The Federal Housing Administration’s (FHA) Office of Single Family Housing announced March 19 that it is developing a new Web-based portal for electronic appraisal report and data submissions, referred to as the Electronic Appraisal Delivery (EAD) portal.
When fully implemented, the portal will offer mortgagees a new and easy-to-use technology system to submit electronic appraisal data to the FHA, the administration said in a release.
When completed, the FHA EAD portal will bring increased efficiency to delivering appraisal reports and data for FHA review and analysis. It will also provide a process consistent with industry practices that will make it easier to do business with the FHA.
With the main build component of the EAD portal technology and infrastructure in progress, FHA hopes to begin testing with small groups of mortgagees by this summer. Following the planned test phase, FHA intends to:
- Work toward the goal of fully implementing the EAD portal during 2015 as an FHA-specific portal for appraisal reports and data. This portal will be similar to the Uniform Collateral Data Portal used for doing business with the GSEs;
- Maintain the use of the Uniform Appraisal Dataset as stated in FHA policies; and
- Execute a phased implementation plan for all mortgagees and vendors that will include training opportunities, testing and adequate time for mortgagees to implement.
“Please note that we are in the beginning stage of planning, and that additional details and specific operational requirements are not available at this at time,” the FHA stated in its release. “We intend to regularly communicate information on the EAD portal as it becomes available, including any changes to our approach or timing.”