Software for Real Estate Professionals (SFREP) Communications Director Matt Johnson recently wrote about the first submission of a Uniform Appraisal Dataser (UAD) 3.6 appraisal report. AIMSdashboard, North State Bank and North Carolina Appraiser Adam Winstead successfully completed this industry milestone, and Johnson shared his insights.
On Nov. 14, Winstead, using software from SFREP, along with appraisal submission partner AIMSdashboard and lender North State Bank, successfully submitted the first-ever appraisal report in the new UAD 3.6 format.
Johnson affirmed that SFREP was the second appraisal software provider overall and the first of the “big four” major software providers to officially complete the comprehensive UAD 3.6 verification process with Fannie Mae and Freddie Mac.
“Submitting the first UAD 3.6 appraisal is a moment of pride for our entire team,” Johnson wrote. “By being the first of the major providers to complete the verification process, we ensure our users can transition confidently and without delay.”
UAD 3.6 is designed to improve data quality, consistency and standardization across the housing finance sector, Johnson continued, and the successful end-to-end delivery of the report proves that the necessary infrastructure is in place to support the industry’s move toward modernization.
Winstead commented on this milestone within the valuation industry.
“The process turned out to be much easier than I anticipated, and I’m excited to have taken an early step into the future of the appraisal industry,” he said. “Gaining this experience has strengthened my confidence and removed any fear of falling behind.”
To ensure compliance with UAD 3.6 requirements, North State Bank leveraged AIMSdashboard’s workflow platform to select appraisers who attested to being “ready, willing, and able.”
“Maintaining strong business controls during the transition to modernized appraisals is essential to ensure competency, training interest, and technical capability,” AIMSdashboard President and Chief Technology Officer Chris Williams said. “The platform incorporates appraiser attestations for all three criteria and requires identification of the enabling software — Appraise-It Pro — to validate those claims. Given the initial scarcity of appraisers meeting these standards, operational controls are critical for effective appraisal management.”