3.6 Policy Exception

[MICH20]

I don't know about favoritism, but I do like free enterprise & a competition. Look how many software companies are now involved & in the spotlight, all offering differing features & pricing structures. I love it. FNMA can set all the deadlines they desire, but if they are not the ones developing the software, their deadlines be damned.

 

[DWiley]

I think everyone thought 3.6 was going to be like the new forms that came about in 2005.

Samples of the new format were publicly posted in the fall of 2024.

 

[TerryRohrer]

I don't see how anyone can seriously claim surprise or shock.

"The earliest public indication that the new Uniform Appraisal Dataset (UAD) and Forms Redesign initiative would move away from legacy static forms to a dynamic reporting structure was revealed on December 17, 2018. [1]
On this date, Fannie Mae and Freddie Mac jointly published the Industry Stakeholder Input Phase 1 Executive Summary. The official document explicitly flagged the legacy appraisal forms as being "static/inflexible, not dynamic" and announced that the multi-year overhaul would establish a "flexible, dynamic structure for appraisal reporting" aligned with newer MISMO data models (which ultimately materialized as the UAD 3.6 / redesigned URAR standard). [1, 2, 3, 4]"

 

[Non Sequitur]

Edit: Oops, I didn’t see post #58 before I posted below. Anyway………

Another day, another big announcement:


“FHA Announces Optional Broad Production Period for

Uniform Appraisal Dataset (UAD) 3.6

FHA is pleased to announce a major step toward implementation of Uniform Appraisal Dataset (UAD) 3.6. Following the successful completion of beta testing, FHA’s Electronic Appraisal Delivery (EAD) portal is now available for an optional broad production period for mortgagees to submit appraisals using UAD 3.6.

This optional phase gives mortgagees flexibility to transition to UAD 3.6 for FHA cases prior to the government sponsored enterprises’ (GSEs’) mandatory transition scheduled for November 2, 2026.

What you need to know and do now:

• Effective immediately, all FHA-approved mortgagees participating in Title II forward mortgage and Home Equity Conversion Mortgage (HECM) programs may begin submitting appraisals in the UAD 3.6 format.

• Mortgagees may continue to deliver all or some of their appraisals to the EAD portal in the legacy UAD 2.6 format.

• For a given case number, the same UAD format of the initial submission must be used in all subsequent appraisal submissions for that case ― submission of multiple formats is not permitted.

• Mortgagees and appraisers should review the UAD 3.6 Implementation Preparedness Toolbox resource, available on the EAD portal webpage, for key technical specifications and transition guidance.

• FHA will continue to gather information to assess mortgagee transition readiness before establishing and announcing an FHA mandatory adoption date.

If you have questions, contact the FHA Resource Center (referenced below).



Need Support? Contact the FHA Resource Center.

• Visit our knowledge base to obtain answers to frequently asked questions 24/7 at
www.HUD.gov/answers.

• E-mail answers@HUD.gov. Emails and phone messages will be responded to during normal hours of operation, 8:00 AM to 8:00 PM (Eastern), Monday through Friday on all non-Federal holidays.

• Call 1-800-CALLFHA (1-800-225-5342). The FHA Resource Center is prepared to accept calls from persons who are deaf or hard of hearing, as well as individuals with speech or communication disabilities. Information on how to make an accessible phone call is available at https://www.fcc.gov/consumers/guides/telecommunications-relay-service-trs.”

 

[J Grant]

I don't know about favoritism, but I do like free enterprise & a competition. Look how many software companies are now involved & in the spotlight, all offering differing features & pricing structures. I love it. FNMA can set all the deadlines they desire, but if they are not the ones developing the software, their deadlines be damned.

The field was always a free and open competion for any software company that wanted to jump in. There are a limited number of appraisers, so the market was not big enough to attract much competition. Don't fall in love too fast...

The new software coming online is linked to AI, and I would bet the tech bros are not suddenly appearing because they intend to serve a limited and shrinking appraisal market. There is a reason this "dynamic format" was developed, and my speculation is that it is because it can easily sync with AI and be filled out by a non-appraiser anywhere on a gig-type basis (note how much of the new software is gig-based pay per report rather than geared toward professionals who will make a year-long contract commitment)

For now, the UAD 3.6 dynamic format is used for appraisals, but will it be remain that? What if it is adapted for an "appraisal light" version, aka for an analyst to use, the way they had the property inspection separated from the appraiser and done gig-job style, by non-appraiser "data collectors"

 

[J Grant]

Some lenders are putting off implementing 3.6, with a longer transition from 2.6 for appraisals, while others want compliance with the UAD 3.6 deadline of Oct 1st. Appraisers can choose which orders to accept or which clients to work with, just as the clients can choose which appraisers to use.

 

[chad hampton]

Turns out the new forms and the implementation date are both dynamic

I got an email today from a lender client that said while they can't recommend a software, aivre is the only one that is, sort of, working with our systems. Basically, went down a list and said they can't accept 3.6 reports from other vendors at this time. So take that for what you will. I think the GSE needs to go back and revisit their approval process and procedures.

I knew this would be bad, but not this bad.

 

[djd09]

8 years to create...8 years to implement

 

[Jayjay25]

This is going to be an interesting 6 months. Hey borrower, do you want the $500 appraisal we can have back in 48 hours or the $1000 appraisal that will take 2 weeks