Oklahoma Mortgage Group - Mike David

  Beginning November 2, 2026, new appraisal reports submitted to Fannie Mae and Freddie Mac through the Uniform Collateral Data Portal must use UAD 3.6. New reports using the older UAD 2.6 format will receive an unsuccessful submission status. For Realtors, this is not simply an appraisal-industry technology update. It is a reminder that accurate, organized property information can materially affect the efficiency of a mortgage transaction. UAD 3.6 introduces a more structured and detailed approach to describing residential property characteristics. Realtors are not responsible for determining appraisal condition ratings, quality ratings, or market value. However, listing and transaction teams can help ensure that the underlying facts are readily available. A useful property-information packet might include: A complete list of renovations and approximate completion dates Permits or contractor documentation when available Accurate concessions and seller-paid expenses HOA dues and pr...

A condo can offer the right location, maintenance arrangement or price point for a buyer. It also comes with a financing question that does not arise in exactly the same way with every detached home: is the condominium project eligible for the intended loan? Fannie Mae published project-standards updates in Lender Letter LL-2026-03 on March 18, 2026. For Fannie Mae loan applications dated on or after Aug. 3, 2026, the Limited Review process has been retired. Depending on the facts, an established project may need a Full Review or may qualify for a Waiver of Project Review. Fannie Mae also updated policies involving project reserves and financial health. This does not mean every condo purchase will be delayed or denied. It does mean buyers, sellers, Realtors and association contacts can help by starting the documentation conversation early. Here are several items a lender may need to evaluate, depending on the program and transaction: • condominium association budget and reserve informa...