A Note From Amy Azorandia, TMC Advocacy Committee Chair
This is exactly why lender advocacy matters! This summer, TMC’s Advocacy Committee added UAD 3.6 implementation readiness to our advocacy agenda after lender member Tammie Gravelee raised concerns about industry readiness.
Over the past several months, TMC lender members shared real-world data and concerns around uneven appraiser readiness, rising appraisal costs, longer turn times, technology challenges and the potential impact on rural and underserved markets. Importantly, our message was never to stop appraisal modernization, it was to provide reasonable transition flexibility while the industry gets ready.
We brought those concerns to MBA and worked closely with Pete Mills and the MBA team to elevate the collective lender perspective. At Uniquely TMC in Austin last week, we agreed that TMC would join MBA in a formal industry letter requesting transition relief.
Turns out, the letter wasn’t needed.
Following industry advocacy and discussions in Washington, D.C., both Fannie Mae and Freddie Mac have announced temporary policy exceptions for lenders that need additional time to transition to UAD 3.6. However, the relief is not automatic. Lenders must request and receive approval from the GSEs to continue using UAD 2.6 during the temporary transition period.
This is advocacy in action — lenders identifying an emerging operational issue, bringing real experience and data to the table, collaborating, and making sure the lender voice is heard.
A huge thank you to Tammie for raising the issue, our Advocacy Committee members for leaning in, and Pete Mills and the MBA team for partnering with us and carrying the industry’s concerns forward.
When lenders speak collectively, policymakers and industry partners hear us!
Temporary relief is here thanks to our TMC Advocacy Committee. Use the links below to register for a temporary extension on UAD 2.6.
This is not an automatic relief; you must sign up via Fannie Mae and Freddie Mac (respectively). Use the links below.
