Fannie Mae and Freddie Mac have extended a fast-approaching implementation deadline for mandated changes to property appraisal reporting.
Initially scheduled to take effect Nov. 2, direct sellers to the government-sponsored enterprises (GSEs) can now request a waiver extending the mandatory implementation deadline for Uniform Appraisal Dataset (UAD) 3.6 to next May.
“Many lenders are submitting UAD 3.6 appraisal reports; however, some lenders may need more time to adopt,” Fannie and Freddie said in a joint announcement.
They clarified in the announcement that the Nov. 2 deadline remains in effect. Approved sellers who have not transitioned to UAD 3.6 by that deadline must request a waiver, or else they will be considered noncompliant with t...