The mandate to use Uniform Appraisal Dataset (UAD) 3.6 for all new appraisal reports related to Fannie Mae and Freddie Mac transactions is approaching quickly, and lenders need to prepare. The current boilerplate appraisal forms will be replaced with a single, dynamic Uniform Residential Appraisal Report (URAR). This will provide increased standardization, more discrete data responses, expanded data definitions and new sections that offer greater clarity in the report.
For lenders, the shift is more than a formatting change. UAD 3.6 changes how appraisal information is captured, displayed and reviewed, with direct implications for underwriting workflows, borrower communication and collateral risk assessment.
The industry is now in bro...
