) commentary cause me to pause and raise the issue that the 1004D could be considered a valuation. a) An attachment or exhibit to the appraisal, I cannot close the loan without this document and it serves as supplemental information supporting the original valuation, based on the confirmation that the home is complete or not complete. Together, these documents are my evaluation. b) Additionally under what is not a valuation , an inspection that does not provide an estimate of the value (so far, so good) and is not used to develop an estimate of the value of the property. The 1004D by reporting the condition of the property or completion status, is being used to support the original valuation. Is that enough to say it is being used to "develop" the estimate of the value? Commentary Excerpts 2. Attachments and exhibits. The term valuation includes any attachments and exhibits that are an integrated part of the valuation. 3. Other documentation. Not all documents that discuss or restate a valuation of an applicants property constitute a valuation for purposes of § 1002.14(b)(3). Examples of documents that discuss the valuation of the applicant's property or may reflect its value but nonetheless are not valuations include but are not limited v. Reports reflecting property inspections that do not provide an estimate of the value of the property and are not used to develop an estimate of the value of the property I have reached out to some contacts I have in the industry with mixed reviews. Operationally the impact here is really the delivery timing as completion certificates often arrive right before the scheduled loan closing.