The Federal Housing Administration has announced an upcoming release of its FHA Catalyst: Electronic Appraisal Delivery module on the FHA Catalyst platform.
This solution will allow lenders to electronically submit, track, and manage single-family property appraisals and will become available to FHA-approved lenders on Sept. 4.
“The electronic appraisal delivery technology is part of our vision to build out the FHA Catalyst platform to expand the effectiveness of our data collection and analysis capabilities,” said Department of Housing and Urban Development Chief Information Officer David Chow.
The module enhances electronic appraisal report submission features and maintains industry-standard appraisal data sets in use throughout the housing finance industry, FHA said in a statement.
“Transforming FHA technology is the cornerstone upon which we intend to achieve a stronger business and risk management approach – from enhancing portfolio analysis and implementing time-sensitive policy changes – to diversifying our mix of program participants,” said Assistant Secretary for Housing and Federal Housing Commissioner Dana Wade in a statement.
Initially, the module can be used by lenders to electronically submit appraisal reports and updates for FHA Single Family Title II forward mortgages.
“The FHA Catalyst streamlined appraisal submission capability is one more way FHA is supporting the housing market with innovative technology during the COVID-19 economic recovery,” Wade said.