Fintechs launch AI solutions to keep lenders compliant with UAD 3.6

Fannie Mae and Freddie Mac have updated the uniform appraisal dataset to create modern reporting standards for real estate. UAD 3.6, which goes into effect today, means retirement is on the way for legacy forms including 1004, 1073, 1025, 1004C and 2055, according to the agencies. [caption id="attachment_219478" align="alignright" width="323"] (Courtesy/CanStock)[/caption] UAD 3.6 replaces UAD 2.6, which has been in place for roughly 20 years. Jake Lew , chief executive at software company Aivre, told FinAi News UAD 2.6 is basically a static PDF, requiring appraisers to copy and paste data. As UAD 3.6 becomes mandatory for all appraisals, fintechs are meeting the market with AI-driven solutions to make the transition a little easier. Updated AI tools Aivre, for example, offers AI autofill for UAD 3.6, Lew said. The company links to public records and multiple listing service [MLS] data to inject information into reports. What makes 3.6 ripe for AI is that the report is now digital, not static, Lew said. "We can fill 60% of the appraisal report in five minutes," he said. Complete reports can be done in one to three hours; traditionally reports take appraisers 10 to 12 hours to complete, he said. Aivre also offers Ava, a chatbot trained on UAD 3.6 data, Lew said. Lending technology provider Friday Harbor is also innovating around 3.6. The company announced Oct. 27 that it has expanded its AI appraisal review capability to support the standards. “Lenders are under a lot of pressure to get UAD 3.6 right while they’re still sorting through system readiness, vendor dependencies and training,” Theo Ellis , founder and CEO of Friday Harbor, said in the release. “The last thing they need is a new appraisal format creating more manual review work.” Register here for early-bird pricing for the FinAi Banking Summit, taking place March 1-2 in Denver. View the full event agenda here .

Fintechs launch AI solutions to keep lenders compliant with UAD 3.6

UAD 3.6 mandate goes live today

TD doubles same-day mortgage decisions with AI

Related Posts

TD doubles same-day mortgage decisions with AI

New AI tool stops $2M in mortgage fraud at JMAC Lending

From raw to riches: A lender’s path to data readiness in AI era

EMERGING FINTECH DIRECTORY

FinAi Podcast

SPONSORED

The Next Generation of Cyberthreats: Powered by AI

Build an Antifragile Strategy to Outperform the Market

How AI and Product Experts Turn Fuzzy Requirements Into Focused Dev-ready Roadmaps

Connect

Welcome Back!

Retrieve your password

Continue Reading with FinAi News Premium - Less than $2/Day

Fintechs launch AI solutions to keep lenders compliant with UAD 3.6

UAD 3.6 mandate goes live today

TD doubles same-day mortgage decisions with AI

Related Posts

FinAi Podcast

Connect

Welcome Back!

Retrieve your password

Unlock This Article

Continue Reading with FinAi News Premium - Less than $2/Day