Annual Conference Registration NOW OPEN, Plus GSE Appraisal Updates
In this issue:
- Annual Conference Registration NOW OPEN: Secure Early Bird pricing today
- ROV Policy Changes: What Fannie Mae’s changes mean for appraisers
- UAD 3.6: FHA accepts new UAD in Spring 2026
- URAR Companion Courses: Sign up today to advance your appraisal career
Registration is Now Open for 2026 Annual Conference!
We’re back in tune – and we can’t wait to see you in Nashville!
Join hundreds of valuation professionals April 14-15, 2026, for the Appraisal Institute Annual Conference, packed with energy, innovation and connections you won’t find anywhere else. This year’s conference theme, Back in Tune: Striking a New Chord in Valuation, highlights hands-on learning, interactive demos and practical insights to help you thrive in a changing profession.
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Insights
Selling Guide Update: Retirement of “Appraisal Waiver” and ROV Policy Changes
Fannie Mae has issued important updates to its Selling Guide that directly affect appraisal-related practices and consumer disclosures.
“Appraisal Waiver” Retired in Favor of “Value Acceptance”
The term “appraisal waiver” has been retired and will now appear solely as “value acceptance.”
- Independent references to “appraisal waiver” have been replaced with “value acceptance.”
- The hybrid term “value acceptance (appraisal waiver)” has been simplified to just “value acceptance.”
Fannie Mae has stated that this change creates consistency across the industry and reinforces modernization of the valuation process.
“The average consumer is not going to recognize that ‘value acceptance’ means their lender has waived an appraisal altogether,” said Scott DiBiasio, Director of Government Affairs. “That lack of clarity could undermine transparency at a critical stage of the lending process.”
Revisions to Reconsideration of Value (ROV) Policy
Fannie Mae also revised its reconsideration of value (ROV) requirements:
- The initial ROV disclosure at loan application has been removed.
- Borrowers will now receive ROV disclosure only when the appraisal report is delivered.
- Documentation requirements were simplified so that lenders only need to retain records tied to the outcome of an ROV request.
“While it makes sense to simplify disclosures, we believe the initial notice had value,” DiBiasio noted. “A better approach would be to tell consumers up front that if an appraisal is required, they will receive it three days before closing, along with clear notice of their ROV rights. That’s when the information is most relevant.”
Why This Matters for Appraisers
These updates reflect the GSEs’ broader push toward appraisal modernization. However, as DiBiasio emphasized, the changes highlight ongoing tension between efficiency and consumer clarity.
The Appraisal Institute will continue to monitor the impacts of these policies, engage with policymakers, and advocate for transparency in valuation practices.
Freddie Mac Releases Market Conditions Analysis Industry Resources
Freddie Mac has published a new document, Market Conditions Analysis Industry Resources, aimed at strengthening appraisers’ ability to perform thorough and well-supported market analyses. The release underscores Freddie Mac’s standing requirement that all appraisal reports include at least 12 months of market data analysis—an essential component for identifying trends, supporting adjustments, and enhancing confidence in valuation conclusions.
As outlined in the Single-Family Seller/Servicer Guide, Section 5605.6(c), appraisers must provide a market analysis that substantiates both the direction of identified trends and any market condition adjustments applied to comparable sales. By reinforcing this requirement, Freddie Mac is signaling the importance of transparency and consistency across appraisal reports—cornerstones of credible valuation.
The new resource offers practical guidance and examples of analytical approaches, including paired sales, grouped data analysis, sensitivity testing, depreciated cost methods, pivot tables, MLS data imports, and regression applications. These techniques not only improve accuracy and reliability but also streamline the analytical process, reducing the burden of manual calculations. While Freddie Mac does not endorse specific products, the examples illustrate the types of tools available for appraisers to adopt in their practice.
This release comes at a time when industry stakeholders—including the Appraisal Institute’s advocacy team in its regular dialogue with Freddie Mac—continue to observe challenges in how appraisers handle time and market condition adjustments. The availability of these resources signals both an opportunity and a warning: appraisers are being given every chance to strengthen their analyses, but greater scrutiny may follow for reports found deficient in this area.
Appraisers are encouraged to review the full document, Market Conditions Analysis Industry Resources (July 2025), available directly from Freddie Mac. Doing so will ensure they are prepared to meet evolving expectations, apply sound judgment, and deliver analyses that reflect local market dynamics with credibility and confidence.
Your Benefits
CREXI Demonstration Available to Appraisal Institute Members
Crexi Intelligence is the most innovative research and analytics software designed for the CRE industry. Join an exclusive webinar on September 17 at 2 PM ET for Appraisal Institute members to explore the full benefits of an Intelligence subscription including:
- Comprehensive Sales & Lease Comparables: Access 84M sales comps and 1.5M lease data points nationwide with exclusive marketplace transaction details that go beyond public records. This includes comprehensive property data on 150+ million properties with transaction history, featuring 46M+ broker-reported and county-verified sales comps.
- Enhanced Financing Analysis: Leverage mortgage history on 8M+ properties with detailed loan information, including private loan data with maturity dates and properties in pre-foreclosure from county and third-party partnerships, to better understand market dynamics and financing trends.
- Streamlined Report Generation: Create dynamic, nationwide market reports and access leasing data, history, and trends across key markets for any property type, saving significant research time while strengthening the quality of your deliverables.
- Historical Market Intelligence: Access data on every parcel in the nation, including transaction history and owner information, plus demographic data covering population, income, traffic counts, and more for comprehensive time-series analyses and market trend evaluations.
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Handling Reconsideration of Value Requests: Best Practices from the Field
September 18, 2025
Reconsideration of Value (ROV) requests are becoming more common as consumers, lenders, and regulators look for greater transparency and accountability in the appraisal process. This Trending Topics Thursday webinar will bring together perspectives from Fannie Mae and practicing appraisers to help clarify how ROVs work in practice, what lenders are asking for, and how appraisers can respond while upholding professional standards.
Rachel Beam of Fannie Mae will provide an overview of the GSE’s approach to ROVs, including recent guidance and expectations for lenders. Megan Judd, SRA, AI-RRS, will share insights from her workshop on consumer appraisal appeals, offering practical guidance for appraisers facing ROV requests in the field.
Join us for this timely discussion to better understand the evolving ROV landscape and what it means for your work.
Learning Objectives
- Understand current Fannie Mae guidance and expectations on Reconsideration of Value.
- Explore practical strategies for appraisers responding to ROV requests.
- Examine consumer and lender perspectives driving the increase in ROV activity.
- Identify best practices that protect both consumers and appraisers while maintaining public trust.
Advocacy Updates
FHA to Adopt Modernized UAD 3.6 in Spring 2026
The Federal Housing Administration (FHA) has announced that it will begin accepting the modernized Uniform Appraisal Dataset (UAD) 3.6 in early Spring 2026. Developed in collaboration with the GSEs, this update aligns FHA with the broader appraisal modernization initiative and enhances collateral risk management.
The new UAD 3.6 Uniform Residential Appraisal Report (URAR) replaces existing GSE appraisal forms with a single, dynamic, data-driven report applicable to all residential property types. FHA systems, including the Electronic Appraisal Delivery (EAD) portal, are being upgraded to support the transition. Optional use for early adopters will begin in Spring 2026.
During the transition, both the current UAD 2.6 and the new 3.6 formats will be accepted, providing appraisers and software providers flexibility as they adapt. FHA has emphasized that it will provide ample time for testing and technology updates before UAD 3.6 becomes mandatory.
What appraisers should do now:
Roster appraisers are encouraged to begin discussions with their appraisal software providers to ensure readiness for UAD 3.6. Early coordination will help minimize disruptions and support a smooth transition once the new standard is fully implemented.
To help appraisers prepare, the Appraisal Institute is offering a series of UAD 3.6 companion courses below - including Reporting Market Analysis and Better Understanding the New URAR and Supporting Adjustments and Reporting the Sales Comparison Approach. These programs provide practical, hands-on guidance designed to build confidence with the new report requirements.
Real Estate Horizons
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Your Community
New Certified Residential Scholarship Now Available — Apply by Sept. 12
Applications are now open for two Appraisal Foundation (TAF) PAREA Scholarships, which provide full financial support for individuals pursuing either the Certified Residential or Licensed Residential appraiser classification. With 42 Licensed Residential scholarships already awarded in 2025, this expansion marks a major step forward in helping more candidates enter and advance in the profession.
Funded by TAF, the scholarships cover 100 percent of program costs for AQB-approved Practical Applications of Real Estate Appraisal (PAREA) programs, including the Appraisal Institute’s Licensed Residential and Certified Residential PAREA programs. This initiative ensures that qualified candidates can achieve their appraisal goals without financial barriers.
Applicants must first complete the appropriate Readiness Checklist to confirm eligibility and then submit the official scholarship application. All applications for both the Certified Residential and Licensed Residential scholarships are due September 12, 2025. Scholarship recipients will be announced and funded later in September, with enrollment in PAREA programs expected to begin as soon as October 2025.
Get started today: Complete your Readiness Checklist and apply by Sept. 12.
Until Next week
Team Appraisal Institute
