Reggora Platform Verified for GSE UAD 3.6 Appraisal Forms

Reggora announced this week that its Reggora Forms software has received verification from Fannie Mae and Freddie Mac for the Uniform Appraisal Dataset (UAD) 3.6 specification. This verification allows the platform to be used during the government-sponsored enterprises’ Broad Production Period, which began on January 26, 2024, providing a transition period before the mandatory compliance deadline. Beginning November 2, 2024, all appraisal reports submitted to Fannie Mae and Freddie Mac must adhere to the UAD 3.6 standard, which replaces legacy appraisal forms with the new Uniform Residential Appraisal Report built on MISMO v3.6 standards.

Reggora's browser-based platform is designed to support both the new UAD 3.6 format and existing UAD 2.6 forms, including General Purpose reports. This integration aims to streamline the appraisal process, enabling appraisers to complete various appraisal types from a single application. Brian Zitin, CEO of Reggora, stated that appraisers previously had to use multiple applications for a single report, leading to time loss, context switching, and increased costs. The Reggora platform integrates access to Multiple Listing Service (MLS) data, public records, comparable property research, market condition analytics, cost approach calculations, and automated time adjustments based on Federal Housing Finance Agency home price index data.

Harrison Kennedy, product manager for Reggora Forms, emphasized the importance of a gradual transition, noting that a "clean break on November 2 is not a real transition plan." He highlighted that appraisers require months of practice with new workflows to make them habitual and should not incur additional costs for secondary software to facilitate this transition. The platform's design aims to provide a comprehensive solution within one application, offering side-by-side support for both UAD 2.6 and UAD 3.6 appraisal reports, thereby enhancing efficiency and accuracy for appraisers.