On Jan. 26, Fannie Mae and Freddie Mac announced that the broad production of the Uniform Appraisal Dataset (UAD) 3.6 and Forms Redesign is now underway, according to a release from Fannie Mae.
All lenders are now permitted to submit UAD 3.6 appraisal reports to the Uniform Collateral Data Portal.
Submission of UAD 3.6 appraisal reports is not yet mandatory; however, lenders that have updated their systems and processes to support UAD 3.6 appraisal reports.
This includes working with an appraisal software provider whose software has been verified for UAD 3.6.
Appraisers are encouraged to begin integrating appraisal reports that use UAD 3.6 into their workflow. Gradually integrating UAD 3.6 appraisal reports will help lenders prepare for a full transition by the Nov. 2. Mandate.
At that time, all appraisal reports on loans sold to Freddie Mac or Fannie Mae must use UAD 3.6.