
Industry Action
The New Appraisal Report Is Mandatory as of November 2.
Build the Package Before the Appraiser Shows Up.
For the $1 to $5M builder selling spec or presold homes on conventional loans: what changed November 2, what July’s housing law did to low appraisals, and the two documents every job file needs this month.
Appraisals
● Active Tracking
What changed
On November 2, Fannie Mae and Freddie Mac made the new appraisal report mandatory. Every new appraisal on a conventional loan sold to them now runs on UAD 3.6, the Uniform Appraisal Dataset, and a redesigned report. NAHB calls it one of the biggest changes to appraisal reporting in more than a decade (November 3, 2026). One report replaces the old fixed forms. It has structured fields for what the old forms pushed into the comments. Energy and green features included. Lenders that missed the date can request a one-time exception. Those lenders keep filing the old UAD 2.6 report through May 19, 2027 (Fannie Mae and Freddie Mac, September 30, 2026). And since July 11, your buyer’s right to a reconsideration of value is federal law. That’s Section 704 of the 21st Century ROAD to Housing Act (NAHB executive summary, August 2026).
What it does to your job
The report now has a line for what you built
The old form had a comments box. The spray foam, the HERS score, the tankless water heater went in the comments. If the appraiser wrote them in at all. The new report has fields for them. NAHB’s November 3 post is careful here: a clearer picture of the home, “not guaranteeing a higher value.” Fair. A blank field still reads as zero.
That’s the opening. The appraiser fills in what’s in front of them. Hand them the MLS sheet and the contract. You get an MLS appraisal. Put a one-page feature sheet in the file at order. You get a report that reflects the house you built.
Action: Build a one-page feature sheet per plan this month. Every item above code minimum, with its cost. Energy and green features first. Hand it to the buyer’s lender at contract, not at appraisal order. It should be in the file before the appraiser is assigned.
The low appraisal has a rulebook now
Low appraisals used to end in an argument. Now there’s a process. It’s written down in two places. Fannie Mae’s Selling Guide requires every lender to run a borrower-initiated reconsideration of value (B4-1.3-12, September 3, 2025). One request per appraisal. Up to five alternative comps, with data sources. An explanation of why they support a different value. The request has to land before closing. After closing, the right is gone (Fannie Mae Appraiser Update, June 2024). The ROAD to Housing Act then put the ROV into federal law for FHA, FHFA, USDA, and VA. No agency deadline yet for the final procedures (Section 704).
Read the word “borrower.” Your buyer files it. You build it.
43% of builders cut prices in October. 65% used incentives (NAHB/Wells Fargo HMI, October 19, 2026). The comps an appraiser pulls this winter carry concessions. Some get adjusted out. Some don’t. Your last five closings, with the upgrades and concessions on each, are the five comps the rule allows.
Action: Keep a running comp file per plan or community: your last five closings, with price, concessions, upgrade list, and days to close. When an appraisal comes in short, the buyer has the file within 48 hours. The clock stops at closing.
Two forms are in circulation until May
Every lender on an exception is still filing the old report. Through February 28, 2027, that costs them nothing. From March 1 through May 19, 2027, it starts to cost. Their old-form loans lose representation and warranty relief for value at Fannie and Freddie (September 30 announcement). From your chair, that’s two appraisers on two forms in the same subdivision. And a lender that may switch forms mid-pipeline.
Action: Ask every buyer’s lender one question at contract: are you on UAD 3.6, or filing under the exception? Put the answer in the job file. Under the exception, your feature sheet goes in the comments box. Ask the loan officer to confirm the appraiser got it.
SBGP reviews your sales process from first call through closing, including what your buyer and their lender receive and when, and builds a step-by-step 12-month plan across Marketing and Sales, so you can close the homes you’ve already sold at the price you sold them for.
The Bottom Line
The new report can hold more about the house than the old one could. The law now gives your buyer one shot at fixing a bad number. Neither one helps a builder who shows up to the appraisal with a contract and a handshake. The builders who come out ahead will have two documents in the file before the appraiser is assigned. Every job. Without the owner having to remember.
The appraisal isn’t something that happens to your sale. It’s a document you can write half of.
A BPA from SBGP is built to get the business out of your head and onto paper: a 30+ page, step-by-step 12-month plan across Marketing, Sales, Operations, People, Finance, and Processes. The feature sheet and the comp file are exactly the kind of documents your company should produce without you in the room, and the plan shows you which others are missing. It’s the document a successor, a buyer, or a bank wants to see, and it’s included with your HBA membership.
✓ Operations
✓ Finance & Tracking
✓ People & Role Clarity
Sources: NAHB, November 3, 2026 · Fannie Mae Selling Guide and Lender Letter LL-2026-08 · Public Law 119-101 · NAHB/Wells Fargo HMI, October 2026
Industry Action
SBGP
