Veros Real Estate Solutions will serve as the vendor for the Federal Housing Administration electronic portal for appraisal reports and data submissions, a HUD spokesman confirmed to HousingWire.
Veros currently provides the portal service for Fannie Mae and Freddie Mac loans, and has done so since 2011.
Therefore, Veros will now serve as the appraisal portal provider for Fannie, Freddie, VA, USDA and FHA loans.
The HUD spokesman added, “We intend to align with industry practices in the design of our portal and will incorporate any FHA specific rules that are applicable.”
When the portal is fully operational, mortgagees will be able to submit electronic appraisal data to the FHA. “When completed, the FHA portal will bring efficiencies efficiency when delivering appraisal reports and data for FHA review and analysis,” the FHA announced last week 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 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 portal system will undergo a phased implementation that will include training and testing and for all mortgagees and vendors.
The portal system is expected to launch in 2015.