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FHA Reminds Lenders of Electronic Appraisal Deadline This Month

For mortgagees who have not yet transitioned their operations to the Federal Housing Administration’s Electronic Appraisal Delivery (EAD) portal for all FHA appraisal submissions, they have three weeks to adopt the new system.

The EAD portal becomes mandatory for all appraisal submissions for originations with case numbers assigned on and after June 27, 2016.

While most FHA-approved mortgagees are already submitting their appraisals to FHA through the EAD portal, all mortgagees must be ready to submit all appraisals through the portal for all originations with case numbers assisted on and after June 27, according to a reminder FHA issued last week to all agency-approved mortgagees and appraisers.

On, and after, the June 27 mandatory date, mortgagees will no longer be able to use both the EAD portal and other appraisal submission methods concurrently for originations.

Mortgagees will also not be able to submit appraisals for originations with case numbers assigned on and after June 27 to FHA through any method other than the EAD portal; and will no longer be able to access the Appraisal Logging Screen in FHA Connection for case numbers that require an appraisal to be submitted through the EAD portal.

Mortgagees who are in the process of migrating to full use of the EAD portal for all of their appraisal submissions for originations may access and use several core documents and materials available on the EAD Portal Information Page on HUD.gov.

Written by Jason Oliva