What is UAD 3.6 and how does it affect you?
UAD 3.6 is a major update to the forms used when your home is appraised. This update helps make home appraisals more accurate and modern, but it also means that appraisers, lenders, and real estate professionals are learning new systems and doing things a bit differently.
What changes should you expect as a homeowner?
- Appraisals might take longer: Since appraisers are adapting to new software and reporting methods, getting your appraisal back could take more time than before.
- Appraisal costs may go up: New software and extra training for appraisers means you might see slightly higher appraisal fees.
- Possible requests for more information: Lenders and appraisers are still getting used to these changes, so you might get extra questions or requests for clarification during the process.
These changes should not be viewed as a decline in service quality. Rather, they reflect the implementation of the most significant modernization of residential appraisal reporting in more than twenty years. As with any industry-wide undertaking of this scale, some growing pains are to be expected. Contact your trusted HFG licensed mortgage professional with any questions.
