UAD 3.6

[glenn walker]

Where have you been?????

Both FHA and VA are involved in the development and will adopt it later in 2026.

 

[Fernando]

OOOoooooh!!! Appraiser's CHOICE of 2.6 or 3.6?!! Ummmm...2.6 please!

Changing from 1.6 to 2.6 wasn't that bad. It wasn't that bad for appraisers to complain as much.
3.6 is just wrong. Terrible form.

 

[Non Sequitur]

We aren't the only industry the GSEs are jerking around:

 

[gregb]

Both FHA and VA are involved in the development and will adopt it later in 2026.

A chicken pot pie says no way VA will adopt the UAD 360 requiring its use in 2026. Let Charles West hold the jackpot. Ukraine will surrender first!

 

[Dublin ohio]

A chicken pot pie says no way VA will adopt the UAD 360 requiring its use in 2026. Let Charles West hold the jackpot. Ukraine will surrender first!

So who does the VA sell their loans to? From what I understand, Ginnie Mae takes the lion's share and they are set to adopt UAD 3.6

 

[TerryRohrer]

So who does the VA sell their loans to? From what I understand, Ginnie Mae takes the lion's share and they are set to adopt UAD 3.6

The GSEs purchase some VA loans, and there are indications the new directive for the GSE to increase purchases by $200 billion may lead to increases. I would not expect either VA or FHA to be far beyond the November 3.6 deadline.

 

[gregb]

So who does the VA sell their loans to? From what I understand, Ginnie Mae takes the lion's share and they are set to adopt UAD 3.6

Remains to be seen if Ginnie Mae will determine the form.

Chatgpt

Yes — effectively, most VA loans ultimately flow through Ginnie Mae.
But the reason is structural, not because Ginnie Mae “buys” loans the way Fannie or Freddie do.

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Short Answer​

• The majority of VA loans are securitized into Ginnie Mae–guaranteed MBS
• Ginnie Mae does not purchase loans; it guarantees securities backed by VA (and FHA/USDA) loans
• If a VA loan is securitized at all, Ginnie Mae is almost always the outlet

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How the VA → Ginnie Mae Pipeline Works​

1. VA guarantees the loan​

• The Department of Veterans Affairs guarantees a portion of the loan against default
• VA loans are not eligible for Fannie Mae or Freddie Mac purchase

2. Lenders pool VA loans into MBS​

• Banks, nonbanks, and mortgage companies originate VA loans
• They pool them into mortgage-backed securities

3. Ginnie Mae guarantees the securities​

• Ginnie Mae guarantees:
  
  • Timely payment of principal and interest to investors
• The underlying loans remain:
  
  • VA-guaranteed
  • FHA-insured
  • USDA-guaranteed

This makes Ginnie Mae the dominant secondary market channel for VA loans.

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What “Majority” Means in Practice​

• Well over half of all originated VA loans are:
  
  • Pooled into Ginnie Mae MBS
  • Sold into the global bond market
• The remainder are typically:
  
  • Held in portfolio temporarily
  • Retained by banks or credit unions
  • Later securitized anyway

There is no competing large-scale securitization outlet for VA loans.

 

[Sadie]

I think that there has to have been buy in for the new 3.6 before timelines, no matter how fluid, were set.