Published: October 18, 2026 · By the Chicago Condo Loans Editorial Team
Quick answer Fannie Mae and Freddie Mac’s new appraisal reporting standard, UAD 3.6, became mandatory on November 2, 2026, for new appraisal reports submitted on or after that date. Lenders that aren’t ready can get a temporary exception and keep submitting the older UAD 2.6 reports until May 19, 2027. For a Chicago condo buyer, the practical effect is that your appraisal may come back in either format over the next several months; your rights to a copy of the appraisal and to ask for a reconsideration of value don’t change.
This is part of our guide to condo appraisals in Chicago.
What changes on November 2, 2026?
Fannie Mae’s UAD 3.6 Policy Supplement took effect on November 2, 2026. Lenders that have implemented it submit appraisals in the new UAD 3.6 format. Fannie Mae says lenders that implement UAD 3.6 by that date need to take no further action. The older UAD 2.6 appraisal report format is being retired, but not all at once.
What is the temporary exception?
On September 30, 2026, Fannie Mae issued Lender Letter LL-2026-08 (Freddie Mac announced a matching exception). Lenders that can’t meet the UAD 3.6 requirements by November 2 can request a temporary policy exception and keep submitting UAD 2.6 reports. The exception expires on May 19, 2027, and Fannie Mae and industry coverage say it will not be extended.
| Dates | What lenders with an exception can submit |
|---|---|
| Nov. 2, 2026 – Feb. 28, 2027 | UAD 2.6 or UAD 3.6 reports, with full functionality |
| Mar. 1 – May 19, 2027 | Both still accepted, but UAD 2.6 reports get a Collateral Underwriter risk score of 999 and lose eligibility for certain representation and warranty relief |
| May 20 – June 27, 2027 | UAD 3.6 required; UAD 2.6 accepted only as resubmissions of reports already submitted |
| June 28, 2027 | UAD 2.6 no longer accepted |
What does this mean for a Chicago condo buyer?
- Your appraisal may look different. Depending on your lender, the report you receive between now and spring 2027 could be in the old or the new format. Both are valid for lenders with an exception.
- Ask early if your closing is after March 1, 2027. From that date, Fannie Mae gives UAD 2.6 reports reduced functionality, so lenders have a reason to move to UAD 3.6. If an older-format appraisal was ordered for your loan, ask your loan officer whether timing could force a new one.
- Your rights stay the same. Federal rules still require the lender to give you a copy of the appraisal promptly or at least three business days before closing, and Fannie Mae still requires lenders to accept one borrower-initiated reconsideration of value per appraisal, with up to five alternative comparable sales.
- Condo building reviews are separate. The appraisal format change doesn’t change the condo project review, the questionnaire or the warrantability rules. See warrantable vs. non-warrantable condos.
If your appraisal comes in low, our condo appraisals guide explains how the lower of price or appraised value sets your loan-to-value ratio and what a reconsideration of value request should include.
Frequently asked questions
When does UAD 3.6 become mandatory?
November 2, 2026, under Fannie Mae’s UAD 3.6 Policy Supplement. Lenders with an approved temporary exception can keep submitting UAD 2.6 reports through May 19, 2027.
Will the new appraisal format change my condo’s value?
The format change is a reporting standard, not a valuation rule. Your value still comes from the appraiser’s analysis of comparable sales; for condos, Fannie Mae also has comparable-sale rules for new and converted projects.
Can I still request a reconsideration of value?
Yes. Fannie Mae requires lenders to have a borrower-initiated reconsideration of value process, allowing one request per appraisal with up to five alternative comparable sales, before closing.
What happens to UAD 2.6 appraisals after May 19, 2027?
From May 20, 2027, UAD 3.6 is required and UAD 2.6 reports are accepted only as resubmissions. From June 28, 2027, UAD 2.6 reports are no longer accepted.
Sources
- Fannie Mae Lender Letter LL-2026-08, Temporary Policy Exception for Lenders Unable to Meet the UAD 3.6 November Mandate (Sept. 30, 2026)
- McKissock, GSEs Announce UAD 3.6 Deadline Exception for Certain Lenders (Sept. 30, 2026; updated Oct. 2, 2026)
- Freddie Mac, UAD and Forms Redesign FAQs (UAD 3.6 mandatory for new appraisal reports submitted to UCDP on or after Nov. 2, 2026; updated Sept. 30, 2026)
- Fannie Mae Selling Guide B4-1.3-12 (reconsideration of value)
- 12 CFR 1002.14, Rules on providing appraisals and other valuations
Educational content only. We are not a lender or broker, and this is not lending, legal or financial advice. Rules change; confirm details with your lender and attorney.