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Five questions to ask about appraisal changes

By Amy Connolly

A new appraisal reporting format is rolling out. These five questions can help agents prepare for lender changes, customer conversations and transactions.

A major change to residential appraisal reporting is just weeks away, and Friday is a chance to get answers before the transition.

Florida Realtors® is hosting a free, 60-minute education webinar tomorrow (Friday, Oct. 16), at 10 a.m. ET, to help members prepare for the new appraisal reporting format. The session offers an opportunity to learn what's changing and what the transition could mean for real estate transactions.

REGISTER FOR WEBINAR

The redesigned residential appraisal report (Uniform Appraisal Dataset 3.6 or UAD 3.6) changes how property information is organized and presented, not how appraisers determine a home's value.

Starting Nov. 2, the new appraisal reporting format will be required for conventional loans sold to Fannie Mae and Freddie Mac. However, lenders that receive an approved exception can continue using the older format through May 19, 2027. FHA is also accepting the new format, but it's not yet required for FHA loans.

Five questions worth considering

As lenders prepare for the transition, consider these five questions to stay informed, manage expectations and keep transactions moving:

  1. Which appraisal format will the lender be using? With exceptions available for certain lenders and the new format still optional for FHA loans, ask your lending partner which format to expect and whether an approved exception applies.
  2. When does the lender expect to switch to the new format? Lenders may transition on different schedules, making it useful to know what to expect.
  3. Could the transition change appraisal turnaround times? Some transactions could face longer turnaround times or higher appraisal costs as the industry adjusts.
  4. What property information would be helpful? Documentation of improvements, permits and other property characteristics may help support the appraisal process.
  5. What should buyers and sellers expect to see? The redesigned report will look different and use updated terminology, which could prompt questions from customers.

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