FHA launching Fannie, Freddie-style appraisal portal
Will be similar to Uniform Collateral Data Portal
The Federal Housing Administration Office of Single Family Housing is developing a new web-based portal for electronic appraisal report and data submissions.
The FHA is working to launch the working-titled Electronic Appraisal Delivery (EAD) portal in 2015 after a period of testing this summer.
The portal will be similar to the Uniform Collateral Data Portal, already in use by Fannie Mae and Freddie Mac.
When the portal is fully operational, mortgagees will be able to submit electronic appraisal data to the FHA.
“When completed, the FHA EAD portal will bring efficiencies when delivering appraisal reports and data for FHA review and analysis,” the FHA announced in an email to all FHA-approved mortgagees. “It will also provide a process consistent with industry practices that will make it easier to do business with FHA.”
The main build component of the EAD portal technology and infrastructure are in progress now and the FHA hopes to begin testing with small groups of mortgagees this summer.
After testing, the EAD will undergo a phased implementation that will include training and testing and for all mortgagees and vendors.