Veros offering 'advanced quality control check' for FHA appraisals
Will check electronic portal submissions for issues
Veros Real Estate Solutions, which already serves as the vendor for the Federal Housing Administration’s electronic portal for appraisal reports and data submissions, announced this week that it is now offering an “advanced quality control check” for FHA loan appraisals.
According to Veros, a provider of enterprise risk management, collateral valuation services and predictive analytics, it will begin offering a “preview” feature for Electronic Appraisal Delivery portal submission to FHA.
In a release, Veros stated that this new function is the “next evolution” in automated appraisal delivery to the secondary market, and is specifically focused on helping FHA lenders conduct their appraisal quality control checks earlier in the loan endorsement process.
According to Veros, the EAD preview function is similar to that which Veros offers through its platforms for Uniform Collateral Data Portal appraisals, but is specific to the warnings and hard stops published by FHA.
This preview is available through the Veros’ proprietary connection to EAD, which is known as Pathway.
According to Veros, Pathway is a technology already actively submitting appraisals to the portal “well in advance” of the FHA mandated date of June 27, 2016.
“Early adoption for both the submission process as well as a quality control process, such as PATHWAY’s ‘Preview’, is critical for a smooth transition into EAD,” said Chuck Rumfola, senior vice president of strategic operations for Veros.
“The industry lived through a similar transition in the adoption of the Uniform Appraisal Dataset and UCDP requirements for the GSEs just over five years ago, but it’s important we don’t lose site that FHA is a different entity with its own requirements and has a unique operational process,” Rumfola continued. “We must also bear in mind how swiftly the June 27th mandate will be upon us.”