Lenders offered more time for appraisal shift
Agents and buyers may see both old and new appraisal formats during the transition. An Oct. 16 Florida Realtors webinar will explain the changes.
Appraisal reports are changing, but not every lender will make the switch at the same time. For real estate agents and their customers, that means both old and new formats may show up in transactions over the next several months.
GET AHEAD OF APPRAISAL CHANGES
UAD 3.6 becomes mandatory Nov. 2 for new residential appraisal reports submitted to the UCDP. Learn what the redesigned reporting format and Uniform Residential Appraisal Report could mean for transactions during a special 60-minute CORE education session on Zoom at 10 a.m. Friday, Oct. 16. REGISTER NOW
Fannie Mae and Freddie Mac announced this week that lenders needing more time to adopt the new format can request an exception to the Nov. 2 deadline. Those approved can continue submitting new appraisals in the older format through May 19, 2027.
Florida Realtors® will explain the reporting changes during a 60-minute CORE education webinar on Friday, Oct. 16, at 10 a.m. Eastern via Zoom.
That means an older-format appraisal received after Nov. 2 isn’t necessarily a problem. Agents can check with the lender to confirm which format it is using and whether it has an exception.
What’s changing?
The UAD 3.6, or Uniform Appraisal Dataset 3.6, replaces several existing forms with one flexible Uniform Residential Appraisal Report. The report adjusts to the property, with sections appearing based on the home’s features. The redesign is intended to make property information more consistent and easier to review.
Agents accustomed to finding information in a particular spot on an appraisal will have a new layout to learn. Buyers who have purchased a home before may also notice that their report looks different.
A little preparation can help:
- Talk with lending partners. Ask when they expect to switch and which format to expect in upcoming transactions.
- Look at a sample report. Fannie Mae’s UAD webpage includes examples and training materials.
- Give customers a heads-up. Explain that appraisal reporting is changing, so their report may look different from one they received for a previous purchase.
What's next?
Lenders that sell loans directly to Fannie Mae or Freddie Mac must meet the Nov. 2 deadline or obtain an exception from each agency to which they sell loans. Other lenders must coordinate with the investors that buy their loans.
Those requesting extra time must commit to a plan to finish the transition, including work with their appraisers and technology vendors.
The agencies called it “a one-time policy exception that will not be extended.”
Here are the dates to watch:
- Nov. 2, 2026: The new standards take effect. Lenders with an approved exception can continue submitting reports in the older format.
- March 1, 2027: Lenders using the older format under an exception lose some automated review functions and certain protections related to appraised value.
- May 20, 2027: All new appraisal submissions must use UAD 3.6. Older reports already submitted can still be revised and resubmitted through June 27.
- June 28, 2027: The older format is retired.
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