The Department of Housing and Urban Development (HUD) is beginning its onboarding of lenders to its Electronic Appraisal Delivery (EAD) portal, with registrations beginning August 17.
The portal, which has long been in the making, will be bringing appraisals—including those for reverse mortgage loans—online for full implementation in June 2016.
With registrations starting this month, HUD is offering seven available on boarding phases through its Federal Housing Administration (FHA) Connection system.
The agency sees the new system as leading to improved quality and ease of use for lenders.
“A web-based technology that enables mortgagees to electronically transmit appraisal data and reports to FHA prior to loan endorsement, the EAD portal promotes quality up-front appraisal data,” HUD writes in a notice distributed Tuesday. “This, in turn, reduces post-endorsement appraisal data corrections, and makes it easier for mortgagees and others to do business with FHA.”
Further, HUD adds, the technology will be available from FHA to lenders for free.
Written by Elizabeth Ecker