Fannie Mae and Freddie Mac announced a temporary policy exception for sellers that need more time to complete their Uniform Appraisal Dataset 3.6 implementation.
Exception Details: The GSEs said:
- By obtaining a policy exception, sellers will be able to submit new UAD 2.6 appraisal reports to the Uniform Collateral Data Portal from Nov. 2 through May 19 and resubmissions of UAD 2.6 appraisal reports through June 27.
- Starting on March 1, sellers that submit a UAD 2.6 appraisal report will see reduced functionality in Collateral Underwriter and Loan Collateral Advisor.
- Sellers are encouraged to fully adopt UAD 3.6 as soon as possible, as this is a one-time policy exception that will not be extended.
Background: The UAD 3.6 and Forms Redesign mandatory transition date is Nov. 2. Implementation tools can be found on the Federal Housing Finance Agency website.