Freddie Mac and Fannie Mae are rolling out some big updates to the appraisal process with UAD 3.6. These updates aren’t just tweaks—they’re designed to make the whole appraisal process more accurate, consistent, and user-friendly. If you’re in the mortgage or appraisal industry, here’s a breakdown of what UAD 3.6 involves, the recent September 2024 changes, and how you can start preparing.
The Uniform Appraisal Dataset (UAD) 3.6 is a new set of standards for how appraisals are reported. Freddie Mac and Fannie Mae designed it to improve data quality and make reports more uniform. One of the standout changes is the move to a dynamic Uniform Residential Appraisal Report (URAR), which replaces multiple forms with one flexible format. This means appraisers can use a single report structure, no matter the type of residential property they’re evaluating.
Freddie Mac and Fannie Mae have laid out a timeline to help the industry gradually adopt UAD 3.6:
Switching to a new system requires planning. Freddie Mac and Fannie Mae have rolled out some resources to make the transition easier:
Using these resources will help you get up to speed so that your team is ready for UAD 3.6 when it goes live.
These updates bring several benefits to the appraisal and mortgage sectors:
The UAD 3.6 update represents a significant shift for appraisers and lenders alike. With the mandatory deadline approaching, now’s the time to start preparing. By staying proactive, taking advantage of available resources, and getting familiar with the changes, the industry can ensure a smooth transition that benefits all parties involved.
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