FHA to Launch New Appraisal Portal
The Federal Housing Administration’s Office of Single-Family Housing will soon offer a web-based appraisal portal similar to the Uniform Collateral Data Portal already in use by Fannie Mae and Freddie Mac, HousingWire reported March 20.
The agency said that it expects to launch the Electronic Appraisal Delivery portal in 2015 after it undergoes testing this summer. Once the site is fully functional, the portal will allow mortgagees to electronically submit appraisal data to the FHA.
The FHA noted that the portal is designed to make the appraisal submission process more consistent and to increase the efficiency of doing business with the agency, HousingWire reported.
After testing is complete, the EAD will undergo a phased implementation process to include training and testing for all of the FHA’s mortgagees and investors.